Is Perps/Derivatives outperforming Bitcoin, and is leadership broad?
Bottom line
Gains Network ranks first for research priority in Perps/Derivatives crypto at 49.5/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is -15.7% on 0% breadth, which is what decides whether that lead is isolated or broad. 2 of the 12 assets here carry enough native evidence to move past a tape-led label.
These Perps/Derivatives coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes 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 5 years. Over the most recent two of them this theme is 8% ahead of Bitcoin. Quarterly protocol revenue is not reported often enough here to draw a lane underneath the price. It has been ahead of Bitcoin on a rolling three-month view for 32 weeks running.
LEADER · ahead 32w·Moving with the index3 of 6 coins ahead of Bitcoin by 5% or more over three months
RS ↑32w · 1/5 >200d (−1) · 3/6 lead (−1) · EPS —
Perps/Derivatives, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Strength anatomyBroadening down the ladderHow much of the theme is participating, how recently, and whether the movers score well.
Together3 of 6 coins moving
Fresh0 crossed in the last 4 weeks
Down the cap ladder — bar is now, tick is four weeks ago
Large1/2−1
Mid1/20
Small1/20
Participation is spreading downward — the mid and small companies added more this month than the large ones did.
Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 6 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.
RISK OFF market context
Perps/Derivatives vs Bitcoin — Relative Strength & Breadth
Perps/Derivatives crypto has outperformed Bitcoin by 27.3% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -15.7%. 0 of 5 covered assets are above their own 200-day average. Mango leads Bitcoin-relative strength at +4%. Price readings are as of 2026-07-24.
-16%13w vs BTC
+27%52w vs BTC
0/5Above 200-DMA
MNGORS leader · +4.0%
Assets
12
canonical functional membership
Activity-covered
2/12
enough native evidence
Top score
49.5/100
Gains Network
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 12 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. Gains Network is highest at 49.5/100 on 87% evidence. It ranks research attention, not portfolio action.
Gains Network leads the current research queue at 49.5/100 with 87% evidence.
2/12 assets have enough native activity evidence to move beyond a tape-led label.
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.
1. Gains Network · GNS
49.5/100 · Illiquid · research only · 87% evidence
Exact sum: 17.3 + 7.4 + 16.2 + 8.6 = 49.5
Decision use: Cheap on network economics while activity contracts: investigate value-capture trap risk.
Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6.3/35Market leadership
RS-BTC -55.4 pp · RS-sector -75 pp · 200-DMA —
80% evidence
15.0/30Network & economic traction
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.8/15Liquidity & downside risk
30d median volume $14,970,361 · vol 260.9%
100% evidence
12. SynFutures · F
38.4/100 · Illiquid · research only · 50% evidence
Exact sum: 5.0 + 15.0 + 10.0 + 8.4 = 38.4
Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5.0/35Market leadership
RS-BTC -26.4 pp · RS-sector 0 pp · 200-DMA below
100% evidence
15.0/30Network & economic traction
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
8.4/15Liquidity & downside risk
30d median volume $3,321,294 · vol 60.4%
100% evidence
01 · complete calendar-quarter evidence
Which projects are generating the most network fees?
Avantis leads Perps/Derivatives crypto on Trailing 12-month fees at $18.9M, 96% ahead of Gains Network. 1 of 2 assets with comparable change data is growing. Coverage is 3 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderAvantis · $18.9M
Gap96% versus #2
Persistence1 assets have positive comparable growth
Coverage3/12 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 five
1Avantis AVNT$18.9M
2Gains Network GNS$9.6M
3MYX Finance MYX$137.5K
Fee growthtop five
1Avantis AVNT+383%
2Gains Network GNS-26%
Network fees · asset comparison
3/12 level · 2/12 change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month fees
Fee growth
gains-network
$1.3M
-26%
avantis
$2.3M
+383%
flying-tulip
$4.2K
—
nirvana-ana-2
—
—
genius-3
—
—
mango-markets
—
—
gmx
—
—
whiteheart
—
—
fulcrom
—
—
myx-finance
$934
—
ethgas-2
—
—
synfutures
—
—
02 · complete calendar-quarter evidence
Which projects convert activity into protocol revenue?
Gains Network leads Perps/Derivatives crypto on Trailing 12-month revenue at $7.4M, 19224% ahead of MYX Finance. 0 of 1 asset with comparable change data are growing. Coverage is 3 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderGains Network · $7.4M
Gap19224% versus #2
Persistence0 assets have positive comparable growth
Coverage3/12 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 five
1Gains Network GNS$7.4M
2MYX Finance MYX$38.3K
3Avantis AVNT$0
Revenue growthtop five
1Gains Network GNS-30%
Protocol revenue · asset comparison
3/12 level · 1/12 change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month revenue
Revenue growth
gains-network
$919.5K
-30%
avantis
$0
—
flying-tulip
$0
—
nirvana-ana-2
—
—
genius-3
—
—
mango-markets
—
—
gmx
—
—
whiteheart
—
—
fulcrom
—
—
myx-finance
$172
—
ethgas-2
—
—
synfutures
—
—
03 · complete calendar-quarter evidence
Where is capital actually committed on-chain?
