From e40fe9fe392bd5403a4f3b60bf7ac7d5820135b2 Mon Sep 17 00:00:00 2001 From: Flotapponnier Date: Tue, 15 Sep 2026 01:10:53 +0200 Subject: [PATCH] bench 265 copy: meta description no longer renders "1.559xx"; intro claims matched to live floats and multiples - seo_description and two findings appended a literal "x" after {{best_p50}} / {{worst_p50}}, which already carry the unit: the meta, OG and Twitter descriptions read "GNS trades at 1.559xx". Description also rewritten to fit the 158 char cap instead of being cut with an ellipsis. - seo_intro: HYPE/LIT/ASTER float is 23/25/35%, so "a quarter to a third of supply"; the expensive end is dYdX and Aster, with Paradex's multiple flagged as an adapter artifact (Derive sits mid-table now). - SynFutures row labelled "F (SynFutures)": the bare ticker made compare links read "GNS vs F". Co-Authored-By: Claude Opus 5 (1M context) Claude-Session: https://claude.ai/code/session_01L4rjxemTvgRwrCG6D2iK5D --- benchmarks/perp-pf-ratio.yml | 20 ++++++++++---------- 1 file changed, 10 insertions(+), 10 deletions(-) diff --git a/benchmarks/perp-pf-ratio.yml b/benchmarks/perp-pf-ratio.yml index 46c7e36b..534fc08a 100644 --- a/benchmarks/perp-pf-ratio.yml +++ b/benchmarks/perp-pf-ratio.yml @@ -4,7 +4,7 @@ slug: perp-pf-ratio number: "265" title: "Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live" seo_title: "Perp DEX P/F ratio 2026: Hyperliquid vs Lighter vs Aster vs GMX vs GNS" -seo_description: "{{best_name}} trades at {{best_p50}}x annualized fees, the cheapest perp DEX token. Market cap and FDV against trailing fees and revenue for {{count}} perpetual DEXes, plus the fee base of pre-TGE venues, live from DeFiLlama and CoinGecko." +seo_description: "{{best_name}} is the cheapest perp DEX token at {{best_p50}} annualized fees. P/F, FDV/F, P/S, float and open interest for {{count}} perp DEXes, live from DeFiLlama and CoinGecko." subtitle: Market cap divided by annualized trading fees (trailing 30 days) for every perp DEX with a listed token, alongside FDV, protocol revenue, float and open interest. Lower means the market pays less per dollar of fees. Same convention as the DeFiLlama P/F ranking, updated hourly. category: Trading @@ -22,12 +22,12 @@ seo_intro: | top, annualized fees at the bottom. A low P/F means the token is cheap relative to the fees its venue generates; a high P/F prices in growth, or a token that does not capture the fees. Hyperliquid, Aster and Lighter generate the most absolute fees but carry multi-billion - valuations with a quarter of supply in circulation, so their FDV/F runs far above their P/F. - GMX and Gains are fully circulating with real fee flow and trade at low single-digit - multiples. dYdX and Derive sit at the expensive end on today's fee run rate. This benchmark - tracks the whole table live from DeFiLlama (fees, revenue, open interest) and CoinGecko - (market cap, FDV, supply), the same inputs as defillama.com/pf, cut identically for every - protocol and refreshed every hour. + valuations with a quarter to a third of supply in circulation, so their FDV/F runs far above + their P/F. GMX and Gains are fully circulating with real fee flow and trade at low single-digit + multiples. dYdX and Aster sit at the expensive end on today's fee run rate; Paradex's multiple + is inflated by an incomplete DeFiLlama fee adapter. This benchmark tracks the whole table live + from DeFiLlama (fees, revenue, open interest) and CoinGecko (market cap, FDV, supply), the same + inputs as defillama.com/pf, cut identically for every protocol and refreshed every hour. abstract: | The perp-token-metrics harness polls DeFiLlama /summary/fees/[slug] for dailyFees and @@ -55,10 +55,10 @@ methodology: - "Poll cadence: DeFiLlama and CoinGecko every 60 minutes. Prometheus scrapes :2112/metrics every 60s." findings: - - "{{best_name}} is the cheapest perp DEX token at {{best_p50}}x annualized fees." + - "{{best_name}} is the cheapest perp DEX token at {{best_p50}} annualized fees." - "Hyperliquid, Aster and Lighter earn the most fees in absolute terms but trade at a large multiple, and their FDV/F is three to four times their P/F because most supply is not circulating." - "GMX and Gains are fully circulating, so their P/F and FDV/F coincide; both sit in low single digits." - - "{{worst_name}} is the most expensive token in the cohort at {{worst_p50}}x on today's fee run rate." + - "{{worst_name}} is the most expensive token in the cohort at {{worst_p50}} on today's fee run rate." source: https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-token-metrics @@ -308,7 +308,7 @@ providers: series: perp_protocol_pf_ratio{protocol="orderly"} - slug: synfutures - name: F + name: F (SynFutures) tag: "SynFutures, parent scope: v3" formula: "P/F = CoinGecko circulating market cap / (DeFiLlama 30d fees x 365/30), parent scope" queries: