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Protocol Valuation

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

Cheapest P/S (MCap)

Avantis — 2.3x

Cheapest P/S (FDV)

Avantis — 6.5x

Highest Rev/TVL

Vest — 1239.1%

Protocol	Token	Price	MCap	FDV	24h Rev	Ann. Rev	P/S MCap	P/S FDV	TVL	Rev/TVL	Vol/TVL	Score
Avantis	AVNT	$0.127	$45.00M	$126.84M	$53.43K	$19.50M	2.3x	6.5x	$11.66M	167.2%	21.9x	Undervalued
Jupiter Perps	JUP	$0.345	$1.15B	$2.37B	$460.90K	$168.23M	6.8x	14.1x	$821.44M	20.5%	0.2x	Undervalued
Paradex	DIME	$0.043	$28.57M	$42.74M	$7.18K	$2.62M	10.9x	16.3x	$121.53M	2.2%	0.2x	Undervalued
Aster	ASTER	$0.709	$1.92B	$5.53B	$368.87K	$134.64M	14.3x	41x	$283.64M	47.5%	4.1x	Fair
dYdX	DYDX	$0.136	$114.91M	$130.15M	$13.96K	$5.10M	22.6x	25.5x	$341.52M	1.5%	0.2x	Fair
Drift	DRIFT	$0.019	$13.72M	$19.15M	$1.56K	$569.03K	24.1x	33.7x	$312.64M	0.2%	0.1x	Fair
Apex	APEX	$0.287	$44.60M	$143.78M	$3.10K	$1.13M	39.4x	127.1x	$72.49M	1.6%	5.1x	Fair
Hyperliquid	HYPE	$89.210	$19.86B	$85.27B	$1.30M	$474.08M	41.9x	179.9x	$1.42B	33.3%	3.8x	Fair
Lighter	LIT	$4.360	$1.09B	$4.36B	$51.54K	$18.81M	57.9x	231.7x	$95.47M	19.7%	11.9x	Overvalued
MYX Finance	MYX	$0.073	$17.22M	$73.23M	$108.00	$39.42K	437x	1857.7x	$105.18K	37.5%	0x	Overvalued
Backpack	BP	$1.330	$332.71M	$1.33B	$35.00	$12.78K	26044x	104176x	$631.13M	0.0%	0.4x	Overvalued
Variational	—	—	—	—	$32.72K	$11.94M	—	—	$28.37M	42.1%	65x	—
TradeXYZ	—	—	—	—	$23.27K	$8.49M	—	—	$42.52M	20.0%	30.9x	—
EdgeX	—	—	—	—	$40.00K	$14.60M	—	—	$68.23M	21.4%	9.8x	—
Pacifica	—	—	—	—	$123.36K	$45.02M	—	—	$29.74M	151.4%	20.7x	—
GRVT	—	—	—	—	$233.95K	$85.39M	—	—	$156.29M	54.6%	3.7x	—
StandX	—	—	—	—	$2.44K	$891.33K	—	—	$15.44M	5.8%	28.6x	—
Extended	—	—	—	—	$148.88K	$54.34M	—	—	$136.81M	39.7%	2.1x	—
Nado	—	—	—	—	$18.96K	$6.92M	—	—	$18.35M	37.7%	15.1x	—
Reya	REYA	—	—	—	$269.00	$98.19K	—	—	$8.10M	1.2%	30.4x	—
Antarctic	ATTX	—	—	—	$15.40K	$5.62M	—	—	$8.56M	65.7%	23.1x	—
Rho X	—	—	—	—	$0.00	$0.00	—	—	$731.09K	—	152.6x	—
Helix	—	—	—	—	$0.18	$65.70	—	—	$0.00	—	—	—
Dreamcash	—	—	—	—	$303.00	$110.59K	—	—	$0.00	—	—	—
Hibachi	—	—	—	—	$0.00	$0.00	—	—	$0.00	—	—	—
Based	BASED	—	—	—	$1.21K	$442.38K	—	—	$0.00	—	—	—
Decibel	—	—	—	—	$8.73K	$3.19M	—	—	$29.39M	10.8%	0.9x	—
Ethereal	—	—	—	—	$22.00	$8.03K	—	—	$86.22M	0.0%	0.2x	—
01 Exchange	—	—	—	—	$0.00	$0.00	—	—	$0.00	—	—	—
Vest	—	—	—	—	$4.54K	$1.66M	—	—	$133.85K	1239.1%	116x	—
Liquid	—	—	—	—	$12.08K	$4.41M	—	—	$0.00	—	—	—
Bullpen	—	—	—	—	$760.00	$277.40K	—	—	$0.00	—	—	—
Ostium	—	—	—	—	$280.00	$102.20K	—	—	$10.93M	0.9%	0.1x	—
HyENA	—	—	—	—	$35.00	$12.78K	—	—	$8.52M	0.1%	0x	—
Ventuals	VNTLS	—	—	—	$314.00	$114.61K	—	—	$568.65K	20.2%	0.5x	—

