Cost of generating the volume
Expected airdrop value assumptions
Breakeven token price
The FDV/token price at which your expected token allocation exactly covers fees + funding paid. Below this, farming loses money even if the airdrop happens.
Net ROI by assumed token price
Same volume, fees and points — only the TGE price assumption changes. Public FDV guesses on social media skew high; check where your farming actually lands.
| Token price | Airdrop value | Net ROI |
|---|
Points aren't free — you're paying for the option on an airdrop
Every perp DEX points calculator that's out there does the same half-calculation: volume × points-per-dollar × an assumed token price, and stops. That's the gross value of a speculative, unconfirmed future airdrop. It ignores the one thing that's guaranteed — the cost of generating the volume in the first place. On a $50,000/day directional position at 5x leverage, a 0.05% round-trip taker fee and a modest 0.01%/day funding rate adds up over 60 days, and that cost is real and paid today, not speculative and paid maybe-later.
The math nobody runs: net ROI = (points share × pool token allocation × assumed price) − (fees paid) − (funding paid). Flip it around and you get breakeven price — the token price at which the trade was worth it. If a program's public FDV chatter is $2B and your breakeven works out to $4B, you're farming at a loss unless the token massively outperforms even the bullish public narrative. Directional positions make this worse: funding on a leveraged notional compounds daily, while hedged/delta-neutral farming trades that cost for lower net funding (rates on both legs partially offset) at the price of needing margin on two venues and correlated liquidation risk if both legs get squeezed simultaneously.
This isn't a live points tracker — it doesn't pull your actual balance from any protocol. It's the calculator that should exist before you start farming: plug in your intended volume, days, and fee structure, and see the token price your effort actually needs to clear before you call it profitable.