5 November 2025
We're excited to share that we've closed a $7.6M seed round, led by Paradigm with participation from General Catalyst, K5 Global and several prominent angels and advisors from across the fintech ecosystem, including the founder of OpenDoor, the founder of Lighter, the cofounder of Coinbase, and operators from Ramp, Cursor, and Cognition.
The global balance of financial power is shifting. Slowly but surely, ambitious crypto teams are eating problems once deemed unsolvable and producing beautiful, but ultimately fragmented solutions. The end result will surely be a financial system far more robust and powerful than what we have now, fit to support a bustling global economy. In the meantime, early adopters of these solutions benefit not only from the superpowers they grant, but also the financial upside of being early to decentralized projects.
Take Hyperliquid as an example: a hypertechnical team of Harvard-pedigreed ex-quants spending years reconciling blockchain security with the speed necessary to power an exchange. Their success has made them the highest revenue per headcount company in the history of the world (battling only Tether, a stablecoin company), reflecting the enormous amount of value created by their solution. It has also launched countless early believers into multi-millionaire status, returns typically impossible outside of crypto or institutional finance.
This phenomenon is showing no signs of slowing down—teams like Lighter and Ostium are crawling out of the woodwork with similar backgrounds and accomplishing absurdly impressive feats. Today, we, a team of Harvard-pedigreed ex-quants, also join that race.
While these solutions are brilliant and necessary, they reinvent the wheel at the expense of the customer—namely, their platforms are inherently fragmented and difficult to move between. Liquid unites them into a single frontend. This lets us double down on surfacing the most powerful features from the crypto universe within the best form factor possible.
Ultimately, we believe that the bulk of value within the trading ecosystem will accrue at the UI level as various exchanges and protocols fight each other on fees and innovation.
Liquid already houses financial superpowers that can’t be found together on any other platform.
Perpetual futures, which we offer through various exchange venues, are derivatives contracts which replicate the returns of ordinary assets with arbitrary additional leverage. While these products are familiar to crypto natives for trading crypto assets, Liquid also supports perpetual futures on stocks and other real-world assets via our deep integration with third party services.
Direct leverage is incredibly powerful: if a trader is confident that Google’s price will smoothly rise 5% over the next quarter, they might reach for options, like millions of other traders. But even if they buy the lowest strike price (the high strikes will underperform because of IV!), they’re capped at around 25% returns. This inefficiency funnels hundreds of billions of dollars into the pockets of Wall Street. Perpetual futures cut through the complexity—20x leverage on a 5% move equals 100% profit, plain and simple. No strikes to pick, no expirations to time, no fragmented liquidity. Direction is all that matters.
If trading powerful products across multiple venues from a single platform weren’t enough, we’re also the first to accomplish this as a non-custodial, mobile-first app that safeguards your identity. This supercharges the flexibility of our traders to a new level and fills a massive gap in the market.
Best of all, we're moving faster than the market. Our users get tomorrow's trading infrastructure today. Every successful platform has meaningfully rewarded those who arrived early. We're making sure our users capture that value without the headaches typically involved. Liquid isn't just another platform to try; it's designed to be the first and last platform today’s traders need.
Over the last month, Liquid has surged into direct competition with established players like Phantom and Metamask, doing as much as $30k in daily revenue and over $600M in total volume, while also starting to edge out companies like Axiom (fastest startup in history to $100M ARR) in daily perps revenue.
Savings, research and trading capability mark the full lifecycle of an all-in-one trading app. We've built real-time news and a high-yield vault into the core of our product to make the experience truly self-contained. Our vault allows anyone to invest in a market making fund with a Sharpe ratio exceeding 3, clearing all but a handful of elite hedge funds.
The first inning has proven Liquid as a product and a team. This funding will allow us to triple down on our unique, UI-centric approach, bringing even more powerful features and integrations to our users at a pace that will undoubtedly surpass legacy players.
We are tremendously excited by the future, and look forward to sharing much more as we continue to hone Liquid into the most powerful financial tool ever built. As a sneak peek, we’re pleased to announce the development of three new, seamlessly-integrated products: Liquid Terminal, Liquid API, and Liquid Bets. “Anywhere” doesn’t just mean your phone–it means your phone, your computer, your Telegram chat, or even your smart device.
If you enjoy making superpowers a global reality at the absolute cutting edge of technology and markets, apply by sending us a DM on X at @liquidtrading. (You don’t need to be an Olympiad winner, but it doesn’t hurt.)