Liquid
6 known investors
Liquid is a cryptocurrency derivatives trading platform offering perpetual futures contracts with leverage trading across crypto, stocks, commodities, FX and pre-IPO assets.
Also known as Liquid Trading Β· liquid.trade Β· TryLiquid
Investors Β· 6
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Also in the syndicate Β· 4
Company profile
researched Aug 2026Liquid is a non-custodial trading application that offers perpetual futures markets across multiple asset classes from a single account. The product began as an aggregator of decentralized perpetual futures exchanges, connecting several onchain trading venues into one interface so users could view and manage positions, monitor risk, and access analytics without interacting with each exchange separately. It has since broadened into a general-purpose leveraged trading venue covering US and international stocks, crypto, commodities (metals and energy), major FX pairs, equity indices, pre-IPO company exposure (for example SpaceX, OpenAI and Anthropic reference prices), and prediction markets on politics, sports, finance and technology priced between $0 and $1.
The company's site describes more than 500 markets available 24/7 with instant settlement and multipliers of up to 50x (up to 40x for crypto perpetuals; up to 50x for FX and indices), while its documentation cites up to 100x leverage and Fortune reports up to 200x leverage in some jurisdictions. Perpetual contracts track an underlying reference price and do not confer ownership of the underlying share, metal, currency or coin, and have no fixed expiry. Liquid states that funds remain in the user's own wallet and trades settle onchain, with smart contracts subject to independent review published on an audits page. Accounts can be opened by email, Google/Apple sign-in or crypto wallet and funded via Apple Pay, PayPal, Venmo, card, ACH/SEPA/wire, transfers from apps such as Coinbase and Cash App, or crypto deposits across chains including Ethereum, Arbitrum, Solana and Base.
Beyond order execution, the platform bundles integrated real-time news, onchain vaults, staking and yield strategies, a points and referral/rewards program, copy-visibility into what top traders are doing, and trading tools such as TP/SL and TWAP. A "Co-Invest" layer extends access outside the app: a Chrome extension for trading tickers seen on X, Reddit and TradingView, and connections to Claude, ChatGPT and iMessage for conversational research and trade execution with a confirmation step. Liquid is distributed on web, iOS and Android, and states it is not affiliated with other businesses using the Liquid name, including Liquid Brokers, liquidmarkets.org, or the former Liquid exchange previously known as Quoine.
Founding story
Liquid was founded by Franklyn Wang, a Harvard graduate who was 25 at the time of the April 2026 Fortune report. He previously worked as a quantitative researcher at Two Sigma from July 2022 to February 2025, with an earlier software engineering internship at You.com, and began working on Liquid in March 2025. Wang has framed the product around the idea that people should be able to profit from correct views and express greater conviction without risking additional dollars.
Business model
Liquid operates a consumer trading platform on which users open leveraged perpetual positions across asset classes; documentation references a fees schedule, funding rates and liquidations as core trading mechanics, alongside vaults, staking/yield products, a points program and referral bonuses. Sources do not disclose specific fee levels or revenue figures.
Sources indicate trading fees and funding-rate mechanics documented in Liquid's docs, plus vault/yield and referral programs, but do not quantify revenue or fee rates.
Traction
The company's website states more than 500 markets and "50,000+ traders"; documentation cites hundreds of assets across all asset types. Funding traction includes a $7.6M seed led by Paradigm (November 2025) and an $18M Series A co-led by Neo and Left Lane Capital (April 2026).
Latest developments
In April 2026 Liquid announced an $18 million Series A co-led by Neo and Left Lane Capital, with Haun Ventures, K5 Global, SV Angel, AntiFund and Sunflower Capital participating, positioning the company as a 24/7 cross-asset leveraged trading hub. Recent product surfaces include the Co-Invest Chrome extension for trading tickers seen on X, Reddit and TradingView and AI-assistant integrations with Claude, ChatGPT and iMessage.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Liquid positions itself as a general-purpose leveraged exchange spanning many asset classes rather than a single vertical. Fortune notes the retail exchange space is crowded, with Coinbase diversifying beyond crypto and Robinhood moving into tokenized stocks, while Polymarket and Hyperliquid see growing non-crypto activity; an investor argues Liquid's cross-asset design from inception is its differentiator versus vertical-specific incumbents.