Protocol

Avantis

TokenAVNT

Price$0.127

MCap$45.00M

FDV$126.84M

24h Rev$53.43K

Ann. Rev$19.50M

P/S MCap2.3x

P/S FDV6.5x

TVL$11.66M

Rev/TVL167.2%

Vol/TVL21.9x

ScoreUndervalued

Protocol

Jupiter Perps

TokenJUP

Price$0.345

MCap$1.15B

FDV$2.37B

24h Rev$460.90K

Ann. Rev$168.23M

P/S MCap6.8x

P/S FDV14.1x

TVL$821.44M

Rev/TVL20.5%

Vol/TVL0.2x

ScoreUndervalued

Protocol

Paradex

TokenDIME

Price$0.043

MCap$28.57M

FDV$42.74M

24h Rev$7.18K

Ann. Rev$2.62M

P/S MCap10.9x

P/S FDV16.3x

TVL$121.53M

Rev/TVL2.2%

Vol/TVL0.2x

ScoreUndervalued

Protocol

Aster

TokenASTER

Price$0.709

MCap$1.92B

FDV$5.53B

24h Rev$368.87K

Ann. Rev$134.64M

P/S MCap14.3x

P/S FDV41x

TVL$283.64M

Rev/TVL47.5%

Vol/TVL4.1x

ScoreFair

Protocol

dYdX

TokenDYDX

Price$0.136

MCap$114.91M

FDV$130.15M

24h Rev$13.96K

Ann. Rev$5.10M

P/S MCap22.6x

P/S FDV25.5x

TVL$341.52M

Rev/TVL1.5%

Vol/TVL0.2x

ScoreFair

Protocol

Drift

TokenDRIFT

Price$0.019

MCap$13.72M

FDV$19.15M

24h Rev$1.56K

Ann. Rev$569.03K

P/S MCap24.1x

P/S FDV33.7x

TVL$312.64M

Rev/TVL0.2%

Vol/TVL0.1x

ScoreFair

Protocol

Apex

TokenAPEX

Price$0.287

MCap$44.60M

FDV$143.78M

24h Rev$3.10K

Ann. Rev$1.13M

P/S MCap39.4x

P/S FDV127.1x

TVL$72.49M

Rev/TVL1.6%

Vol/TVL5.1x

ScoreFair

Protocol

Hyperliquid

TokenHYPE

Price$89.210

MCap$19.86B

FDV$85.27B

24h Rev$1.30M

Ann. Rev$474.08M

P/S MCap41.9x

P/S FDV179.9x

TVL$1.42B

Rev/TVL33.3%

Vol/TVL3.8x

ScoreFair

Protocol

Lighter

TokenLIT

Price$4.360

MCap$1.09B

FDV$4.36B

24h Rev$51.54K

Ann. Rev$18.81M

P/S MCap57.9x

P/S FDV231.7x

TVL$95.47M

Rev/TVL19.7%

Vol/TVL11.9x

ScoreOvervalued

Protocol

MYX Finance

TokenMYX

Price$0.073

MCap$17.22M

FDV$73.23M

24h Rev$108.00

Ann. Rev$39.42K

P/S MCap437x

P/S FDV1857.7x

TVL$105.18K

Rev/TVL37.5%

Vol/TVL0x

ScoreOvervalued

Protocol

Backpack

TokenBP

Price$1.330

MCap$332.71M

FDV$1.33B

24h Rev$35.00

Ann. Rev$12.78K

P/S MCap26044x

P/S FDV104176x

TVL$631.13M

Rev/TVL0.0%

Vol/TVL0.4x

ScoreOvervalued

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/TVL65x

Score—

Protocol

TradeXYZ

Token—

Price—

MCap—

FDV—

24h Rev$23.27K

Ann. Rev$8.49M

P/S MCap—

P/S FDV—

TVL$42.52M

Rev/TVL20.0%

Vol/TVL30.9x

Score—

Protocol

EdgeX

Token—

Price—

MCap—

FDV—

24h Rev$40.00K

Ann. Rev$14.60M

P/S MCap—

P/S FDV—

TVL$68.23M

Rev/TVL21.4%

Vol/TVL9.8x

Score—

Protocol

Pacifica

Token—

Price—

MCap—

FDV—

24h Rev$123.36K

