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MCDEX Review 2026: Ceased Perpetuals DEX, Remaining TVL

MCDEX was a permissionless, AMM-based perpetual swap protocol on Ethereum, BNB Chain and Arbitrum. DefiLlama says it has ceased operation and that the remaining TVL is user deposits.

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

3.0/10

Weak

Visit MCDEX

Our verdict on MCDEX

3.0/10

MCDEX is mainly of historical interest. It was an AMM-based perpetual swap DEX, but DefiLlama says it has ceased operation and that the remaining TVL is user deposits. Anyone who still has funds there should look for official withdrawal guidance. Anyone wanting a live perps venue should evaluate MUX on its own terms, including its eligibility restrictions and the liquidation risk of high leverage. Public sources give no fee data and does not explain how MCDEX and MUX relate, so treat that link as unconfirmed.

Score breakdown

How MCDEX scores

Security: 4.0/10
Ease of use: n/a
Fees: n/a
Features: 4.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is MCDEX?

MCDEX was a permissionless, AMM-based decentralized perpetual swap protocol. DefiLlama lists it under DEXs on Ethereum, BNB Chain and Arbitrum, with MCB as its token and one audit on record.

The key fact is that MCDEX has ceased operation. DefiLlama says the roughly $1.35M TVL still showing is left over from user deposits, not active trading liquidity.

The official URL in the data leads to MUX, a perps aggregator with up to 100x leverage, isolated and cross margin, and native liquidity pools. Public sources do not spell out how MUX relates to MCDEX, so this review treats MUX features as MUX's own claims.

How MCDEX works

A perpetual swap is a derivative that tracks an asset's price with no expiry date. Traders post collateral and choose leverage. If losses eat too much of the collateral, the position is liquidated. Funding payments between longs and shorts keep the contract price close to the spot price.

MCDEX used an AMM-based design. Instead of matching buyers and sellers on an order book, traders took the other side of a liquidity pool. Liquidity providers deposited assets into the pool and earned fees, but also bore the risk of trader profits.

The protocol has ceased operation, according to DefiLlama, and the remaining TVL is user deposits. The linked MUX site describes a separate product: a perps aggregator that routes trades to liquidity sources and runs its own native liquidity pools.

5 features

Key features

AMM-based perpetual swaps

DefiLlama describes MCDEX as a permissionless, AMM-based decentralized perpetual swap protocol, meaning leveraged contracts without an expiry date, priced and filled by a liquidity pool.

Multi-chain deployment

The protocol was listed on Ethereum, BNB Chain and Arbitrum, covering both mainnet and lower-cost layer-2 environments.

MCB token

MCB is the token associated with the project in the DefiLlama data. Public sources do not state its exact role.

Listed audit

One audit is listed in the DefiLlama data. The auditor and findings are not given publicly.

MUX features on official site

On the linked MUX site, the pitch is a perps aggregator with up to 100x leverage, isolated and cross margin, and 0% spread and price impact on ETH and BTC trades. These claims describe MUX, not MCDEX.

Pros and cons

What we like

Clear design: an AMM-based perpetual swap protocol that was permissionless.
Covered Ethereum, BNB Chain and Arbitrum.
At least one audit is listed on DefiLlama.
Tracked by DefiLlama with a named token (MCB) and a social account.
The linked MUX site publishes aggregate stats and documentation links for follow-up research.

Watch out for

DefiLlama states MCDEX has ceased operation, so it is not an active trading venue.
The remaining TVL (about $1.35M) is described as leftover user deposits, not live liquidity.
The listed official site presents MUX, not MCDEX, and public sources do not explain the link between the two.
Fee schedules, funding rates and liquidation rules for MCDEX are not.
Perpetual swaps carry liquidation risk, and 100x leverage on the MUX site magnifies that risk.
The MUX terms say services are unavailable to Restricted Persons and US Persons.

MCDEX fees

MCDEX fee details are not published, so trading fees, funding rates and LP fee shares are unknown here. Because the protocol has ceased operation, there is no active fee schedule to rely on.

The linked MUX site mentions optimized trading cost, a referral program and cumulative protocol income, but gives no fee table in the text provided. Anyone considering MUX should read its documentation and stats pages for current figures.

Is MCDEX safe?

MCDEX has ceased operation, so the main risk is stranded or inaccessible funds and the chance of impersonation sites. One audit is listed, but the auditor and scope are not public, and an audit does not remove smart-contract risk. No incidents are described.

Leveraged perpetuals can lose the full collateral through liquidation. The MUX terms state its services are not available to Restricted Persons and US Persons, so check eligibility and local rules before using any derivatives platform. Beware of unofficial links claiming to offer MCDEX refunds or migration.

5 steps

How to get started with MCDEX

1
Confirm the project's status. DefiLlama says MCDEX has ceased operation, so do not plan to open new trades.
2
If you hold funds in MCDEX contracts, look for official withdrawal guidance on the project's verified channels.
3
Verify any website or contract address against the official links before connecting a wallet.
4
If you want a live perpetuals venue, read the MUX documentation and terms, including the Restricted Persons and US Persons exclusion.
5
Check that leveraged derivatives trading is legal where you live, and start with amounts you can afford to lose.

Open MCDEX

Who MCDEX is for

This page is for people researching MCDEX's history, holders of MCB or leftover deposits looking for status information, and readers comparing perpetuals DEXs. It is not for anyone hoping to open new MCDEX positions, since the protocol is reported as no longer operating.

MCDEX FAQs

Is MCDEX still operating?

No. DefiLlama's description says MCDEX has ceased operation. Its remaining TVL is described as user deposits, not an active market.

What was MCDEX?

MCDEX was described as a permissionless, AMM-based decentralized perpetual swap protocol. Traders took leveraged positions on perpetual contracts against a pooled liquidity model instead of a traditional order book.

Which chains did MCDEX run on and how much TVL remains?

Public sources list Ethereum, BNB Chain and Arbitrum. DefiLlama tracks about $1.35M in TVL, which it attributes to leftover user deposits.

What is the MUX website connected to MCDEX?

The official URL in the data points to MUX, a perps aggregator and liquidity protocol. Public sources do not state the exact relationship between MCDEX and MUX, so check the project's own announcements for migration or withdrawal details.

Does MCDEX have a token?

MCB is listed as the token. Public sources give no price, supply or utility details, so check a market data source and confirm the correct contract address before interacting with it.

Can I still withdraw funds from MCDEX?

The project does not describe a withdrawal process. If you hold funds in MCDEX contracts, look for official guidance on the project's verified channels and be wary of anyone who contacts you first. Never share a seed phrase.

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