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Protocol Valuation

Compare perpetual DEX valuations using P/S ratios, revenue efficiency, and TVL metrics

Cheapest P/S (MCap)

Paradex — 0.9x

Cheapest P/S (FDV)

Paradex — 3.9x

Highest Rev/TVL

Vest — 594.1%

Protocol	Token	Price	MCap	FDV	24h Rev	Ann. Rev	P/S MCap	P/S FDV	TVL	Rev/TVL	Vol/TVL	Score
Paradex	DIME	$0.010	$2.25M	$10.11M	$7.18K	$2.62M	0.9x	3.9x	$121.53M	2.2%	0.1x	Undervalued
Avantis	AVNT	$0.092	$31.20M	$92.34M	$53.43K	$19.50M	1.6x	4.7x	$21.24M	91.8%	12x	Undervalued
Jupiter Perps	JUP	$0.180	$599.16M	$1.24B	$460.90K	$168.23M	3.6x	7.4x	$696.21M	24.2%	0.3x	Undervalued
Aster	ASTER	$0.604	$1.63B	$4.72B	$368.87K	$134.64M	12.1x	35.1x	$283.64M	47.5%	4x	Fair
Drift	DRIFT	$0.012	$8.37M	$11.70M	$1.57K	$573.41K	14.6x	20.4x	$312.64M	0.2%	0.1x	Fair
Apex	APEX	$0.212	$31.20M	$213.34M	$3.70K	$1.35M	23.1x	158x	$72.49M	1.9%	14x	Fair
dYdX	DYDX	$0.114	$96.76M	$109.27M	$9.82K	$3.59M	27x	30.5x	$341.52M	1.0%	0.1x	Fair
Hyperliquid	HYPE	$54.890	$12.21B	$54.90B	$1.05M	$381.91M	32x	143.8x	$1.42B	26.8%	2x	Fair
Lighter	LIT	$2.480	$619.01M	$2.48B	$47.84K	$17.46M	35.4x	141.8x	$95.47M	18.3%	10.2x	Fair
MYX Finance	MYX	$0.073	$72.91M	$72.91M	$108.00	$39.42K	1849.5x	1849.5x	$97.81K	40.3%	0x	Overvalued
Backpack	BP	$0.373	$93.26M	$373.06M	$34.00	$12.41K	7515.3x	30061.2x	$385.30M	0.0%	0.2x	Overvalued
TradeXYZ	—	—	—	—	$109.39K	$39.93M	—	—	$42.52M	93.9%	74x	—
Variational	—	—	—	—	$32.72K	$11.94M	—	—	$28.37M	42.1%	30.5x	—
EdgeX	—	—	—	—	$74.92K	$27.35M	—	—	$68.23M	40.1%	12.5x	—
Extended	—	—	—	—	$148.88K	$54.34M	—	—	$136.81M	39.7%	4.3x	—
GRVT	—	—	—	—	$233.95K	$85.39M	—	—	$156.29M	54.6%	3.6x	—
Pacifica	—	—	—	—	$36.78K	$13.42M	—	—	$29.74M	45.1%	15.3x	—
StandX	—	—	—	—	$2.44K	$891.33K	—	—	$15.44M	5.8%	24.2x	—
Reya	REYA	—	—	—	$413.00	$150.75K	—	—	$10.32M	1.5%	23.8x	—
Antarctic	ATTX	—	—	—	$21.38K	$7.80M	—	—	$9.77M	79.9%	16.4x	—
Vest	—	—	—	—	$4.54K	$1.66M	—	—	$279.15K	594.1%	409.4x	—
Rho X	—	—	—	—	$0.00	$0.00	—	—	$1.06M	—	105.6x	—
Nado	—	—	—	—	$13.93K	$5.09M	—	—	$18.35M	27.7%	4.5x	—
Dreamcash	—	—	—	—	$510.00	$186.15K	—	—	$0.00	—	—	—
Decibel	—	—	—	—	$14.38K	$5.25M	—	—	$29.78M	17.6%	1.3x	—
Hibachi	—	—	—	—	$0.00	$0.00	—	—	$0.00	—	—	—
Based	BASED	—	—	—	$310.00	$113.15K	—	—	$0.00	—	—	—
Helix	—	—	—	—	$1.38	$503.70	—	—	$0.00	—	—	—
Ethereal	—	—	—	—	$307.00	$112.06K	—	—	$86.22M	0.1%	0.2x	—
01 Exchange	—	—	—	—	$0.00	$0.00	—	—	$0.00	—	—	—
Liquid	—	—	—	—	$4.15K	$1.52M	—	—	$0.00	—	—	—
Ostium	—	—	—	—	$1.08K	$395.30K	—	—	$17.87M	2.2%	0.1x	—
Bullpen	—	—	—	—	$502.00	$183.23K	—	—	$0.00	—	—	—
HyENA	—	—	—	—	$15.00	$5.47K	—	—	$8.52M	0.1%	0.1x	—
Ventuals	VNTLS	—	—	—	$314.00	$114.61K	—	—	$900.54K	12.7%	0.3x	—

