Flying TulipFT: $54 million decentralized finance (DeFi)
ETHGasGWEI: $42 million infrastructure, decentralized finance (DeFi)
MangoMNGO: $34 million decentralized finance (DeFi), alleged SEC securities
Market cap is price times coins in circulation, from CoinGecko. The small words beside each coin are CoinGecko's own tags. A size ranking, not a pick.
What is Perps/Derivatives crypto?
Perps/Derivatives crypto coins are the coins CoinGecko tags as Perpetuals or Derivatives. Each coin sits in one theme only: the first, most specific one its tags match. We track 12 Perps/Derivatives coins, 7 of them rated below.
Bottom line
ETHGas ranks first for research priority in Perps/Derivatives crypto at 60.1/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is -4.6% on 14% breadth, which is what decides whether that lead is isolated or broad. 2 of the 7 assets here carry enough native evidence to move past a price-led label.
These Perps/Derivatives coins are part of the cryptocurrency universe this site tracks daily: the top 1,000 coins by market cap when the list was built, priced from exchange closes where we have a price we trust, and matched to protocol fees and revenue where a protocol publishes them.
The theme itself · before any single company
How has Perps/Derivatives moved against Bitcoin?
The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 31% ahead of Bitcoin. Quarterly protocol revenue is not reported often enough here to draw a lane underneath the price.
FADING · −2 in 4w·Price up, without the fundamentals confirming1 of 7 coins ahead of Bitcoin by 5% or more over three months
Not ahead of Bitcoin right now; 3/7 >200d (+0); 1 of 7 ahead of Bitcoin by 5% or more over three months (2 fewer than four weeks earlier).
Perps/Derivatives, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Perps/Derivatives, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Perps/Derivatives, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Both lines start at 200 in the same week, so the gap between them tells the story: the theme line is an equal-weighted index of its 7 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member set to 100 at the start and the theme taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns red when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover or tap any point to read both values and the gap.
BTC LED market context
Perps/Derivatives vs Bitcoin: Relative Strength & Breadth
Perps/Derivatives crypto has underperformed Bitcoin by 46.7% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -4.6%. 1 of 7 covered assets are above their own 200-day average. ETHGas leads Bitcoin-relative strength at +29.2%. Price readings are as of 2026-10-30.
-4.6%13 weeks vs Bitcoin
-47%52 weeks vs Bitcoin
1 of 7above their 200-day average
GWEIfurthest ahead of Bitcoin · +29%
Assets
7
canonical functional membership
Activity-covered
2/7
enough native evidence
Top score
60.1/100
ETHGas
Calendar quarters
20
complete; missing stays missing
Global asset selection · top 20 shown
00 · exact additive research priority
4-Factor Crypto Evidence Score
A within-theme research-priority score for the 7 assets in Perps/Derivatives, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. ETHGas is highest at 60.1/100 on 50% evidence. It ranks research attention, not portfolio action.
ETHGas leads the current research queue at 60.1/100 with 50% evidence.
2 of 7 assets have enough native activity evidence to move beyond a price-led label.
5 of the 12 Perps/Derivatives coins are not rated this week: 2 have no price within 7 days, 3 report no traded volume. They are listed in full below the ranking.
Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either: it is listed as not rated.
