With Lighter completing its TGE by the end of 2025, the focus in the perpetual contract DEX space has started to shift, and the market is gradually turning towards evaluating the next batch of potential token issuance projects. Judging from current trends, 2026 is highly likely to usher in a new wave of strong launch cycles. Several perpetual contract decentralized exchanges are still in the pre-TGE stage but have already initiated ongoing points or incentive programs, generating significant on-chain trading volume with real user participation. Based on the perpetual contract trading volume data from DefiLlama over the past 30 days, TechFlow by Deep Tide has compiled a list of the top-ranked Perp DEXs that have yet to issue tokens, for reference and research.