Protocol

Paradex

TokenDIME

Price$0.010

MCap$2.25M

FDV$10.11M

24h Rev$7.18K

Ann. Rev$2.62M

P/S MCap0.9x

P/S FDV3.9x

TVL$121.53M

Rev/TVL2.2%

Vol/TVL0.1x

ScoreUndervalued

Protocol

Avantis

TokenAVNT

Price$0.092

MCap$31.20M

FDV$92.34M

24h Rev$53.43K

Ann. Rev$19.50M

P/S MCap1.6x

P/S FDV4.7x

TVL$21.24M

Rev/TVL91.8%

Vol/TVL12x

ScoreUndervalued

Protocol

Jupiter Perps

TokenJUP

Price$0.180

MCap$599.16M

FDV$1.24B

24h Rev$460.90K

Ann. Rev$168.23M

P/S MCap3.6x

P/S FDV7.4x

TVL$696.21M

Rev/TVL24.2%

Vol/TVL0.3x

ScoreUndervalued

Protocol

Aster

TokenASTER

Price$0.604

MCap$1.63B

FDV$4.72B

24h Rev$368.87K

Ann. Rev$134.64M

P/S MCap12.1x

P/S FDV35.1x

TVL$283.64M

Rev/TVL47.5%

Vol/TVL4x

ScoreFair

Protocol

Drift

TokenDRIFT

Price$0.012

MCap$8.37M

FDV$11.70M

24h Rev$1.57K

Ann. Rev$573.41K

P/S MCap14.6x

P/S FDV20.4x

TVL$312.64M

Rev/TVL0.2%

Vol/TVL0.1x

ScoreFair

Protocol

Apex

TokenAPEX

Price$0.212

MCap$31.20M

FDV$213.34M

24h Rev$3.70K

Ann. Rev$1.35M

P/S MCap23.1x

P/S FDV158x

TVL$72.49M

Rev/TVL1.9%

Vol/TVL14x

ScoreFair

Protocol

dYdX

TokenDYDX

Price$0.114

MCap$96.76M

FDV$109.27M

24h Rev$9.82K

Ann. Rev$3.59M

P/S MCap27x

P/S FDV30.5x

TVL$341.52M

Rev/TVL1.0%

Vol/TVL0.1x

ScoreFair

Protocol

Hyperliquid

TokenHYPE

Price$54.890

MCap$12.21B

FDV$54.90B

24h Rev$1.05M

Ann. Rev$381.91M

P/S MCap32x

P/S FDV143.8x

TVL$1.42B

Rev/TVL26.8%

Vol/TVL2x

ScoreFair

Protocol

Lighter

TokenLIT

Price$2.480

MCap$619.01M

FDV$2.48B

24h Rev$47.84K

Ann. Rev$17.46M

P/S MCap35.4x

P/S FDV141.8x

TVL$95.47M

Rev/TVL18.3%

Vol/TVL10.2x

ScoreFair

Protocol

MYX Finance

TokenMYX

Price$0.073

MCap$72.91M

FDV$72.91M

24h Rev$108.00

Ann. Rev$39.42K

P/S MCap1849.5x

P/S FDV1849.5x

TVL$97.81K

Rev/TVL40.3%

Vol/TVL0x

ScoreOvervalued

Protocol

Backpack

TokenBP

Price$0.373

MCap$93.26M

FDV$373.06M

24h Rev$34.00

Ann. Rev$12.41K

P/S MCap7515.3x

P/S FDV30061.2x

TVL$385.30M

Rev/TVL0.0%

Vol/TVL0.2x

ScoreOvervalued

Protocol

TradeXYZ

Token—

Price—

MCap—

FDV—

24h Rev$109.39K

Ann. Rev$39.93M

P/S MCap—

P/S FDV—

TVL$42.52M

Rev/TVL93.9%

Vol/TVL74x

Score—

Protocol

Variational

Token—

Price—

MCap—

FDV—

24h Rev$32.72K

Ann. Rev$11.94M

P/S MCap—

P/S FDV—

TVL$28.37M

Rev/TVL42.1%

Vol/TVL30.5x

Score—

Protocol

EdgeX

Token—

Price—

MCap—

FDV—

24h Rev$74.92K

Ann. Rev$27.35M

P/S MCap—

P/S FDV—

TVL$68.23M

Rev/TVL40.1%

Vol/TVL12.5x

Score—

Protocol

Extended

Token—

Price—

MCap—

FDV—

24h Rev$148.88K

Ann. Rev$54.34M

P/S MCap—

P/S FDV—

TVL$136.81M

Rev/TVL39.7%

Vol/TVL4.3x

Score—

Protocol

GRVT

Token—

Price—

MCap—

FDV—

24h Rev$233.95K

Ann. Rev$85.39M

P/S MCap—

P/S FDV—