A single account covering crypto, equities, international stocks, commodities, FX, indices, pre-IPO reference markets and prediction markets, traded 24/7 with high multipliers, combined with non-custodial settlement, aggregation across multiple onchain perpetual venues, and distribution surfaces such as a browser extension and AI-assistant trading.
Technology
Non-custodial architecture in which user funds remain in their own wallets and trades settle onchain via smart contracts that Liquid says are independently audited. The platform aggregates multiple decentralized perpetual futures venues into a unified cross-exchange experience for balances, markets and prices, supports deposits from multiple chains (Ethereum, Arbitrum, Solana, Base and others), and offers order tooling including take-profit/stop-loss and TWAP, vaults (including an HLP-related vault construct), and integrated real-time news.
Go-to-market
Self-serve consumer acquisition through web, iOS and Android apps with fast onboarding (email, Google/Apple or wallet sign-in and card/Apple Pay funding), amplified by a referral and rewards program, points, social distribution via a Chrome extension for X, Reddit and TradingView, and AI-assistant integrations with Claude, ChatGPT and iMessage.
Retail traders across segments β described by an investor as crypto "degens," day traders and commodities traders β seeking multiple asset classes in one leveraged trading interface, including mobile-first users onboarding by email and Apple Pay.
Geography
Built by a New York City-based team; the domain registrant is listed as United States-based. Products are distributed globally via web, iOS and Android, with leverage limits varying by jurisdiction (up to 200x in some jurisdictions per Fortune) and funding rails including ACH, SEPA and wire.
History
Liquid launched in 2025 as a hub for crypto-based derivatives, initially operating as a decentralized perpetual futures DEX aggregator. In November 2025 it announced a $7.6M seed round led by Paradigm with participation from General Catalyst and angel investors. The platform subsequently expanded beyond crypto into stocks, commodities, FX, prediction markets and pre-IPO secondaries, and in April 2026 closed an $18M Series A co-led by Neo and Left Lane Capital.
Risks & controversies
High leverage (up to 50x on the site, 100x in docs, and up to 200x in some jurisdictions per Fortune) magnifies losses as well as gains, and users hold synthetic exposure rather than the underlying asset, including for pre-IPO markets where contracts confer no claim on company equity. The company operates in a crowded retail exchange market against Coinbase, Robinhood, Polymarket and Hyperliquid. Naming confusion is a recurring issue: Liquid publishes disclaimers that it is unaffiliated with Liquid Brokers, liquidmarkets.org, or the defunct Liquid exchange formerly known as Quoine.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 2
by search overlap
Companies competing with Liquid for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 4
launches, deals, and filingsLiquid closed an $18 million Series A co-led by Neo and Left Lane Capital, with Haun Ventures, K5 Global, SV Angel, AntiFund and Sunflower Capital participating, to build a 24/7 leveraged trading hub for retail traders.
$18M source β
After launching in 2025 as a crypto perpetual futures aggregator, Liquid expanded into stocks, foreign currencies, Polymarket positions, commodities and pre-IPO company secondaries, with up to 200x leverage in some jurisdictions.
Liquid offers Co-Invest, a Chrome extension for trading tickers seen on X, Reddit and TradingView, and connections to Claude, ChatGPT and iMessage for research and conversational trade execution with a confirmation step.
Liquid announced a $7.6 million seed funding round led by Paradigm, with participation from General Catalyst and several angel investors.
$7.6M source β
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Liquidtryliquid.xyz Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Liquid do?
- Liquid is a non-custodial 24/7 trading app offering leveraged perpetual markets on crypto, stocks, commodities, FX and pre-IPO names.
- Who are Liquid's investors?
- Liquid's investors include Left Lane Capital, Paradigm.