Most points campaigns ask you to trust that points will be worth something one day. Perpl’s mPoints campaign, branded Purple Summer, does something less common: it attaches a dollar figure up front. Between $500,000 and $1,000,000 in MON, the native token of Monad, will be split among traders according to the mPoints they collect over 16 weeks, and the lower half of that pool is guaranteed. This guide explains how mPoints are earned, why the formula favours open interest over raw volume, how the campaign sits alongside Perpl’s separate Points program, and what it costs to take part on a leveraged exchange.
What Perpl is
Perpl is a perpetual futures exchange built for Monad, the high-throughput EVM layer 1. Its design goal is a perps DEX that feels like a centralised exchange while keeping order matching and settlement fully on-chain, with no off-chain matching engine. Its documentation highlights how cheap it is for market makers to post and cancel quotes on Monad, which is what makes an on-chain order book practical in the first place.
A few product details matter for anyone planning to trade for rewards:
- Isolated margin only, for now. Each position carries its own margin. Perpl’s margin docs describe cross and hybrid modes, but state that the exchange starts with isolated margin.
- Low base fees. The entry tier (under $5 million in 14-day volume) pays 0.45 basis points as maker and 3.45 basis points as taker, falling with volume. The top VIP tiers pay negative maker fees, which are rebates.
- Market-specific margin. Initial and maintenance margin vary by market, volatility and position size, which caps the leverage you can actually use on each contract.
Perpl has been reported to have raised a $9.25 million round led by Dragonfly. Use the Perpl official site to reach the app and the mPoints documentation for the campaign rules quoted below.
Purple Summer in numbers
| Parameter | Value |
|---|---|
| Start | July 8 |
| Duration | 16 weeks |
| Weekly trading emissions | 50,000 mPoints (800,000 over the campaign) |
| Reserved for other activations | 200,000 mPoints (builder codes, tournaments, community bonuses) |
| Total mPoints supply | 1,000,000 |
| Snapshots / distributions | Wednesdays / Mondays |
| Guaranteed MON pool | $500,000 |
| Maximum MON pool | $1,000,000 |
| Payout | MON, pro rata to mPoints, claimable after the campaign ends |
The rewards are denominated in US dollars and paid in MON. That means a fall in the MON price during the campaign does not shrink the dollar value of the pool, though it does mean you receive a volatile asset at the end rather than a stablecoin.
How the extra $500,000 unlocks
The pool grows in $100,000 steps when total platform activity, measured by a metric Perpl calls OI-Adjusted ADV, reaches a threshold and holds it over any rolling seven-day period:
| Tier | Platform OI-Adjusted ADV | Total pool |
|---|---|---|
| 1 | Guaranteed | $500,000 |
| 2 | $5M | $600,000 |
| 3 | $10M | $700,000 |
| 4 | $20M | $800,000 |
| 5 | $30M | $900,000 |
| 6 | $40M | $1,000,000 |
OI-Adjusted ADV is the lower of two numbers: average daily volume, or ten times the time-weighted average open interest. The cap is the important part. Churning the same capital in and out generates volume but not open interest, so beyond a certain point extra volume stops counting. Perpl is paying for positions that stay open, not for round trips, and the same idea runs through its definition of organic trading.
mPoints and Perpl Points are two different things
Perpl already ran a points program before Purple Summer. Perpl Points Season One launched on June 10 with its own weekly pool of 50,000 points, shared by activity across trading, the PLP vault (listed as coming soon) and referrals. Activity is snapshotted on Wednesdays and points arrive within 48 hours. Early users are due additional points for pre-season activity at a later date. Perpl Points are generally read as a signal for a possible future Perpl token, which the team has not announced.
mPoints run in parallel and the two systems do not affect each other. Perpl calls Purple Summer a “double points season”: the same trade can earn both Perpl Points and mPoints. The difference is what sits behind them. mPoints convert into a known MON pool, while Perpl Points have no stated value at all.
How to take part, step by step
- Set up a Monad wallet. Perpl’s onboarding docs cover funding a wallet and bridging to Monad. You need MON for gas and stablecoin collateral for margin.
- Open the app from perpl.xyz. Access codes were removed on July 7, so anyone can trade. If you have a referral code, you can add it later on the referrals page.
- Add a referral code if you have a genuine one. Referrer and referee both get a permanent +5% mPoints boost for the full 16 weeks, on top of the existing Perpl Points referral benefits.
- Trade the way you would anyway. Choose markets and sizes you would hold without rewards. Positions held over time build open interest, which is what the scoring rewards.
