Perpetual DEX Startups Raise $98 Million as Crypto Funding Slumps

Perpetual decentralized exchanges let traders take leveraged positions without handing custody to a centralized venue, making them a key battleground in decentralized finance. Venture funding has increasingly concentrated in stablecoins, real-world assets and onchain derivatives, where protocols can generate fees before issuing tokens. The combined backing for PopDEX, Variational and Liquid shows investors still see room for new trading infrastructure despite entrenched rivals such as Hyperliquid, Lighter and edgeX.

Crypto venture funding fell about 74% month on month to roughly $660 million in April 2026, its weakest level in more than a year. Against that backdrop, Liquid closed an $18 million round in April, Variational raised a $50 million Series A led by Dragonfly Capital on May 20, and PopDEX secured a $30 million strategic seed round led by Foresight Ventures on May 22. The three deals totaled $98 million. PopDEX plans to deploy the capital for initial liquidity, deeper markets, security audits and team expansion ahead of a broader rollout.