Perps points programs: how volume scoring works and where traders get hurt

Perps points programs are tempting because the scoreboard is simple: more volume, more points. The problem is also simple: perps amplify mistakes. Fees, funding, and liquidation risk can eat you before points matter.

This guide explains the volume scoring patterns you’ll see, what costs people ignore, and a safer way to evaluate perps-based points programs without turning it into a gambling loop.

Start from sourced programs: points directory.

Quick take

• Volume scoring rewards activity; it can also reward overtrading.
• Gross volume is not the same as net outcome; fees and funding are real.
• Liquidation risk is the dominant risk surface; treat it as first-class.
• If scoring rules aren’t in primary sources, label them unverified.
• Build a plan that works even if you earn fewer points than expected.

Nothing here is financial advice. Perps can cause total loss.

Why perps points programs exist

Perps platforms care about:

• volume (fees)
• liquidity (tighter spreads)
• retention (repeat users)

Points are a way to bootstrap those. For users, points can be a reason to try the platform. The key is to avoid letting points push you into behaviors you wouldn’t otherwise do.

Common volume scoring patterns

As of 2025-12-30, these patterns show up often.

1) Notional volume-based points

Points scale with notional traded. This rewards:

• high turnover
• frequent trades

What to verify:

• Is it gross notional or net?
• Are there caps per day or per market?
• Are maker and taker treated differently?

2) Open interest or position-time scoring

Points accrue based on how long you keep positions open, sometimes scaled by size.

What to verify:

• Does holding time matter?
• Are there penalties for fast flips?
• Do positions accrue points during reduced margin or high risk states?

3) Maker/taker incentives and rebates

Some programs weight maker activity differently than taker activity.

What to verify:

• Actual fee schedule and tiers
• Whether rebates are real and how they’re measured

4) Quest-based perps actions

Quests can reward “open a position,” “trade X markets,” or “use feature Y.”

This is where operational risk spikes: unfamiliar UIs and signature flows.

If you’re doing quests, use the safety baseline: airdrop farming checklist.

The cost table (what points farmers underestimate)

Volume-based strategies can look “cheap” because you’re not bridging large size. The hidden costs are in the trading mechanics.

Points don’t rebate these costs unless the program explicitly says so in primary sources.

A quick fee-drag example (why “more volume” can hurt)

Example (hypothetical): if your effective fees and spread add up to 10 bps (0.10%) per round trip, then $100,000 of total traded notional can cost about $100 in fees. If you repeat that to chase points, costs compound even if price doesn’t move much.

Points might still be worth it for some users, but don’t pretend volume is free.

The risk surfaces that matter

In perps points programs, the big risks aren’t exotic:

• liquidation risk
• oracle risk (how prices are determined)
• platform risk (downtime, auto-deleveraging mechanics, insurance funds)
• operational risk (wrong chain, wrong UI, wrong approvals)

If you can’t explain liquidation mechanics in one paragraph, stop and learn it before you trade.

A safer evaluation workflow

If you’re considering a perps-based points program:

1. Verify the program is real and sourced: how to verify a points program is real.
2. Confirm scoring rules in primary sources; label any rumors unverified.
3. Estimate fee drag for your expected activity; assume you’re wrong and stress-test higher.
4. Decide your maximum acceptable loss and stop there.
5. Write the exit plan: points farming exit plan.

If your plan requires “more volume fixes it,” it’s not a plan.

FAQ

Is volume-based points farming “free” if I break even?

Breaking even in perps is harder than it sounds. Fees and funding can make “flat PnL” a loss even when price doesn’t move much.

Do perps points programs encourage wash trading?

Some designs create that incentive. That’s why many programs apply filters or caps. Don’t assume all volume counts.

What’s the biggest mistake people make?

Letting points push them into more risk than their system can handle. In perps, a small mistake can become total loss quickly.

How do I compare perps points programs safely?

Use a rubric that includes liquidation risk, fee schedule, and sourcing. Start here: compare crypto points programs.

Next step

• Browse sourced campaigns: points directory
• Learn scoring patterns: points program scoring patterns
• Verify link safety: how to verify a points program is real

Sources and further reading

• “Perpetual futures” (general concept): https://en.wikipedia.org/wiki/Perpetual_futures