Katana, a decentralized finance blockchain developed under the guidance of Polygon Labs and GSR Markets, has acquired IDEX and introduced Katana Perps, a unified onchain perpetual futures and spot trading platform, according to a statement shared by the team on Monday.
The deal is the first major strategic action under newly installed chief executive Matthew Fisher, who aims to consolidate more of Katana’s trading infrastructure and revenue under one stack.
“As always-on markets become the default venue for real-time price discovery and the regulatory environment opens a path for onchain perpetuals, the infrastructure layer needs to be in place now. That is what we are building,” Fisher said in a statement.
IDEX launched in 2017 and was among the first decentralized exchanges to pair a high-speed order matching engine with onchain settlement. It held the top position among Ethereum-based DEXs by trading volume and transaction count through 2019.
That operational history now provides the backbone for Katana Perps.
The platform is live with backing from market makers including GSR, Selini Capital, and Auros, offering leveraged trading, directional exposure tools, and integrated liquidity for both crypto-native traders and institutional participants seeking round-the-clock access to derivatives markets.
Decentralized perpetual futures have grown quickly
The announcement comes as regulatory signals in the US suggest increasing acceptance of crypto perpetual futures and as the markets continue to shift toward always-on, 24/7 trading environments.
According to CoinGecko, cumulative trading volume across decentralized perpetuals venues reached roughly $6.7 trillion during 2025, a 346% increase over the prior year.
Hyperliquid, the market leader, accounted for roughly $2.9 trillion of 2025’s decentralized perps volume and commands more than 55% market share among top DEXs, driven in part by a widely discussed token airdrop.
When geopolitical tensions involving Iran rattled energy markets earlier this month, oil futures trading on Hyperliquid surged to $7.3 billion by March 13, illustrating how participants increasingly turn to 24/7 decentralized platforms for real-time price discovery.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
