Unite

Solana

Liquid

Aster

<h2 id="paradigm-leads-backing-for-onchain-trading-app">Paradigm Leads Backing for Onchain Trading App</h2> Liquid, a New York-based crypto startup that aggregates decentralized perpetual futures exchanges, has raised $7.6 million in a seed round led by Paradigm and joined by General Catalyst. The round also drew participation from several well-known angels, including Ashwin Ramachandran of Brevan Howard Digital, Eric Wu of Opendoor, Vlad Novakovski of Lighter, and trader smartestmoney.hl, founder Franklyn Wang told <em>The Block</em>.The deal, structured as equity, closed in five days in March. Wang declined to disclose the post-money valuation. The raise comes as investor interest returns to perpetual DEX platforms, where trading volumes have surged alongside renewed <a href="https://financefeeds.com/nyse-gets-green-light-to-list-bitcoin-etf-options-as-sec-broadens-market-access/" rel="noopener noreferrer nofollow">crypto market activity</a>.According to The Block’s data dashboard, perpetual DEXes processed nearly $1.2 trillion in volume last month — a record high. Platforms including Hyperliquid, Lighter, and Aster currently dominate the market, while Solana co-founder Anatoly Yakovenko is reportedly developing a competing onchain DEX dubbed <em>Percolator</em>. 
<h3 id="investor-takeaway">Investor Takeaway</h3>
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 A short fundraising window and top-tier backers highlight how investor appetite for <a href="https://financefeeds.com/swych-finance-releases-the-next-generation-of-decentralized-perpetual-exchanges/" rel="noopener noreferrer nofollow">perpetual DEX</a> infrastructure is returning with trading volumes at record highs.
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<h2 id="inside-liquid-s-unified-platform">Inside Liquid’s Unified Platform</h2> Liquid aggregates multiple perpetual futures venues — including Hyperliquid, Lighter, and Ostium — into a single non-custodial interface. The app combines trading, yield, risk management, and analytics under one dashboard. “We believe a unified frontend allows us to achieve the ultimate user experience while giving customers flexibility under the hood,” Wang said. Before founding Liquid, Wang served as chief AI scientist of futures at hedge fund Two Sigma. He said his experience there inspired the company’s architecture. “At Two Sigma, I experienced the power of having all <a href="https://financefeeds.com/morph-unveils-new-product-roadmap-and-launches-morph-rails-a-developer-focused-payment-platform/" rel="noopener noreferrer nofollow">financial tools integrated into one platform</a>. Liquid brings that institutional app experience to everyone,” he said. Wang described Liquid as “very mobile first,” offering features such as push notifications when positions approach liquidation and streamlined position management across multiple exchanges. The app charges a small additional fee per trade and has already processed more than $500 million in volume since its beta launch. 
<h2 id="yield-risk-and-rewards">Yield, Risk, and Rewards</h2> Beyond trading aggregation, Liquid integrates yield vaults through platforms like Hyperliquid, offering annualized returns around 7%. It also provides real-time market data, risk analytics, and automated liquidation tracking. The company is developing a built-in system for onchain reward programs, allowing users to view and manage point-based incentives from different DEXs within the same interface. “Retail traders deserve access to the same infrastructure and risk tools that institutions have,” Wang said. “Liquid’s platform bridges that gap.” The team, which numbers about ten people, is based in New York and is hiring across engineering, marketing, and design. Wang did not disclose whether any investors took board seats or advisory roles. 
<h3 id="investor-takeaway">Investor Takeaway</h3>
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 The next phase for Liquid will be proving that aggregation adds liquidity without fragmenting volumes — a key question as DEX infrastructure becomes more modular.
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<h2 id="context-renewed-focus-on-perpetual-dex-growth">Context: Renewed Focus on Perpetual DEX Growth</h2> The funding comes as the perpetual futures segment re-emerges as one of crypto’s fastest-growing markets. After a slowdown in 2023, onchain derivatives have become a major source of revenue for DeFi protocols. Perp DEX trading activity has nearly tripled since early 2024, with institutional participation rising steadily. Investors say aggregators like Liquid could help consolidate liquidity across networks that are increasingly fragmented. By offering unified access to execution, collateral management, and reward tracking, such platforms aim to replicate the efficiency of centralized exchanges — without custodial risk. For VCs like Paradigm, which has previously backed Uniswap, dYdX, and Flashbots, Liquid represents another bet on decentralized market infrastructure built for scale. With a $7.6 million seed round completed and early traction in trading volume, Liquid joins a new wave of infrastructure startups building the connective tissue of decentralized finance. Whether its aggregation model can sustain user growth and liquidity over time will be the real test as the market matures. &nbsp;

Liquid Secures $7.6M Seed Round to Unite Perp DEX Trading

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