3 Low-Cap Perp DEX Tokens Whales Are Quietly Buying Now

Key Points

• Whale wallets are accumulating ADX, PERP, and BLUE in early October
• Perp DEX trading volume hits $1.1T in September, up $340B in October’s first 3 days
• Exchange reserves drop as traders pull tokens into self-custody
• Buybacks and strong on-chain signals are fueling bullish momentum

In early October, one corner of crypto is getting a lot of attention, low-cap Perp DEX tokens. These tokens power decentralized perpetual exchanges, a rising force in DeFi.

After crossing $1.1 trillion in volume in September, Perp DEXs added another $340 billion in the first three days of October. This marks the fastest volume growth in the sector’s history.

DeFi TVL And Total Perps Volume. Source: DefiLlama. – Techtokens

This growth comes even as top players like Hyperliquid lose market share, yet remain high on institutional watchlists.

It’s not just derivatives traders fueling this boom. Macro uncertainty, rising inflation, and credit risks, such as the recent U.S. credit downgrade, are pushing more capital into decentralized finance.

With centralized systems under pressure, crypto users are turning to platforms that offer full custody, transparency, and yield opportunities.

This wave of activity is not random. Whale wallets are moving. Exchange reserves are shrinking. It’s the kind of pattern that often signals smart money entering early. Three low-cap Perp DEX tokens, Adrena (ADX), Perpetual Protocol (PERP), and Bluefin (BLUE), are catching the most attention.

Each of these tokens sits under a $50 million market cap, making them especially volatile, and potentially rewarding. On-chain data shows a sharp uptick in accumulation, while technical signals and tokenomics offer bullish fuel.

Let’s break them down.

1. Adrena (ADX): Quiet Surge on Solana

Adrena is building a decentralized perpetual exchange on Solana, and it’s starting to attract some real volume. According to DefiLlama, ADX hit over $600 million in trading volume in the past 30 days, the most since June.

Adrena (ADX) Exchanges Reserve. Source: Nansen – Techtokens

Here’s what’s catching investors’ attention:

• ADX market cap is still under $40 million

• Exchange reserves fell 3%, meaning tokens are leaving exchanges

• Top whale wallets increased holdings by 0.87%

• The token rose from $0.028 to $0.038 in just one week

It doesn’t stop there. On October 3rd, ADX ranked #2 in daily trading fees among all Solana-based DEXs, just behind Jupiter.

Today was a good day pic.twitter.com/SpkBaAD71a

— Corto | Adrena💉 (@AdrenaCorto) October 3, 2025

And ADX made Coingecko’s trending list, signaling rising retail interest. For many, these are early signs of a potential breakout, and not just for Adrena. The whole Perp DEX sector is flashing green again.

Just like how Bitcoin is showing strength with its all-time high on the horizon, low-cap tokens are drawing new liquidity.

2. Perpetual Protocol (PERP): Classic Comeback Play

If you’ve been in crypto since DeFi Summer, you’ll remember PERP. It was one of the first Perp DEXs, built on Ethereum, and it even got listed on Binance in 2020.

Perpetual Protocol (PERP) Exchanges Reserve. Source: Nansen – Techtokens

But PERP crashed hard, nearly 99% from its peak. Today, it trades with a market cap of just $22 million.

Now? Things are shifting.

• Exchange reserves fell 15.6% in the past month

• Top wallets added 7.8% more PERP

• Price action shows a bullish structure forming

Many traders think PERP is setting up for a major reversal. The token isn’t printing lower lows anymore. Instead, analysts see it forming a breakout pattern with 130%+ potential upside if momentum continues.

#PERP is getting ready for massive breakout from the symmetrical triangle pattern formation in daily TF, consolidation and the daily close above the zone might trigger 80-120% bullish rally – Volume rising as good momentum, keep an eye on!!$PERP #PERPUSDT pic.twitter.com/bxwqNBwBOc

— CryptoBull_360 (@CryptoBull_360) September 21, 2025

This optimism aligns with broader derivatives interest, including the recent Bitcoin options expiry event, which pushed open interest to new heights and hinted at rising risk appetite.

With renewed interest in Perp DEXs, PERP is getting a second look — and the whales are paying attention.

$PERP https://t.co/cW4nfN6Vlt pic.twitter.com/enV2y8Tn50

— Nehal (@nehalzzzz1) October 2, 2025

3. Bluefin (BLUE): Revenue-Backed Growth on Sui

Bluefin is currently Sui’s top perpetual exchange, and it’s making waves in October.

• Market cap: $39 million

• Annual revenue: $13.6 million, per DefiLlama

• 25% of revenue ($3.4M) is being used for token buybacks

A buyback equal to 10% of the token’s market cap is no small thing. That’s real demand, and it started this month. The BLUE team already confirmed the program is live.

Analysts expect BLUE to break $0.20 soon if this momentum holds. With only a few weeks of price history on public exchanges, this could be a hidden gem on the Sui ecosystem radar.

$BLUE chart looks really bullish, super clean uptrend with higher highs followed by higher lows.

Seems ready for a fresh leg up from here, also because the governance proposal to introduce buyback recently passed, so buybacks will commence today!@bluefinapp… pic.twitter.com/pX3Ci2N1UQ

— Sjuul | AltCryptoGems (@AltCryptoGems) October 1, 2025

Investor confidence is also bolstered by expanding access to tokenized assets, led by platforms like Ondo Global Markets, which reflects broader DeFi integration and capital migration.

These changes signal growing trust in protocols that reward users directly, through fees and token incentives, a model Bluefin is clearly embracing.

What to Watch With Low-Cap Perp DEX Tokens

These tokens are attracting attention, and for good reason. But they also carry higher risks:

1. Liquidity – With small market caps, a single large trade can swing the price.

2. Sentiment – Perp DEXs are hot right now. If that changes, demand for these tokens could vanish quickly.

Still, the on-chain signs, whale buys, shrinking reserves, and revenue-powered buybacks, are clear indicators of growing interest. As Perp DEX volumes surge, these low-cap Perp DEX tokens could be setting up for major moves in October.

If you’re looking for high-upside bets with strong momentum, this trio may be worth your radar.