perpetual-swaps
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The Exchange That Ripped Its Own Name Off the Wall
It dropped the "E," paid the fine, opened in San Jose, and put its reserves on a Merkle tree. Inside OKX's bet that self-custody - not the exchange - is the actual product.
Futureswap
Futureswap is a decentralized, non-custodial protocol for leveraged perpetual trading, letting users take long or short positions on crypto assets with leverage while liquidity providers earn fees and token incentives. Built by a small San Francisco team led by founder Derek Alia, it launched on Ethereum in 2020, later moved to Arbitrum and Avalanche for lower-cost transactions, and pioneered an AMM-based design that plugs into pools like Uniswap and Trader Joe. Backed by roughly $13.5M from investors including Ribbit Capital, Framework Ventures, True Ventures and Placeholder, it was governed by the community via its FST token.