What is TxFlow? A perp DEX for trading stocks and FX too: how to use it, fees and points explained

TxFlow is a decentralized exchange for perpetual futures (a perp DEX) that handles everything from order placement to matching and liquidation on an order book running on its own L1 chain. What sets it apart from most perp DEXs is that you can trade not only crypto but also US stocks, gold and FX, all with USDC. It opened its mainnet on an invite-only basis in March 2026 and has not issued a token of its own. On October 12, it launched Season 1, which hands out points every week based on trading activity.

On TxFlow, three markets run on the same chain: spot (Spot), perps, and prediction markets (Prediction).

Image: Screenshot of the TxFlow official website (captured October 19, 2026)

Used in place of perps on a centralized exchange (CEX), it lets you trade while keeping custody of your own assets, and you can verify fills on-chain. The pioneer of running an order book on its own L1 is Hyperliquid, and part of TxFlow's API is compatible with Hyperliquid's (for comparisons with other exchanges, see our perp DEX comparison article).

Everything from orders to liquidations is processed on-chain

Many perp DEXs match orders off-chain and record only settlement on-chain. TxFlow processes order placement, cancellation, matching and liquidation entirely inside blocks. The team claims block times under 50 milliseconds and throughput of more than 250,000 operations per second, and the in-app explorer lets you view blocks full of order placements (Place Order) without logging in.

No gas fees on orders

The first time, you click "Enable Trading" and sign once with your wallet; after that, a trading-only key generated by the app (an agent key) signs your orders. No wallet confirmation pops up each time you place or cancel an order, and the only fees you pay are on fills and withdrawals. The agent key can place orders and change leverage, but it cannot withdraw or transfer funds.

Image: From TxFlow's official X (retrieved October 19, 2026)

In the market list on the trading screen, stock and gold perps appear right alongside BTC and ETH.

Image: Screenshot of the TxFlow app (Perps) (captured October 19, 2026)

US stocks, gold, FX and Pre-IPO on top of crypto

As of October 19, 2026, there are 235 perp markets, all tradable from the same USDC account.

Spot and prediction markets

Spot offers 25 pairs traded on an order book. The prediction market (Prediction, in beta) lets you buy and sell YES or NO on the outcome of events, with no leverage. The events are provided by partner Probly.

How to read the volume and open interest

Total 24-hour perp volume is about $136 million, and open interest is about $68 million. Roughly half of the volume is BTC-USDC, and stocks, indices, commodities, FX and Pre-IPO combined make up only about 9%. Traditional assets account for nearly half of the market count but are not yet where most of the trading happens.

This volume also reflects the effect of rewards. Since July, limited-time trading competitions have run back to back, and points were added from October 12, so there has not yet been a period in which trading volume without rewards could be measured. Of the roughly $6.7 million in the deposit-style Vaults, 99.8% sits in the team-run Protocol Vault. During the early mainnet period, the Protocol Vault does not accept user deposits, so this figure does not indicate how much user capital has come in.

Trading fees vary across seven VIP tiers based on your combined perp and spot volume over the last 14 days. Below are the rates for the entry tier (VIP0) and the costs of deposits and withdrawals.

If you open and close a $1,000 perp position with market orders, fees come to about $0.90 at VIP0. Signing up through the referral link gives you a 5% discount on spot and perp trading fees for your first $25 million in volume.

👉 Check the invite code and fee discount on TxFlow's sign-up screen

To get started, you need an invite code, an email address or wallet to log in with, and native USDC.

Can you use it from Japan?

Restricted regions are the United States, China, Singapore, Canada and the United Kingdom, plus regions sanctioned by the UN, the EU or the US. Japan is not on the list, and access is not blocked. However, there is a note that stock, FX and Pre-IPO perps are restricted in some regions. Using a VPN to get around restrictions is prohibited, and users must be 18 or older.

Sign up with a TxFlow invite code

The mainnet is invite-only, and signing up requires an access code or a referral code. Opening CandyDrops' referral link brings up the sign-up screen with TXCRYPTOTIMES already filled in the code field.

Image: Screenshot of the TxFlow app (captured October 19, 2026)

1. Open the referral link, check the code field and click Sign Up
2. Log in with email, Google or X, or with an EVM wallet such as MetaMask

Your referral code is locked in at sign-up and cannot be changed later. If you don't have a code, you can also get an access code on the official Discord. If you sign up with an AA wallet (a smart contract wallet), you may be unable to withdraw or trade after depositing.

