What Is TxFlow L1 | Measuring a Perp DEX With No Confirmed Airdrop

Open the TxFlow app and the block number next to the orders on the book climbs by about 18 every second. It is a perpetual futures (perp) exchange running on its own chain, where every order placement and cancellation piles up as an individual transaction.

Getting onto mainnet requires an Access Code, and in Japanese-language circles the name has started coming up as an "airdrop candidate."

What sits at the center of the decision, though, is not the hope of a distribution but the economics. No token distribution announcement could be confirmed anywhere official, and the only rewards you can actually count on were fee rebates and small USDC payouts.

TxFlow is a perpetual futures exchange that processes order placement, cancellation, execution, and liquidation inside its own blockchain. It went live alongside mainnet on March 28, 2026, and using it still requires an Access Code.

Image: From the official TxFlow press release (GlobeNewswire) (retrieved August 3, 2026)

The project describes its design as loading products into containers it calls Channels. The five you will actually touch are these.

Seven Fee Tiers, and Individuals Sit at VIP 0

At VIP 0, perp fees are 0.0150% maker and 0.0450% taker; spot is 0.0400% and 0.0700%. Both are charged once when you open and once when you close.

Spot fees fall along the same tiers, bottoming out at 0.0000% maker and 0.0250% taker. Tiering is judged on perp and spot volume combined, and moving up even one step takes $5M in 14 days, so the range an individual touches is VIP 0.

Maximum leverage is 50x, and the spread on the book was $0.2 (0.0003%). Open a position at 50x your margin and a 2% move against you leaves you with an unrealized loss equal to your principal; that bites well before fees do.

Image: Screenshot of the TxFlow app (Perps trading screen) (captured August 4, 2026)

On the real cost of deposits and withdrawals, the live API was closer to reality than the official documentation. USDC costs 1 USDC in both directions, with a 3 USDC minimum and a 500,000 USDC cap across every chain, and a deposit from Arbitrum takes 17 minutes and 500 confirmations.

How Much the Live Campaigns Actually Return

One Fee Credit covers $1 of fees and cannot be withdrawn as cash. In the live Volume Surge, $200,000 of taker volume returns 10 Fee Credits.

At VIP 0 rates, $200,000 of volume generates about $90 in fees, so what comes back at the lowest tier is roughly one ninth. Self-trading, maker volume, and anything already covered by Fee Credits do not count.

Image: Screenshot of the TxFlow app (Volume Surge campaign) (captured August 4, 2026)

Individual competitions rotate roughly every week. Closer to the real picture than the amounts is the fact that four of them have run almost back to back since July 2026.

Has an Airdrop Been Announced?

We could not confirm any mention of a token distribution on the official site, in the documentation, on the app's rewards screen, or on the official X account. The rewards screen shows no point balance or airdrop progress either.

👉 Check the reward requirements and deadlines in the official TxFlow app

A block is produced every 53.61 milliseconds, near enough to the sub-50-millisecond figure the project claims. The explorer lists Place Order and Cancel Order one entry at a time, so anyone can verify that order-book actions land on-chain.

There are 158 perpetual futures markets and 9 spot markets, up from 13 at launch in the space of four months. Total open interest across all markets, however, is about $13.26M, the median per market is $7,801, and BTC and ETH alone account for 59.1%.

Counting the parties to each fill, the top 4 of 102 participating addresses accounted for 92.4% of fill legs. Across three measurements on different days, that share stayed in the 78-93% range.

With a handful of addresses producing most of the fills, the book's volume cannot be read as a reflection of trading by a broad user base.

The vaults show the same shape. Total deposits come to about $6.63M, and 99.86% of that sits in the team's own Protocol Vault.

The nine vaults set up by individuals total about $9,000, and five of them sit idle at 0% yield.

Image: Screenshot of the TxFlow app (Vaults) (captured August 4, 2026)

The aggregation sources differ, but on the same day Hyperliquid had $10.6B in open interest and Lighter was on the order of $860M. Set against the major perp DEXs, TxFlow's open interest is roughly 1/800th of Hyperliquid's and about 1/65th of Lighter's.

How Far Can You Trace the Team?

The only individuals named publicly are a display name, Harry, credited as co-founder in an official video, and a press contact. No real name, background, or location has been published, and the terms of use do not name the operating entity either.

The corporate name TxFlow Labs Ltd can only be confirmed in the app store's provider listing, and disputes are set to be resolved by arbitration at the Hong Kong International Arbitration Centre.

Who Runs the Chain?

In a July 29, 2026 post on the official X account, the team acknowledged that it currently operates the validators itself and holds the treasury. It has stated that it will open full nodes to outside developers and grant validator seats based on performance, but no timeline has been given.

Block proposers, too, never came from outside the same four or five addresses across four observations. The only audit on record covers a single bridge contract; the L1 itself, the order book, and the vaults are not touched.

Image: Screenshot of the TxFlow app (Explorer) (captured August 4, 2026)

The Docs Do Not Always Match the Implementation

The official documentation and the live implementation still disagree on seven points, including supported deposit chains, minimum amounts, fees, processing times, and withdrawal caps. Send funds after reading only the docs and your estimates for cost and waiting time will be off.

Two different figures for the referral-code requirement coexist within the documentation, and the rebate payout frequency is written two different ways as well.

Can You Use It From Japan?

The restricted regions in section 1.3 of the terms of use are the United States, China, Singapore, Canada, the United Kingdom, and sanctioned countries; Japan is not listed (as of August 4, 2026). Getting around this with a VPN is explicitly prohibited.

Equity futures carry a note that they are unavailable in some regions, but the regions themselves are not enumerated. TxFlow is not registered with Japan's Financial Services Agency, and there is no official mention of registration.

The rewards that are confirmed today are designed to hand back part of the fees you paid. A return of roughly a tenth of your fees against the volume required is an order of magnitude away from the profit and loss of a few percent move at 50x leverage, and the more volume you stack in pursuit of rewards, the more the trading losses themselves take the lead.

The machinery of the book itself does work when you measure it. Block production speed returned the same value across days, and both orders and cancellations were left on-chain.

What you cannot measure lies beyond that. The first time the project named its consensus mechanism, calling it "BFT optimized for trading," was on X on August 3, 2026, and there is neither a specification nor public code.

The resolution on who is actually using it stays low too. Volume and vault balances are both concentrated in a few hands, and with no token issued and no distribution announced, the basis for expectation has not moved past "something might come."

The entry point is getting hold of an Access Code.

1. Enter an Access Code "TXCRYPTOTIMES" and join.
2. Connect to the official app with an email address or an EVM wallet (MetaMask, Rabby, and so on)
3. Complete the "Enable Trading" signature (there is no gas fee)
4. Deposit USDC (from Arbitrum, native USDC only - USDC.e is not accepted)
5. Do one small round trip and check how fees are deducted and what the spread looks like in your own account
6. If you are after rewards, register in the Rewards Hub before you trade

👉 Check whether an Access Code is required and what the deposit terms are in the official TxFlow app

What is confirmed at TxFlow is not a token distribution but a rebate on part of the fees you paid, plus small USDC rewards. You can see for yourself that the order book lands on-chain, while who supports that book and who runs the project stay invisible even when you measure. Whether you touch it comes down to accepting that invisibility and deciding how much weight to put on a distribution that has not been announced.

Sources

1. Official TxFlow documentation (2026)
2. TxFlow terms of use (2026)
3. TxFlow app, rewards (2026)
4. TxFlow app, vaults (2026)
5. TxFlow bridge API (2026)
6. GlobeNewswire (2026)
7. Official TxFlow X account (2026)