Unironically, I do think the best Deltra Neutral strategy right now for airdrop farming is Hyperliquid/Variational.

Hyperliquid Volumes are quite low, OI is also down almost 50% from ATH, yet HYPE is still sitting at 25B FDV. Which is still huge, and there hasn’t really been a better time in the last few months to actually trade on it.

Also, it feels the "most hands off" to me, since Variational doesn’t require you to fully washtrade like a retard.

I don’t know a single real user of Paradex or edgeX, so I am fully fading these.

For extended, I simply do feel like it's too late, at least for me. The team seems good, but as said, imo too late. I was honestly washtrading for points when volumes were 10-20x lower than now.

Lighter did TGE recently, and I would say there are too many variables for me to farm S2 of it. Then there is pacifica, maybe grvt, but again, I don’t know a single real user, so also fading.

Just a few cents, what I had in mind while looking at the perpdex metrics.