Strike Finance Perpetuals STRIKE

Payout, not buybackRank#31in Low payout▼7Score32

Holders revenue is paid out to stakers, not used to buy the token on the market.

Derivatives, Cardano, Off Chain, 193 days of data

Low payout: less than $100k to holders in 30 days, or payouts on fewer than 8 of the 30 days (for a token that pays in cycles of a week or longer: more than one of the payouts its cycle predicts missed); ranked within this group

Market cap

$8.5M

price $0.473 · 7d +20.7% · 30d −1.5%

FDV $11.8M (1.4× market cap)

source defillama

Counted per year

$423k

holders revenue of the last 30 days, $69k, × 365 ÷ 30, × type factor 0.5 (payouts count 50%)

Distributionbuyback share 100%

Pays out 9.9% of its market cap a year, using 100¢ of every $1 it earns.

Not a buyback: counts for 50% in the multiple (type factor 0.5), so the denominator is $423k instead of $845k.

Multiple

20.1×

peer median 20.1× (Derivatives, 7 tokens), against 20.1× here

Run-rate

16.4×

last 7 days $20k × 52 × 0.5 (type factor) = $519k a year

last week's payout in line with the 30-day pace

What we checked

Valuation
Multiple 20.1× (type factor 0.5: payouts count 50%), in line with its Derivatives peers (median 20.1×, 7 tokens). The group's largest earner Hyperliquid trades at 21.1×: 1.1× cheaper per dollar returned to holders. On total revenue: 10.1×, 1.3× cheaper than the revenue peer median.
Distribution
Distribution: Revenue is paid out to stakers or holders (often in another asset); no buy pressure on the token. Holders got $69k of $69k revenue in 30 days → buyback share 100%. DefiLlama: “Trading Fees: 100% of all trading fees collected by the platform goes to $STRIKE holders.”
Sustainability
Holders were paid on 29 of 30 days (97%); largest single day 6% of the month's holders revenue; paid to holders this week: 75% of the best week in 90 days. Revenue +39% over 7 days and −5% over 30 days, price −2% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

Partly off-chain“Off Chain” next to other chains and not verified on-chain (penalty −10)
Data issue: chain mapping missingData issue (chain mapping missing): warning, scores are computed as usual

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $69k / $69k; last 30 closed days
To holders: Pays out 9.9% of its market cap a year
FDV / dilution: $11.8M / 1.4×; FDV ÷ market cap
Price 7d / 30d: +20.7% / −1.5%
Revenue growth 7d / 30d: +39% / −5%; versus the period before
Divergence: 0.00; revenue growth minus price growth, 30d
DEX liquidity: —; trades mainly on exchanges
24h volume: $14k; all markets, CoinGecko
Unlocks 30d: —; no unlock schedule for this token
Revenue multiple: 10.1×; market cap ÷ revenue per year
Fee multiple: 10.1×; market cap ÷ fees per year
Distance to peak: 75%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 20.1× (scored) · peer median 20.1×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

No signals for this token yet.

Versus peers

Derivatives · 7 tokens · median multiple 20.1× · Hyperliquid is valued 2078.5× higher. Per dollar that counts for holders, Strike Finance Perpetuals is 1.1× cheaper.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Lighter	Buyback	15.8×	12.8×	81%	$4.4M	$841.1M	+12%
edgeX	Buyback	16.4×	7.1×	43%	$605k	$120.4M	−44%
ApeX Protocol	Mixed	19.3×	14.5×	100%	$148k	$26.1M	−20%
Strike Finance Perpetualsthis token	Distribution	20.1×	10.1×	100%	$69k	$8.5M	−5%
Hyperliquidleader	Buyback + burn	21.1×	21.1×	100%	$68.7M	$17.66B	−4%
GMX	Distribution	37.2×	13.6×	73%	$363k	$82.1M	+15%
dYdX	Distribution	54.8×	27.4×	100%	$234k	$77.9M	−21%

Score build-up32 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

32of 100#31▼7top 41%

Valuation 18.7Momentum 14.6Divergence 0.0Quality 18.4penalties −20= 31.6

Valuation35%

53Valuation 53.3: HR half 45.8 (multiple 20.10×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 60.9 (revenue peer value 1.27×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%

58Momentum 58.3: m = 0.5·g7 0.326 + 0.3·(ln(day jump 1.10) clamped ±1.5 = 0.095) + 0.2·g30 −0.050 = 0.182; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%

0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

92Quality 92.1: mean of days HR>0 97% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 6% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.75 → 76.2 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

Penalty −10 (low_liquidity): DEX liquidity unknown below $250k and 24h volume $14k below $1.00M.
Penalty −10 (off_chain_mixed): "Off Chain" next to other chains, not verified on-chain.

Penalties−20

−10Liquidity below $250k (dex) or 24h volume below $1M (cex)DEX liquidity unknown below $250k and 24h volume $14k below $1.00M

−10Off Chain next to other chains, not verified on-chain"Off Chain" next to other chains, not verified on-chain

8 rules not applied, 3 wait for research data.

Where the numbers come from

Revenue source: 1 active child; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 12, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token1 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

Strike Finance Perpetuals
Derivatives · Cardano, Off Chain
type distribution · source label
“Trading Fees: 100% of all trading fees collected by the platform goes to $STRIKE holders.”
100% of all trading fees collected by the platform goes to $STRIKE holders.
Trading Fees
100% of all trading fees collected by the platform goes to $STRIKE holders.
adapter on GitHub ↗