Avantis leads Perps/Derivatives crypto on Quarter-end TVL at $31.3M, 112% ahead of Gains Network. 1 of 4 assets with comparable change data is growing. Coverage is 5 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderAvantis · $31.3M
Gap112% versus #2
Persistence1 assets have positive comparable growth
Coverage5/12 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 five
1Avantis AVNT$31.3M
2Gains Network GNS$14.8M
3Flying Tulip FT$7.1M
4MYX Finance MYX$150.4K
5Whiteheart WHITE$6.2K
TVL growthtop five
1Avantis AVNT+54%
2Whiteheart WHITE-19%
3Gains Network GNS-45%
4MYX Finance MYX-94%
Total value locked · asset comparison
5/12 level · 4/12 change
Latest comparable data · top 20 shown first
Asset
Quarter-end TVL
TVL growth
gains-network
$14.8M
-45%
avantis
$31.3M
+54%
flying-tulip
$7.1M
—
nirvana-ana-2
—
—
genius-3
—
—
mango-markets
—
—
gmx
—
—
whiteheart
$6.2K
-19%
fulcrom
—
—
myx-finance
$150.4K
-94%
ethgas-2
—
—
synfutures
—
—
04 · let price answer last
Which assets lead on price and relative strength?
Mango leads the Perps/Derivatives tape on Bitcoin-relative strength at +4.0% over 90 days. 0 of 5 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 2026-07-24.
Complete set · no silent drops
Which assets are in Perps/Derivatives?
12 priced assets are assigned to Perps/Derivatives, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.
Rank
Asset
Price
90d
RS-BTC
200-DMA
30d vol
Median volume
Price quality
Activity source
Score
Evidence
1
Gains Network GNS
$0.5321
-24%
-6.4%
Below
56%
$751.9K
usable
protocol
49.5
87%
2
Avantis AVNT
$0.0892
-40%
-22%
Below
63%
$21.1M
usable
protocol
45.9
78%
3
Flying Tulip FT
—
—
—
—
—
—
usable
protocol
50.0
0%
4
Nirvana ANA ANA
—
—
—
—
—
—
usable
tape only
50.0
0%
5
Genius GENIUS
$0.3610
-37%
-20%
—
58%
$16.1M
usable
tape only
49.6
43%
6
Mango MNGO
$0.0272
-13%
+4.0%
Below
324%
$1.2K
usable
tape only
49.3
50%
7
GMX GMX
$6.50
—
—
—
—
$152.2K
usable
tape only
49.3
12%
8
Whiteheart WHITE
$3,372.46
—
—
—
—
$0
usable
protocol
47.2
17%
9
Fulcrom FUL
$0.0010
-30%
-13%
Below
198%
$2.2K
usable
tape only
46.4
50%
10
MYX Finance MYX
—
—
—
—
—
—
usable
protocol
43.5
18%
11
ETHGas GWEI
$0.0260
-73%
-55%
—
261%
$15.0M
usable
tape only
39.1
43%
12
SynFutures F
$0.0032
-44%
-26%
Below
60%
$3.3M
usable
tape only
38.4
50%
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 12 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 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.
Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.
Chain activityUsers and transactions through unavailable; separately sourced chain TVL through unavailable.
Market capSnapshot dated 2026-07-04; no historical supply series is implied.
Questions the page should answer directly
Crypto analysis FAQs
These 18 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 refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 12 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.
What is the total market cap of Perps/Derivatives crypto coins?
The Perps/Derivatives coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.
Are Perps/Derivatives crypto coins outperforming Bitcoin?
Perps/Derivatives has returned +27.3% versus Bitcoin over 52 weeks and -15.7% over 13 weeks on an equal-weight current-member index. 0/5 covered assets are above their 200-day averages as of 2026-07-24.
Which Perps/Derivatives asset has the strongest research score?
Gains Network ranks first at 49.5/100: 17.3 + 7.4 + 16.2 + 8.6 = 49.5. It is labelled “Illiquid · research only” with 87% overall evidence and 74% native-economics evidence.
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 tape-led?
Tape-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 2026-07-24; protocol activity through 2026-07-24; 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 2026-07-04.
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 public MLA pages 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?
The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.
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 $18.9M, 96% ahead of Gains Network. 1 of 2 assets with comparable change data is growing. Coverage is 3 of the 12 assets in this theme, through the Q2 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 $7.4M, 19224% ahead of MYX Finance. 0 of 1 asset with comparable change data are growing. Coverage is 3 of the 12 assets in this theme, through the Q2 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 $31.3M, 112% ahead of Gains Network. 1 of 4 assets with comparable change data is growing. Coverage is 5 of the 12 assets in this theme, through the Q2 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 $18.9M. Coverage is 3/12; this is network activity, not automatically token-holder income.