Pacifica risk score
Short answer: Perpd scores Pacifica 53/100 (Read the flags) as of 14 Nov 2026, ranking 9 of 10. Its weakest factor is exit risk (3/10): Hybrid custody. Its strongest is security record (9/10).
| Factor | Weight | Score | Why |
|---|---|---|---|
| Exit risk | 20% | 3/10 | Hybrid custody. |
| Security record | 15% | 9/10 | Formula: 10, minus 1 because the bounty is $25k. |
| Liquidation & ADL | 15% | 6/10 | A backstop liquidator exists, but no fund or size is disclosed (-2). |
| Execution check | 15% | Not scored yet: needs 7 daily order-book snapshots. Preview in Perp DEX fees compared: what a $100K trade really costs. | |
| Volume quality | 10% | 4/10 | Daily volume/OI is about 7.6 (the 5-15 band). |
| Access & legal | 10% | 4/10 | The restricted list is open-ended ('not limited to') and no legal entity was found in the docs (-3, -3). |
| Token, unlocks & team | 10% | 5/10 | No token yet. |
| Cost | 5% | 7/10 | Base tier: 0.040% taker / 0.015% maker. |
Weighted over the 7 scored factors: 53/100. Method: How Perpd scores perp DEXs.
Exit risk: 3/10
Hybrid custody. The matching-engine operator controls a hot wallet, a Squads multisig with an undisclosed threshold holds the cold vault, and no documented escape hatch exists if the operator goes down.
- Execution is off-chain and settlement is on Solana. Mainnet launched June 2025. (source, early 2026)
- The matching engine manages a hot wallet that can process withdrawals up to a programmatic limit (example given: $5M USDC/day) without extra approvals. The bulk of funds sits in a cold vault on a Squads multisig run by a 'geo-distributed council'. The m-of-n threshold is not disclosed. (source, accessed 2026-11-09)
- The docs do not describe a forced withdrawal or escape hatch for an operator outage. They say only that time-locked upgrades let users withdraw if they disagree with a change. (source, accessed 2026-11-09)
- Withdrawal pauses: not found.
- L2BEAT (now ETHBEAT) entry: none (Solana app, not an L2).
Security record: 9/10
Formula: 10, minus 1 because the bounty is $25k. Caveat: the only public audit covers the deposit/withdraw bridge, not the off-chain engine.
- Audit: BlockSec audited the deposit/withdraw bridge. No date or scope is given. (source, accessed 2026-11-09)
- DefiLlama's 'Audits' field for Pacifica is blank. (source, accessed 2026-11-09)
- Bug bounty is self-run (email or Discord ticket, not Immunefi). The maximum is 25,000 USDC (Critical tier). (source, accessed 2026-11-09)
- Launch: mainnet June 2025, so live for more than 1 year. (source, early 2026)
- Exploits/incidents: not found.
Liquidation & ADL: 6/10
A backstop liquidator exists, but no fund or size is disclosed (-2). ADL 'risk priority' is undefined and the liquidation docs name no oracle (-2).
- Three liquidation tiers. (1) Market liquidation with IOC orders and a fee of max(0.75%, 0.4 x MMR). (2) Below 2/3 of MM, positions transfer to a Pacifica backstop liquidator; several volatile markets are excluded. (3) ADL of opposing profitable traders 'based on risk priority', with the ranking not defined. (source, accessed 2026-11-09)
- Insurance fund or backstop vault size: not found.
- Oracle sources: the liquidation page names none. A separate 'Oracle Price & Mark Price' page exists but was not fetched. (source, accessed 2026-11-09)
- ADL/socialized-loss events in the last 12 months: not found.
Volume quality: 4/10
Daily volume/OI is about 7.6 (the 5-15 band). Combined with public airdrop-farming and wash-trading concerns and an active points program, this is scored at the credible-allegation level.
- 30d perp volume $18.696B (about $623M/day). OI $82.43M. TVL $45.67M. (source, accessed 2026-11-09)
- SolanaFloor (Finn Miller) wrote that Pacifica's volume lead 'more likely stems from airdrop farmers, rather than organic traders', that the volume can easily be amplified by wash trading, and that fees were temporarily halved. Pacifica then had about 51.6% of Solana perp volume but under 5% of Solana perp OI. (source, 2025-09-29)
- The points program gives 500k points/week, and its docs say wash traders and sybils can be slashed retroactively. (source, 2025-09-29)
Access & legal: 4/10
The restricted list is open-ended ('not limited to') and no legal entity was found in the docs (-3, -3). No regulator action found.
- Restricted jurisdictions are listed as 'not limited to': United States, Cuba, Crimea/Sevastopol, Iran, Afghanistan, Syria, North Korea. Trading from restricted-jurisdiction IPs is programmatically blocked. US: restricted. UK, India, Canada, EU: not named. (source, accessed 2026-11-09)
- No Terms of Service or legal-entity page appears in the docs index. Entity: not found. (source, accessed 2026-11-09)
- KYC: not found (wallet-connect onboarding; Privy migration noted).
- Regulator actions: not found.
Token, unlocks & team: 5/10
No token yet. Pacifica is still points-only per a third-party airdrop calendar updated 13 Nov 2026, and no TGE news was found for 1-14 Nov 2026. This settles the earlier conflict: the Dec 2025 'weekly token airdrop' reports match the weekly points distribution. Score unchanged: one founder is public, the rest of the team is unnamed, and points have no published conversion terms.
- 'Pacifica remains pre-TGE, running a Solana points program since 4 Sep 2025 with no token or TGE date announced.' TGE is listed as TBA (rumored). The row was checked between 26 Oct and 3 Nov 2026. (source, 2026-11-13)
- 'As of early 2026, no token had launched for Pacifica.' (source, early 2026)
- Prediction market 'Will Pacifica launch a token by Sep 30 2026?' was still unresolved, priced at about 14c. (source, accessed 2026-11-09)
- KuCoin/Blockbeats reported a weekly volume-based 'token airdrop' (220M over 22 weeks, ending Feb 5 2026). CONTESTED: it is unclear whether these are tokens or points. (source, 2025-12-26)
- Constance Wang, FTX COO until Nov 2022, is publicly linked to Pacifica. Rumours of other ex-FTX staff are unconfirmed. (source, undated)
- Insider share or unlock schedule: n/a (no token).
Cost: 7/10
Base tier: 0.040% taker / 0.015% maker. Makers pay 0% only at VIP tiers (>$100M 14d volume).
- Tier 1: maker 0.015%, taker 0.040%. VIP1-3: maker 0.000% at >$100M 14-day volume. (source, accessed 2026-11-09)
- Funding interval and cap: not found (a funding-rates page exists but was not fetched).
Compare
FAQ
Is Pacifica safe?
No perp DEX is risk-free. Perpd scores Pacifica 53/100 (Read the flags). Its main flag is exit risk (3/10).
How is Pacifica's score calculated?
Seven factors scored 0-10 from public sources (exit, security, liquidation, volume, access, token, cost), weighted and scaled to 100. The execution check joins once we have 7 daily snapshots.
Related
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