Katana, a blockchain developed under the guidance of Polygon Labs and GSR Markets, has recently acquired IDEX. This acquisition marks a pivotal moment as Katana introduces Katana Perps, an onchain platform that combines both perpetual futures and spot trading. This newly launched service is part of a broader strategy by the new chief executive, who intends to centralize Katana’s trading systems and revenue streams.
The rapid evolution of decentralized trading venues emphasizes the need for robust infrastructure. In today's market, always-on trading platforms are becoming increasingly vital for real-time price discovery as the regulatory landscape begins to evolve favorably towards crypto perpetual futures. The groundwork being laid today is essential for this transition.
Established in 2017, IDEX was one of the pioneering decentralized exchanges that fuses a high-speed order matching engine with onchain settlements, earning a leading position in the Ethereum DEX landscape until 2019.
Katana Perps is now operational thanks to support from prominent market makers like GSR, Selini Capital, and Auros. It provides a suite of services, including leveraged trading options, directional exposure tools, and seamless liquidity. These features are designed to cater to both crypto-native traders and institutional investors seeking constant access to derivatives markets.
The momentum for decentralized perpetual futures is undeniable. Recent regulatory signals in the U.S. reflect a growing acceptance of crypto trading environments. According to statistics from CoinGecko, decentralized perpetual trading venues recorded an astonishing trading volume of approximately $6.7 trillion in 2025, marking a staggering 346% growth compared to the prior year. Major players in this space, such as Hyperliquid, accounted for around $2.9 trillion of this volume, underscoring their dominance in the market. This success is partly attributed to their strategy involving widely publicized token airdrops.
Additionally, geopolitical events have showcased the increasing reliance on decentralized platforms for trading, as seen with the surge in oil futures trading on Hyperliquid, which skyrocketed to $7.3 billion amidst tensions in Iran. This illustrates how more traders are turning to decentralized platforms for reliable and continuous price discovery.