KNC vs PERP
Kyber Network and Perpetual Protocol scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
KNC scores 110 of 250 and ranks 94th of 251. PERP scores 108 and ranks 100th. KNC leads by 2 points, which is inside the range where the individual variables matter more than the total. KNC takes 2 of the 25 variables, PERP takes 0, and 23 are level.
No single variable separates KNC and PERP by as much as 3 points. They are close on the framework's terms, which makes price, liquidity and the supply position below the only grounds for choosing.
Both score 3 or below on Market Share, Institutional Adoption. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
KNC is valued at $28.1M against $2.8M for PERP, a 10.2x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 4 | 4 | level | |
| Revenue Trend | 4 | 4 | level | |
| P/S Multiple | 5 | 5 | level | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 5 | 5 | level | |
| Vesting Schedule | 6 | 5 | KNC +1 | |
| Circulating / FDV Ratio | 6 | 6 | level | |
| Buyback and Burn | 4 | 3 | KNC +1 |
Ownership
| Smart Money Flows | 4 | 4 | level | |
| Insider Selling | 5 | 5 | level | |
| Holder Concentration | 4 | 4 | level |
Traction
| TVL Trend | 4 | 4 | level | |
| Active Users | 4 | 4 | level | |
| Developer Activity | 5 | 5 | level | |
| Network Growth | 4 | 4 | level |
Position
| Market Share | 3 | 3 | level | |
| Competitive Moat | 4 | 4 | level | |
| Institutional Adoption | 3 | 3 | level | |
| Exchange Depth | 5 | 5 | level | |
| Social Mindshare | 4 | 4 | level |
Risk
| Regulatory Safety | 5 | 5 | level | |
| Catalyst Calendar | 4 | 4 | level | |
| BTC Alpha Potential | 4 | 4 | level | |
| Team Execution | 5 | 5 | level | |
| Treasury Runway | 5 | 5 | level |
Bars read outward from the centre: KNC to the left, PERP to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| KNC | PERP | |
|---|---|---|
| Price | $0.1343 | $0.0209 |
| Market cap | $28.1M | $2.8M |
| Circulating | 83% | 88.1% |
| Dilution to full supply | 1.21x | 1.14x |
| Off all-time high | -97.6% | -99.914% |
| To recover the high | 41.7x | 1,163x |
| Total value locked | not published | not published |
| Network | Ethereum | Optimism |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
KNC · WATCH
KyberSwap Elastic and DEX aggregator growth; fee sharing via KNC staking.
Intense DEX aggregator competition (1inch, ParaSwap); low protocol revenue.
PERP · WATCH
Perpetual Protocol v2 (Curie) on Optimism; growing perp DEX volumes.
Competition from GMX, dYdX, and Synthetix; low liquidity vs. centralized exchanges.
Common questions
- Is KNC or PERP the better investment?
- On this framework KNC scores higher: 110 against 108 of 250, and it is rated WATCH against WATCH. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and KNC still wins 2 of the 25 individual variables against PERP.
- What is the biggest difference between KNC and PERP?
- Nothing separates them by more than 2 points on any of the 25 variables, which is unusual and means the two are close substitutes on fundamentals.
- Which is bigger, KNC or PERP?
- KNC is valued at $28.1M and PERP at $2.8M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.