Perpl Raises $9.25M Led by Dragonfly to Build Decentralized Perpetual Futures Exchange on Monad Blockchain

Published: 2025-05-13 22:33:39 |

Perpl, a decentralized perpetual futures exchange (DEX) startup, has raised $9.25 million in a seed round led by Dragonfly Capital, with participation from Ergonia, Brevan Howard, Breed, L1D, and CMS Holdings. The funding will support Perpl’s development on Monad, a high-performance, EVM-compatible blockchain designed for scalability and speed. By building its onchain central limit order book for perpetual contracts on Monad, Perpl aims to deliver deep liquidity and enhanced composability, distinguishing itself from existing perps DEXs. The founders have relocated from the US to London due to regulatory risks and formed a local team. Perpl’s testnet is planned for launch by the end of 2025, with the mainnet launch dependent on Monad’s mainnet going live. The project reflects growing confidence from both crypto-native and traditional investors in the decentralized derivatives market, and signals an industry trend toward launching DeFi applications on high-throughput Layer 1 blockchains to overcome scalability barriers. Traders should monitor Perpl’s progress and Monad’s mainnet launch for new opportunities in decentralized futures trading.

Bullish

The successful $9.25 million fundraising by Perpl to build a decentralized perpetual futures exchange on Monad signals robust venture capital interest in the DeFi derivatives sector. The decision to develop on Monad, an EVM-compatible, high-performance blockchain, highlights efforts to solve scalability and latency issues plaguing current decentralized trading platforms. The extended timeline until Perpl’s testnet (end of 2025) means immediate market impact is limited, but the moves demonstrate confidence in the future growth of on-chain derivatives and can attract trader anticipation and early positioning, especially as both institutional and crypto-native investors back the project. Furthermore, innovation in composability and liquidity, if successful, may set new standards for decentralized futures trading, supporting positive sentiment for DeFi and Layer 1 blockchain projects in the long term.