Defx
Decentralized perpetuals exchange on a custom L1 blockchain.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $2.5m | Seed | |
| Total Funding | 000k | ||
Defx is a decentralized perpetuals exchange built on a proprietary Layer 1 blockchain engineered for high-performance trading. The platform features a Central Limit Order Book (CLOB) and a custom on-chain sequencer, enabling sub-millisecond trade execution. It provides native, cross-chain settlement without requiring bridges or wrapped tokens, and is currently live on networks including Arbitrum, Solana, and Ethereum.
Founded by Darshan Bathija, Sanju Sony Kurian, and Soumyadeep Das, who previously led the crypto lending business Vauld, Defx Labs was established based on their experiences during the 2022 crypto market downturn. This background informed the architecture's focus on self-custody and risk management. In June 2025, the company announced a $2.5 million seed funding round with investors such as Pantera Capital, CMT Digital, CoinShares, and angel investor Sandeep Nailwal of Polygon. This capital is intended to support the launch of a dark pool decentralized exchange (DEX) for perpetual futures, utilizing zero-knowledge technology to encrypt sensitive order details while maintaining on-chain verifiability.
The exchange is designed for professional traders, algorithmic trading firms, and DeFi users, offering both GUI and API access. Key features include multi-asset collateral support, allowing users to trade with various assets including yield-bearing tokens, and a unified liquidity engine that aggregates liquidity from multiple sources. The business model centers on offering a non-custodial trading venue where users maintain control of their assets, addressing counterparty risk. Future plans involve expanding to more L1 and L2 networks, introducing spot trading, and enabling other DEXs to utilize its matching engine and liquidity layer.
Keywords: perpetuals exchange, decentralized exchange, Layer 1 blockchain, cross-chain settlement, CLOB, high-frequency trading, dark pool, zero-knowledge proofs, multi-collateral margin, crypto derivatives, DeFi, algorithmic trading, self-custody, Pantera Capital, on-chain trading, Vauld, Darshan Bathija, Sanju Sony Kurian, Soumyadeep Das, institutional trading