- Check the weekly cycle. Snapshots are taken on Wednesdays and mPoints are distributed on Mondays. The Points page at app.perpl.xyz/points shows Perpl Points history.
- Keep your own records. Note weekly mPoints, fees paid and realised PnL. At the end you want to know whether the MON you receive covered what you spent getting it.
A rough sense of scale helps. If you finish the campaign with 5,000 mPoints and the full 1,000,000 has been issued, you hold 0.5% of the supply. At the guaranteed $500,000 pool that is about $2,500 in MON, and $5,000 if the pool reaches its maximum. Your actual share depends on everyone else’s activity, so treat this as an illustration of the maths, not a forecast.
What does not count, and who is excluded
- Non-organic activity. Only organic trading earns mPoints. Perpl’s Points rules state that wash trading and self-dealing may reduce volume multipliers for the week in which they occur.
- Institutional market makers are excluded from mPoints entirely, which leaves the pool to ordinary traders.
- Rule changes. Perpl reserves the right to change earning criteria, weights and program structure.
Running two wallets that trade against each other is the clearest example of what the rules target, and the OI cap already makes it a poor strategy.
Costs and risks on a perps DEX
Trading losses dwarf rewards. A modest adverse move on a leveraged position can cost more than an entire campaign’s share of the pool. The reward is fixed in size; your trading losses are not.
Liquidation. If equity falls to the maintenance margin, the position is liquidated. With isolated margin you lose that position’s margin rather than your whole account, but you still lose it.
Funding and fees. Holding positions for open interest means paying or receiving funding. Taker fees are low but add up when you trade often.
A young venue on a young chain. Perpl and Monad are both new. Thin order books mean slippage on larger orders, and new contracts carry smart-contract risk. Perpl documents withdrawal limits and open-interest limits as security measures; read them so that a limit does not catch you by surprise.
MON exposure at payout. Rewards are fixed in dollars until they are paid, but once you receive MON you hold a volatile token.
Spotting fake Perpl reward pages
- Domains. The site is perpl.xyz, the app is app.perpl.xyz and the docs are docs.perpl.xyz. The official X account is @perpltrade.
- No mid-campaign MON claim. The MON pool is claimable after the 16 weeks end. Any page offering an early mPoints claim, conversion or “MON bonus” during the campaign is fake.
- No Perpl token exists. A “PERPL airdrop checker” is a phishing page until Perpl announces a token on its own channels.
- Approvals. Depositing collateral requires an approval for that token to Perpl’s contracts. A reward page that asks for approvals on unrelated tokens, or for unlimited approvals to an unknown address, is a drainer.
- Paid boosts. Nobody can sell you mPoints. Referral boosts are fixed at +5%, and “volume services” put you on the wrong side of the organic-trading rule.
If you trade on several perps venues for points, our guide to Paradex XP Season 3 covers another weekly-pool design for comparison.
FAQ
When does Purple Summer end?
The campaign started on July 8 and runs for 16 weeks, so it finishes in late October. MON rewards become claimable after it ends.
Is the $1,000,000 guaranteed?
No. $500,000 is guaranteed. The rest unlocks in $100,000 steps only if platform OI-Adjusted ADV reaches $5M, $10M, $20M, $30M and $40M and holds there over a rolling seven-day period.
Do I lose Perpl Points if I focus on mPoints?
No. The two systems run side by side and the same trading can earn both.
Why does open interest matter so much?
The platform metric caps volume at ten times time-weighted open interest, so sustained positions count for more than rapid churn.
Is there a Perpl token airdrop?
Perpl has not announced a token. Perpl Points are widely treated as a possible signal, but there are no published conversion rules.
Verdict
Purple Summer is one of the clearer trading incentives of the year: a fixed number of points, a guaranteed dollar pool, published unlock tiers and a scoring design that rewards real positions over wash volume. It is worth joining if you already trade perps and are comfortable with Monad, since your normal activity earns a share of real MON on top of Perpl Points. It is not worth taking up leveraged trading to chase it. Size positions for the trade, not the points, and claim only through perpl.xyz once the 16 weeks are over.
This article is for information only and is not financial advice. Leveraged derivatives can lose more than you expect, quickly.
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- Extended Points Program 2026: How to Earn Points and Track Future Token Eligibility
- Monad Cards 2026: How to Check Community Wave Eligibility and Avoid MON Airdrop Rumors
- Paradex XP Season 3 2026: How to Earn XP and Understand the 4,000,000 Weekly Pool