Deposit USDC and enable trading

1. Click "Enable Trading" on the trading screen and sign once with your wallet (no gas; re-approve if you switch devices)
2. On the deposit screen, choose the source chain and send at least 5 USDC of native USDC
3. If you have no ETH on Arbitrum, use Gas-Free Deposit (it only needs a signature, and TxFlow covers the gas)

Place orders and withdraw

1. In the order panel on the trading screen, choose the margin type (cross or isolated) and leverage
2. Pick an order type — Limit, Market or Trigger — and place the order
3. When withdrawing, check the fee and estimated arrival time shown on screen before sending (minimum 2 USDC)

Withdrawals are not instant, because they go through approval by a majority of validators and a safety waiting period.

The rewards you can currently take part in are TxFlow's own points and fee credits for new users.

How Season 1 points work

In Season 1, one epoch runs for a week from Monday to the following Monday (UTC), and points are credited to the dashboard on the Tuesday after that. Traders share a fixed pool of 1.25 million points each week, distributed according to a composite score across six factors: volume, open interest, trading consistency, fees paid, deposited funds and referrals. The weights and formula for each factor are not disclosed, and your share depends on how you compare with other traders that week. Referrals have a separate pool of up to 152,000 points per week.

Image: Screenshot of the TxFlow app (Points) (captured October 19, 2026)

The team has announced that eligible trades from before Season 1 will also earn points, which will be added to the dashboard before October 27. The docs give October 20 as the first distribution date, but the app shows the first epoch ending on October 25, and which date applies has not yet been announced.

Trades that don't earn points, and penalties

Points are awarded for perp trading, counting both maker and taker. Spot and prediction market trades, orders canceled before filling, deposits and withdrawals, and simply holding a position do not earn points. Self-trading (wash trading), running multiple accounts and referral abuse are subject to point deductions, zeroing of points, retroactive reductions and disqualification. Multiple wallets belonging to the same person may be treated as one user. Points cannot be transferred or sold. Anyone offering to sell them to you is a scammer.

How points relate to a TxFlow airdrop

Points are described as one of the factors that may be considered if tokens are distributed in the future, and no future value of the token is promised. The app's FAQ says points will determine your share of the airdrop, but this is not a finalized distribution rule. The timing and size of any token issuance or distribution have not been officially announced. A token named TXFLOW on the Base chain is a small-cap token unrelated to TxFlow.

$50 in Fee Credits for new users

If, within 7 days of signing up, you meet all three conditions — net deposits of at least 500 USDC, trading on at least 3 days, and at least $30,000 in perp taker volume — you can claim $50 in Fee Credits. It is first come, first served and limited to once per wallet. Fee Credits can only be used for perp fees (1 Fee Credit = $1) and expire 14 days after issuance. Spot, maker and self-trades do not count toward the volume requirement.

High leverage and liquidation

Maximum perp leverage ranges from 3x to 75x depending on the market.

At 75x, a price move of only about 1.3% against you is enough to wipe out your margin. The larger your position, the lower the maximum leverage you can set, in stepped tiers.

Things to watch with stock, FX and Pre-IPO markets

Stock and FX perps carry individual notes on trading hours and on how prices are handled while the underlying market is closed. Pre-IPO markets are special instruments that reference the prices of companies that have not yet gone public.

Operator and bridge security

TxFlow is not registered as a broker or exchange in any country, including Japan. Disputes are resolved through arbitration at the Hong Kong International Arbitration Centre (HKIAC). The team has stated that the bridge contracts used to move funds in and out completed an OpenZeppelin audit in August 2026 with no high-severity findings. The points allocation was revised even on launch day, and the rules, pool sizes and schedule may continue to change.

👉 Sign up for TxFlow and open the perp trading screen

On TxFlow, you can trade perps on not only crypto but also stocks, gold and currencies with USDC, on an order book running on its own L1. Current volume figures come from a period when trading competitions and points overlapped, and how points will translate into a token distribution has not yet been decided.

Sources

1. TxFlow official website (2026)
2. CryptoSlate (2026)
3. TxFlow developer docs: Consensus and execution (2026)
4. TxFlow developer docs: Start trading (2026)
5. TxFlow official X (2026)
6. TxFlow Info API (2026)
7. TxFlow docs: Trading fees (2026)
8. TxFlow Bridge API (2026)
9. TxFlow docs: Mainnet onboarding (2026)
10. TxFlow Terms of Use (2026)
11. TxFlow docs: How points work (2026)
12. TxFlow Points Program Terms (2026)
13. TxFlow official X: Trades before Season 1 (2026)
14. TxFlow Rewards Hub (2026)
15. TxFlow docs: Fee Credits (2026)
16. TxFlow docs: Pre-IPO perpetuals disclaimer (2026)
17. Cointelegraph (2026)