QFEX
B Tier
LATEST UPDATE · OCTOBER 27, 2026
No points program in the docs as of Oct 26, 2026; a 'Season 0' is reported second-hand only (Oct 7). Live: weekly Loss Refund (week 5) and a referral program since Oct 14. ~$161M open interest, ~$8b of 30-day volume. Polymarket lists a thin QFEX FDV market (~$65m implied).The numbers
Expected FDV
$300m
$150m – $700m
Airdrop pool
$45m
Unknown, 15% assumed
Team score
8/10
founders, exits, backers, flags
Token window
None set; a "pre-season S0" is rumored
$10m$100m$1b$10b
How we got the FDV: edgeX/GRVT volume multiple on $8.1b of 30-day volume. General Catalyst already priced the company at $95m post-money in March 2026. Polymarket's ladder implies ~$65m today, with almost no volume.
Pre-points pedigree. More open interest than TxFlow, Arcus or RISEx, and almost nobody is talking about it.
General Catalyst led a $9.5M seed with Y Combinator and Paul Graham; the founders are Cambridge mathematicians. $161M of open interest and $2.1B of weekly volume with no points program is the stage where Variational and Lighter paid best. KYC means one account per person, so there is no sybil race. It becomes a top-3 farm the day points are official.
Cut it if: no points program by Nov 30, or 30-day volume falls under $6b.
Who's farming it: Grok's top addition on the X scan: numbers far ahead of the chatter, only small accounts posting (0xLeBwA, Oct 26). The team told CryptoYieldGuy they are in "pre-season S0" (second-hand).
What is QFEX?
A KYC'd, BitGo-custodied exchange for perps on US stocks, FX, commodities and crypto, with an off-chain order book. Founded by Annanay Kapila and Joshua Wharton (both Cambridge mathematics). $9.5M seed led by General Catalyst at a $95M valuation, with YC, Paul Graham, Moonfire and Goodwater. No token and no points program yet, which is exactly why it is cheap to be early.
Airdrop parameters
POINTS / CLAIM END
No points program yet
ALLOCATION
Nothing announced
METHOD
No points program in the docs as of Oct 26, 2026. A 'pre-season S0' is second-hand rumor. Live incentives: referral fee splits 10/2/1% and a new-user loss-refund promo
TGE
None set
ACCESS
Open signup but KYC is required before trading. Not for US, UK, Spain, Ukraine or Russia. USDC on Arbitrum One or USD by ACH; BitGo custody.
CHAIN
Off-chain
How to farm
01
Open and verify an account (non-US)
Sign up at qfex.com with a referral code (10% fee refund), complete KYC. One account per person; do not try to multi-wallet this one.
02
Deposit USDC on Arbitrum One
Check whether the 'lifetime lowest tier' promo (0 maker on 21 markets, from Aug 24) still applies to new accounts.
03
Place a few real maker trades a week
Indices, commodities and large caps at 0.5-2 bps. The goal is a dated, organic history before any snapshot, not fees burned in anticipation.
04
Follow the research account
research.qfex.com and the CEO's essay on exchange tokens are the only token signals. Points would be announced there first.
05
Scale up when S1 is official
The day a published emission and a season exist, move it into the A tier and size it like TxFlow.