Ann. Rev$45.02M

P/S MCap—

P/S FDV—

TVL$29.74M

Rev/TVL151.4%

Vol/TVL20.7x

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/TVL3.7x

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/TVL28.6x

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/TVL2.1x

Score—

Protocol

Nado

Token—

Price—

MCap—

FDV—

24h Rev$18.96K

Ann. Rev$6.92M

P/S MCap—

P/S FDV—

TVL$18.35M

Rev/TVL37.7%

Vol/TVL15.1x

Score—

Protocol

Reya

TokenREYA

Price—

MCap—

FDV—

24h Rev$269.00

Ann. Rev$98.19K

P/S MCap—

P/S FDV—

TVL$8.10M

Rev/TVL1.2%

Vol/TVL30.4x

Score—

Protocol

Antarctic

TokenATTX

Price—

MCap—

FDV—

24h Rev$15.40K

Ann. Rev$5.62M

P/S MCap—

P/S FDV—

TVL$8.56M

Rev/TVL65.7%

Vol/TVL23.1x

Score—

Protocol

Rho X

Token—

Price—

MCap—

FDV—

24h Rev$0.00

Ann. Rev$0.00

P/S MCap—

P/S FDV—

TVL$731.09K

Rev/TVL—

Vol/TVL152.6x

Score—

Protocol

Helix

Token—

Price—

MCap—

FDV—

24h Rev$0.18

Ann. Rev$65.70

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Dreamcash

Token—

Price—

MCap—

FDV—

24h Rev$303.00

Ann. Rev$110.59K

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

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$1.21K

Ann. Rev$442.38K

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Decibel

Token—

Price—

MCap—

FDV—

24h Rev$8.73K

Ann. Rev$3.19M

P/S MCap—

P/S FDV—

TVL$29.39M

Rev/TVL10.8%

Vol/TVL0.9x

Score—

Protocol

Ethereal

Token—

Price—

MCap—

FDV—

24h Rev$22.00

Ann. Rev$8.03K

P/S MCap—

P/S FDV—

TVL$86.22M

Rev/TVL0.0%

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

Vest

Token—

Price—

MCap—

FDV—

24h Rev$4.54K

Ann. Rev$1.66M

P/S MCap—

P/S FDV—

TVL$133.85K

Rev/TVL1239.1%

Vol/TVL116x

Score—

Protocol

Liquid

Token—

Price—

MCap—

FDV—

24h Rev$12.08K

Ann. Rev$4.41M

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Bullpen

Token—

Price—

MCap—

FDV—

24h Rev$760.00

Ann. Rev$277.40K

P/S MCap—

P/S FDV—

TVL$0.00

Rev/TVL—

Vol/TVL—

Score—

Protocol

Ostium

Token—

Price—

MCap—

FDV—

24h Rev$280.00

Ann. Rev$102.20K

P/S MCap—

P/S FDV—

TVL$10.93M

Rev/TVL0.9%

Vol/TVL0.1x

Score—

Protocol

HyENA

Token—

Price—

MCap—

FDV—

24h Rev$35.00

Ann. Rev$12.78K

P/S MCap—

P/S FDV—

TVL$8.52M

Rev/TVL0.1%

Vol/TVL0x

Score—

Protocol

Ventuals

TokenVNTLS

Price—

MCap—

FDV—

24h Rev$314.00

Ann. Rev$114.61K

P/S MCap—

P/S FDV—

TVL$568.65K

Rev/TVL20.2%

Vol/TVL0.5x

Score—

MCap vs Annualized Revenue