TVL$156.29M

Rev/TVL54.6%

Vol/TVL3.6x

Score—

Protocol

Pacifica

Token—

Price—

MCap—

FDV—

24h Rev$36.78K

Ann. Rev$13.42M

P/S MCap—

P/S FDV—

TVL$29.74M

Rev/TVL45.1%

Vol/TVL15.3x

Score—

Protocol

StandX

Token—

Price—

MCap—

FDV—

24h Rev$2.44K

Ann. Rev$891.33K

P/S MCap—

P/S FDV—

TVL$15.44M

Rev/TVL5.8%

Vol/TVL24.2x

Score—

Protocol

Reya

TokenREYA

Price—

MCap—

FDV—

24h Rev$413.00

Ann. Rev$150.75K

P/S MCap—

P/S FDV—

TVL$10.32M

Rev/TVL1.5%

Vol/TVL23.8x

Score—

Protocol

Antarctic

TokenATTX

Price—

MCap—

FDV—

24h Rev$21.38K

Ann. Rev$7.80M

P/S MCap—

P/S FDV—

TVL$9.77M

Rev/TVL79.9%

Vol/TVL16.4x

Score—

Protocol

Vest

Token—

Price—

MCap—

FDV—

24h Rev$4.54K

Ann. Rev$1.66M

P/S MCap—

P/S FDV—

TVL$279.15K

Rev/TVL594.1%

Vol/TVL409.4x

Score—

Protocol

Rho X

Token—

Price—

MCap—

FDV—

24h Rev$0.00

Ann. Rev$0.00

P/S MCap—

P/S FDV—

TVL$1.06M

Rev/TVL—

Vol/TVL105.6x

Score—

Protocol

Nado

Token—

Price—

MCap—

FDV—

24h Rev$13.93K

Ann. Rev$5.09M

P/S MCap—

P/S FDV—

TVL$18.35M

Rev/TVL27.7%

Vol/TVL4.5x

Score—

Protocol

Dreamcash

Token—

Price—

MCap—

FDV—

24h Rev$510.00

Ann. Rev$186.15K

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Decibel

Token—

Price—

MCap—

FDV—

24h Rev$14.38K

Ann. Rev$5.25M

P/S MCap—

P/S FDV—

TVL$29.78M

Rev/TVL17.6%

Vol/TVL1.3x

Score—

Protocol

Hibachi

Token—

Price—

MCap—

FDV—

24h Rev$0.00

Ann. Rev$0.00

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Based

TokenBASED

Price—

MCap—

FDV—

24h Rev$310.00

Ann. Rev$113.15K

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Helix

Token—

Price—

MCap—

FDV—

24h Rev$1.38

Ann. Rev$503.70

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Ethereal

Token—

Price—

MCap—

FDV—

24h Rev$307.00

Ann. Rev$112.06K

P/S MCap—

P/S FDV—

TVL$86.22M

Rev/TVL0.1%

Vol/TVL0.2x

Score—

Protocol

01 Exchange

Token—

Price—

MCap—

FDV—

24h Rev$0.00

Ann. Rev$0.00

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Liquid

Token—

Price—

MCap—

FDV—

24h Rev$4.15K

Ann. Rev$1.52M

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Ostium

Token—

Price—

MCap—

FDV—

24h Rev$1.08K

Ann. Rev$395.30K

P/S MCap—

P/S FDV—

TVL$17.87M

Rev/TVL2.2%

Vol/TVL0.1x

Score—

Protocol

Bullpen

Token—

Price—

MCap—

FDV—

24h Rev$502.00

Ann. Rev$183.23K

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

HyENA

Token—

Price—

MCap—

FDV—

24h Rev$15.00

Ann. Rev$5.47K

P/S MCap—

P/S FDV—

TVL$8.52M

Rev/TVL0.1%

Vol/TVL0.1x

Score—

Protocol

Ventuals

TokenVNTLS

Price—

MCap—

FDV—

24h Rev$314.00

Ann. Rev$114.61K

P/S MCap—

P/S FDV—

TVL$900.54K

Rev/TVL12.7%

Vol/TVL0.3x

Score—

MCap vs Annualized Revenue