1. ETHGas · GWEI
60.1/100 · Price-led, little network data · 50% evidence
Exact sum: 27.2 + 15.0 + 10.0 + 7.9 = 60.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +29.2 pts · vs its theme (30 days): +18.4 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.9/15Liquidity & risk
Typical daily trading: $5.7M · price swings: 121.5% a year
100% evidence
2. GMX · GMX
57.2/100 · Thinly traded · 43% evidence
Exact sum: 25.9 + 15.0 + 10.0 + 6.3 = 57.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +9.9 pts · vs its theme (30 days): +17.4 pts · above its 200-day average
80% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.3/15Liquidity & risk
Typical daily trading: $517.3K · price swings: 69% a year
100% evidence
3. Genius · GENIUS
49.2/100 · Price-led, little network data · 43% evidence
Exact sum: 11.3 + 15.0 + 10.0 + 12.9 = 49.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −7.1 pts · vs its theme (30 days): −9 pts · below its 200-day average
100% evidence
17.5/30Usage growth
Fees 110.6% · revenue — · users —
50% evidence
1.9/20Value capture
Fee yield 46.53% · revenue yield 0%
81% evidence
11.9/15Liquidity & risk
Typical daily trading: $31.7M · price swings: 87.9% a year
100% evidence
5. SynFutures · F
40.9/100 · Thinly traded · 50% evidence
Exact sum: 9.6 + 15.0 + 10.0 + 6.3 = 40.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −46 pts · vs its theme (30 days): −2.2 pts · below its 200-day average
100% evidence
8.6/30Usage growth
Fees -28.6% · revenue -34.2% · users —
70% evidence
17.5/20Value capture
Fee yield 94.86% · revenue yield 71.35%
100% evidence
2.9/15Liquidity & risk
Typical daily trading: $598.1K · price swings: 268.5% a year
100% evidence
7. Fulcrom · FUL
29.9/100 · Thinly traded · 50% evidence
Exact sum: 2.6 + 15.0 + 10.0 + 2.3 = 29.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −40.7 pts · vs its theme (30 days): −12.6 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
2.3/15Liquidity & risk
Typical daily trading: $1.1K · price swings: 127.8% a year
100% evidence
Showing 5 of 7 ranked assets
01 · complete calendar-quarter evidence
Which projects are generating the most network fees?
Avantis leads Perps/Derivatives crypto on Trailing 12-month fees at $15.6M, 87% ahead of Gains Network. 1 of 2 assets with comparable change data is growing. Coverage is 2 of the 7 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderAvantis · $15.6M
Gap87% versus #2
Persistence1 asset has positive comparable growth
Coverage2 of 7 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month feestop 2
1Avantis AVNT$15.6M
2Gains Network GNS$8.4M
Fee growthtop 2
1Avantis AVNT+111%
2Gains Network GNS-29%
Network fees · asset comparison
2 of 7 coins report it · 2 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month fees
Fee growth
ETHGas GWEI
—
—
GMX GMX
—
—
Genius GENIUS
—
—
Avantis AVNT
$795.0K
+111%
SynFutures F
—
—
Gains Network GNS
$1.8M
-29%
Fulcrom FUL
—
—
02 · complete calendar-quarter evidence
Which projects convert activity into protocol revenue?
Gains Network leads Perps/Derivatives crypto on Trailing 12-month revenue at $6.3M. The one asset with comparable change data is not growing. Coverage is 2 of the 7 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderGains Network · $6.3M
GapNot comparable
Persistence0 assets have positive comparable growth
Coverage2 of 7 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month revenuetop 2
1Gains Network GNS$6.3M
2Avantis AVNT$0
Revenue growthonly one with data
1Gains Network GNS-34%
Protocol revenue · asset comparison
2 of 7 coins report it · 1 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month revenue
Revenue growth
ETHGas GWEI
—
—
GMX GMX
—
—
Genius GENIUS
—
—
Avantis AVNT
$0
—
SynFutures F
—
—
Gains Network GNS
$1.4M
-34%
Fulcrom FUL
—
—
03 · complete calendar-quarter evidence
Where is capital actually committed on-chain?
Avantis leads Perps/Derivatives crypto on Quarter-end TVL at $11.7M, 25% ahead of Gains Network. None of the 2 assets with comparable change data is growing. Coverage is 2 of the 7 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderAvantis · $11.7M
Gap25% versus #2
Persistence0 assets have positive comparable growth
Coverage2 of 7 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.
Quarter-end TVLtop 2
1Avantis AVNT$11.7M
2Gains Network GNS$9.4M
TVL growthtop 2
1Gains Network GNS-64%
2Avantis AVNT-74%
Total value locked · asset comparison
2 of 7 coins report it · 2 with a comparable change
Latest comparable data · top 20 shown first
Asset
Quarter-end TVL
TVL growth
ETHGas GWEI
—
—
GMX GMX
—
—
Genius GENIUS
—
—
Avantis AVNT
$11.7M
-74%
SynFutures F
—
—
Gains Network GNS
$9.4M
-64%
Fulcrom FUL
—
—
04 · let price answer last
Which assets lead on price and relative strength?
ETHGas leads the Perps/Derivatives tape on Bitcoin-relative strength at +29% over 90 days. 1 of 7 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-10-30.
Complete set · no silent drops
Which assets are in Perps/Derivatives?
