Is there a QFEX airdrop?
No. QFEX hasn't mentioned a token, a points program or an airdrop anywhere in its docs, terms or posts. It hasn't ruled one out either. It simply says nothing on the subject, so trading there today earns no stated claim on a future token.
The one reward QFEX runs is called Loss Refunds, and it works like a weekly draw. Its rules say: "For each draw, 20% of eligible losing users receive 100% of their reward-period realized loss back, up to $2,000." QFEX relaunched it on 6 October 2026 and said it is "open to all users".
Warning To enter the draw you have to trade at least $100,000 in a week and finish with a loss, and then four out of five losers get nothing back. The page itself says: "Eligibility and a loss do not entitle any user to a refund."
What QFEX is
QFEX describes itself as "the first hybrid perpetual futures exchange to allow high leverage, performant trading on traditional financial assets". It lists 199 markets on US stocks, indices and commodities, open around the clock and margined in USDC. The US100 index market allows up to 30x leverage.
It is a centralised exchange. Orders are matched on QFEX's own servers, and only deposits and withdrawals touch a blockchain. The docs say client funds are held by BitGo Bank & Trust.
How QFEX Loss Refunds work
Each period runs from Monday 00:00 UTC to the next Monday. To be eligible you connect your X account, complete identity verification, register in the Rewards Hub and execute "at least $100,000 in notional taker volume" during the period. Registration covers one week only, so you register again each week. QFEX then picks 20% of the eligible users who ended the week with a realized loss, at random.
There is also a referral program. A new user who enters an invitation code gets 10% off trading fees, and the referrer earns a share of QFEX's net fee across three levels of referred users.
QFEX airdrop step-by-step guide
- Check that QFEX accepts users from your country before you sign up.
Warning The FAQ lists the United States, the United Kingdom, Spain, Ukraine, Russia, Belarus, Iran, Syria, North Korea, Myanmar, Venezuela and Sudan as blocked, and says the list is "not limited to" those.
- Create an account at qfex.com with Google, Apple, a wallet or an email address.
- Complete identity verification. The app doesn't let you trade before it is done.
- Deposit USDC on Arbitrum One to the address shown in the app. The docs warn: "Deposits sent using a different asset or network may be lost."
- If you want the Loss Refunds draw, link your X account and register in the Rewards Hub. Do this again every week.
- Trade. Fees at the entry tier for index markets are 0.05% of each trade.
Warning This is leveraged trading with real money. QFEX warns of "the risk of losing more than your initial deposit", and its terms say: "You may be liquidated without prior notice."
Open QFEXOpens qfex.com
QFEX costs and fees
There is no sign-up fee, but nothing here is free. You deposit real money, pay a fee on every trade and pay or receive funding every hour. At the entry tier of 0.05%, the $100,000 of weekly volume that Loss Refunds requires costs about $50 in fees before any trading loss.
QFEX risks and eligibility
- QFEX holds your funds while you trade. Its terms allow "omnibus custody arrangements", which is the opposite of self-custody.
- You must be at least 18 and pass identity checks.
- Loss Refunds can be changed or ended at any time, according to its own rules.
- No licence, independent audit or proof of reserves is named in the pages we read.
- QFEX states its maximum leverage differently in different places, from 30x in the docs to 50x in its X bio.
Who is behind QFEX?
QFEX names its founders: Annanay Kapila, the chief executive, who traded at Tower Research Capital, and Joshua Wharton, the chief technology officer, who worked at Citadel. On 5 March 2026 the company announced a $9.5 million seed round led by Yuri Sagalov of General Catalyst, with Paul Graham and Y Combinator. The contracting company in the terms is QFEX Inc., incorporated in Panama.
Sources
- Loss Refunds Program QFEX
- Loss Refunds are back on QFEX QFEX on X,
- About QFEX QFEX docs
- FAQ QFEX docs
- Stablecoins QFEX docs
- Fees QFEX docs
- Specification Index QFEX docs
- QFEX Referral Program QFEX docs
- Terms of Use QFEX Inc.,
- QFEX announces its $9.5M seed round QFEX on X,
- QFEX Y Combinator
This guide explains how the program works. It isn't financial advice, and no airdrop is guaranteed. Check QFEX's official channels before you connect a wallet or deposit funds.
