Primit raises $1M to build verifiable perpetual DEX on Avalanche

What's the deal? PrimitDealroom has a profile for this one. Try Dealroom →, a perpetual decentralised exchange (DEX) built on AvalancheDealroom has a profile for this one. Try Dealroom →, has closed a $1 million angel round. The Hong Kong-based startup will use the funding to build out its trading infrastructure, grow its ecosystem, and roll out a V1.1 release.

What's the endgame? Primit is built around what it calls "verifiable finance." Trades execute on the company's in-house matching engine, while settlement happens on the Avalanche C-Chain with sub-second finality and near-zero gas fees.

What makes it different? The exchange requires no KYC and uses no custodial intermediaries, keeping every payout on-chain and third-party verifiable. It has also unified its fee structure, charging a flat 4bps across both crypto and real-world asset (RWA) perpetuals, with no premium on real-world assets.

Why now? The raise follows a stretch of traction. Primit's Season 1 campaign drew more than 10,000 wallets and $160 million in trading volume, and the team completed a CertiK audit ahead of a planned Season 2.

By the numbers: At $1 million, the round sits in the 32nd percentile by amount among comparable funding rounds — a modest sum that positions Primit as an early-stage bet rather than a heavily backed contender.

The signal: Primit reflects a growing push to bring transparency to derivatives trading, an area long dominated by centralised exchanges. By settling on-chain while matching orders at centralised-exchange speed, it is testing whether verifiable finance can compete on performance — a proposition the market will judge as Season 2 arrives.

Image credit: Generated with Gemini