7 of the 12 coins assigned to Perps/Derivatives are rated and ranked below, and the other 5 are listed under it with the reason each one is not rated: price-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.
5 of the 12 Perps/Derivatives coins are not rated this week: 2 have no price within 7 days, 3 report no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.
No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Methodology · boundaries make the answer useful
What can make this comparison misleading?
This Perps/Derivatives comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven: 2 of 7 assets carry enough native evidence to rank on more than price.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.
Price and technicalsThrough 2026-10-30. Five-year weekly observations benchmarked to Bitcoin.
Protocol activityThrough 2026-10-30. Fees, revenue, protocol TVL and DEX volume.
Chain activityUsers and transactions: not published for these coins; chain TVL: not published for these coins.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Questions the page should answer directly
Crypto analysis FAQs
These 20 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is Perps/Derivatives crypto?
Perps/Derivatives crypto coins are the coins CoinGecko tags as Perpetuals or Derivatives. Each coin sits in one theme only: the first, most specific one its tags match. We track 12 Perps/Derivatives coins, 7 of them rated below.
What is the total market cap of Perps/Derivatives crypto coins?
The 7 Perps/Derivatives coins on this page with a current market cap were worth about $293M together, by CoinGecko's reading of 5 November 2026. Individual figures are in the table.
Are Perps/Derivatives crypto coins outperforming Bitcoin?
Perps/Derivatives has returned -46.7% versus Bitcoin over 52 weeks and -4.6% over 13 weeks on an equal-weight current-member index. 1/7 covered assets are above their 200-day averages as of 2026-10-30.
Which Perps/Derivatives asset has the strongest research score?
ETHGas ranks first at 60.1/100: 27.2 + 15.0 + 10.0 + 7.9 = 60.1. It is labelled “Price-led, little network data” with 50% overall evidence and 0% native-economics evidence.
Why are some Perps/Derivatives coins not rated?
5 of the 12 coins are not rated this week: 2 have no price within 7 days, 3 report no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.
How is the Perps/Derivatives 4-factor score calculated?
The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.
Why can a Perps/Derivatives asset be labelled price-led?
Price-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.
Does protocol revenue accrue to the token?
Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.
Does crypto have a P/E or PEG ratio?
No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.
How much history is shown for Perps/Derivatives?
The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.
Why do the crypto data dates differ?
Prices and technical metrics run through 2026-10-30; protocol activity through 2026-10-30; chain users and transactions through the latest available chain date; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-11-05.
Are stablecoins and wrapped tokens included in Perps/Derivatives?
No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.
Can one token appear in multiple raw crypto categories?
Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. Perps/Derivatives therefore has one canonical membership list.
What would invalidate the current Perps/Derivatives theme read?
Two of the three weakening conditions are already in place as of 2026-10-30: the 13-week return versus Bitcoin is -4.6% (below zero) and 1 of 7 covered assets are above the 200-day average (below one-third). The read depends on native protocol activity remaining supportive, a contraction there would complete the invalidation.
Does this page include funding rates, open interest or token unlocks?
No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.
Which projects are generating the most network fees?
Avantis leads Perps/Derivatives crypto on Trailing 12-month fees at $15.6M, 87% ahead of Gains Network. 1 of 2 assets with comparable change data is growing. Coverage is 2 of the 7 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Which projects convert activity into protocol revenue?
Gains Network leads Perps/Derivatives crypto on Trailing 12-month revenue at $6.3M. The one asset with comparable change data is not growing. Coverage is 2 of the 7 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Where is capital actually committed on-chain?
Avantis leads Perps/Derivatives crypto on Quarter-end TVL at $11.7M, 25% ahead of Gains Network. None of the 2 assets with comparable change data is growing. Coverage is 2 of the 7 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Which Perps/Derivatives project has the largest fee base?
Avantis leads covered trailing-12-month fees at $15.6M. Coverage is 2/7; this is network activity, not automatically token-holder income.
Which are the biggest Perps/Derivatives crypto coins by market cap?
Genius is the largest Perps/Derivatives crypto coin by market capitalisation at $101.4M, ahead of GMX at $91M and ETHGas at $42M. The 7 Perps/Derivatives coins on this page carry $292.6M between them, with a market-cap figure on file for 7 of them. Market-cap metadata is dated 2026-11-05.