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Key Takeaways
- Narwhal Finance is a decentralized perpetual trading platform built on Monad, enabling leveraged trading of crypto, forex, stocks, and indices—without KYC or geographic restrictions.
- The platform uses a synthetic asset model powered by Pyth, offering deep liquidity, low slippage, and real-time execution across multiple asset classes.
- Users can earn points and rewards by trading and playing on-chain games, with exclusive 3x point multipliers for Backpack wallet users during the campaign period.
- Backed by firms like Jump and CMS Holdings, Narwhal is positioned to be a flagship trading protocol in the high-performance Monad ecosystem.
Introduction
Centralized exchanges dominate leveraged trading—but they come with tradeoffs: trust assumptions, custody risks, and regional restrictions. Narwhal Finance offers a new path. Built for Monad, it combines high-speed infrastructure, synthetic assets, and interactive gameplay to create a decentralized trading experience that’s fast, permissionless, and fun.
In this guide, we’ll explore how Narwhal works, what makes it unique, and how to get started using Backpack.
What is Narwhal Finance?
Narwhal Finance is a decentralized perpetual trading platform designed to offer users the ability to trade various leveraged pairs, including cryptocurrencies and foreign exchange (FX), without the need for KYC procedures, geographic restrictions, or high centralized exchange fees. Built exclusively on the Monad blockchain, Narwhal aims to provide a seamless and efficient trading experience for its users.
Funding and Backing
While Narwhal Finance has not officially disclosed full funding details, the project is known to be backed by prominent firms including Jump Crypto and CMS Holdings. Their involvement signals strong confidence in Narwhal’s vision to build the leading decentralized trading platform on Monad.
Key Features and Benefits
Decentralized Perpetual Trading
- Narwhal Finance enables users to engage in perpetual trading of crypto and FX pairs with leverage, all within a decentralized framework. This approach eliminates the need for intermediaries and offers greater control to traders.
No KYC or Geographic Restrictions
- By operating on a decentralized platform, Narwhal removes traditional barriers to entry, allowing users worldwide to participate in trading activities without undergoing KYC procedures.
Cost-Effective Trading
- Narwhal's structure is designed to minimize trading fees, providing a more cost-effective solution compared to centralized exchanges.
Integration with Monad Ecosystem
- As a platform built on Monad, Narwhal benefits from the blockchain's features, including high throughput and low latency, enhancing the overall trading experience.
Incentive Programs
Points Program
Narwhal Finance has introduced a dynamic Points Program to incentivize active participation and trading on its platform. This initiative rewards users with points that may be redeemable for future benefits, including potential token allocations and exclusive platform perks.
Earn More with Backpack
For a limited time, Backpack users get an exclusive advantage: all trades and gameplay completed via Backpack earn 3x NAR points. After the promotional period, Backpack users will continue to receive a 2x point boost as an ongoing perk, offering added benefits for those accessing Narwhal through Backpack.
Details on Points System
Trading Points: Trade-to-Earn
Users earn points for every trade they execute on Narwhal’s perpetual trading platform. These points accumulate daily and contribute to leaderboard rankings and potential future token rewards.
Key details:
- Maximum trade size per order: 20,000 USDT
- Maximum daily trading points: 1,000 NAR
- Each qualifying trade earns approximately 81 points
- To reach the daily cap, users need to complete around 13 trades per day
This structure encourages consistent trading activity while placing a fair upper limit on daily points accumulation.
Carnival Points: Play-to-Earn
In addition to trading, Narwhal users can earn points through its on-chain gaming features—referred to as Carnival. Players earn points based on the rewards they win from games.
Key details:
- Points formula: Points earned = Reward amount × 0.1
- Maximum bet per game: 1,000 USDT
- Maximum daily carnival points: 3,000 NAR
Together, the trading and carnival systems allow users to earn up to 4,000 NAR points per day by participating across the full Narwhal ecosystem.
Referral program
Narwhal Finance is launching a lifetime referral program at mainnet to reward users who help grow the platform. Once live, users who join through your referral link will be permanently linked to your account. For every trade they make, you’ll earn a share of their trading fees—while they receive a trading discount, creating a win-win incentive model designed to scale with community adoption.
How to Join the Referral Program:
- Go to the Referal Page on Narwhal Finance and connect your backpack wallet. See guide on Monad wallet here
- Click the sign-up button to register as a referrer.
- Once registered, copy your unique referral link and start sharing it.
Pro Tip: Amplify your reach by posting your link on social platforms like Twitter, Telegram, and Facebook using Narwhal’s built-in social sharing tools.
Referral rewards are structured by tiers—ensuring users who bring more volume or referrals receive higher rebate percentages. For a breakdown of how rewards scale, check the referral tier list on Narwhal’s official documentation.
This referral system is a powerful way to earn passive income and grow alongside the Narwhal ecosystem.
How to Get Started with Narwhal Finance
1. Set Up a Monad-Compatible Wallet
Download Backpack and create your wallet. This will serve as your gateway to the Monad ecosystem. Follow this step-by-step guide for Monad.
2. Visit the Platform:
Access Narwhal Finance via https://narwhal.finance/ and connect Backpack Wallet
3. Explore the Testnet:
Join the Narwhal testnet to try out leveraged trading and interactive on-chain games before mainnet launch.
4. Stay Connected:
Follow @Narwhal_Finance on X for real-time updates, campaign announcements, and community news.
Tokenomics
Narwhal Finance operates a dual-token model built around NLP, the liquidity layer of the protocol, and NAR, its governance and reward token. Together, they power Narwhal’s decentralized trading economy.
NLP: Narwhal Liquidity Provider Token
NLP is a USDT-based liquidity pool that powers all trading on Narwhal. It acts as the counterparty to traders—when traders win, rewards are paid out from the pool; when they lose, the pool benefits.
To reward NLP holders for taking on this risk, 60% of all trading fees on the platform are distributed back to them. These earnings are automatically reflected in the value of NLP, making it a yield-generating asset tied directly to platform activity.
This model gives liquidity providers a simple way to earn real yield by supporting trading on Narwhal.
NAR: Governance and Staking Token
NAR is Narwhal’s governance token, designed to align long-term incentives and protocol ownership. NAR can be staked to earn rewards and participate in governance decisions. Stakers receive:
- Escrowed NAR (esNAR): A non-transferable reward token that can be vested over time into NAR.
- 30% of protocol fees (paid in USDT): Giving stakers direct, stable revenue in proportion to platform activity.
TGE & Airdrop Outlook
While Narwhal Finance has not officially announced its Token Generation Event (TGE) or airdrop plans, its ongoing testnet campaigns and points programs suggest that early engagement may be rewarded. Users who trade, participate in on-chain games, or connect with Backpack are already earning points that could play a role in future token distribution.
Future Prospects
As Monad’s mainnet nears, Narwhal Finance is poised to become a leading platform for onchain trading. Its combination of synthetic assets, social trading, and gamified features makes it accessible to both casual and pro users. Backed by firms like Jump and CMS Holdings, and built on Monad’s high-performance infrastructure, Narwhal is well-positioned to scale with the next wave of decentralized finance.
Want to explore Narwhal Finance early? Download Backpack to access and https://narwhal.finance/ and start earning points through trading and gameplay.
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Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.
