Flex Perpetuals

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Flex Perpetuals's governance or utility token carries a market capitalisation of $15.9K based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($15.9K) is small relative to deposits secured by the protocol ($54.4K); a mcap/TVL multiple of 0.29× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token. A further $9.5K sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Feb 25, 2025
   Listed on DeFiLlama

Flex Perpetuals is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed on Base. The codebase has been independently audited (1 report on file).

Flex Perpetuals is a single-chain protocol, deployed exclusively on Base — this concentrates execution risk but simplifies the trust model. Roughly 100% of its on-chain value sits on just three networks (Base, Base-staking, staking), so a fault on any one of them would affect a large slice of users. Price discovery relies on 3 oracle providers (Pyth, Chainlink, Chainlink), which diversifies the data-feed surface but also expands the set of third parties users implicitly trust. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap ($15.9K) is small relative to TVL ($54.4K) — a mcap/TVL ratio of 0.29 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Flex Perpetuals — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Flex Perpetuals is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure $2.3B in deposits, giving you a frame of reference for whether Flex Perpetuals's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL $910.6M · 24h -0.27%

Hyperliquid HLP

TVL $431.7M · 24h +0.11%

Drift Trade

TVL $334.4M · 24h +0.22%

GMX V2 Perps

TVL $267.5M · 24h -0.08%

Extended

TVL $196.4M · 24h +0.06%

dYdX V4

TVL $125.3M · 24h +0.58%