Liquid

Liquid operates a decentralized perpetual futures exchange (Perp DEX) aggregator, providing a unified, non-custodial application for digital asset trading. The platform is designed for both retail and professional traders, aggregating multiple DEXs, including Hyperliquid and Lighter, into a single interface. This allows users to manage positions across different venues, aiming to provide deeper liquidity while reducing trading fees by up to 90%.

The company was founded by Franklyn Wang and a team of technologists and traders with backgrounds from firms such as Two Sigma, Citadel, and D.E. Shaw. The team's stated motivation was to address the inefficiencies of the traditional financial system, such as slow settlements and high fees, by creating an open and user-first platform built on crypto rails. In March 2025, the company closed a $7.6 million seed funding round structured as equity, which was led by Paradigm and included participation from General Catalyst and Alpen. The platform claims to have facilitated over $600 million in trading volume.

Liquid's core product is a mobile application for iOS and Android that combines trading, yield generation, and news. Key features include leverage up to 40x, institutional-grade execution speed, instant risk visualization tools, and a non-custodial architecture that ensures users maintain full control of their assets. The platform operates on a peer-to-peer model where users trade directly with each other via autonomous smart contracts. It also offers yield-generating 'Vaults' where users can park idle balances. The business model includes a revenue-sharing component, offering users up to 50% of the revenue generated by friends they refer to the platform.

Keywords: perpetual futures, DEX aggregator, crypto trading, decentralized exchange, non-custodial wallet, digital assets, cryptocurrency trading, blockchain finance, peer-to-peer trading, leverage trading, liquidity aggregator, DeFi, financial super app, crypto rails, on-chain vaults, Hyperliquid, Lighter, low-fee trading, high-leverage crypto, institutional-grade crypto