Defx 

What is the Defx exchange?

Defx is a self-custodial decentralized exchange for perpetual futures, built on its own purpose-built Layer 1 blockchain and operated by Defx Labs of Singapore. Markets span crypto, FX, commodities, TradFi indices and interest-rate perps. Defx matches the DEX/perps narrative of on-chain trading without an intermediary custodian — and no Defx token exists yet. The project has not announced a token or a TGE.

Is Defx the same as DeFinity (DEFX)?

No. The DEFX ticker and most "defx" search results belong to DeFinity, an unrelated FX protocol token tracked on Yahoo Finance and DexTools. Also unrelated: DFX Labs, a licensed exchange in Hong Kong, and ^DEFX, a Nasdaq index. This page covers Defx — the self-custodial perps venue built by Defx Labs of Singapore on its own Layer 1 blockchain.

How does Defx perps trading work?

Defx matches trades on a central limit order book that advertises sub-millisecond execution. Per the June 2025 launch announcement, the order book operates as a dark pool: order flow, position sizes, leverage, long/short exposure and liquidation thresholds are encrypted with zero-knowledge technology while remaining publicly verifiable on-chain. Deposits arrive directly from Solana, Ethereum, Arbitrum, Base and Berachain — no bridges or wrapped tokens. Smart-contract support covers both EVM and Solana.

What can you trade on Defx and at what leverage?

Defx lists perpetual futures across crypto, FX, commodities, TradFi indices and interest-rate markets. The official Defx site markets leverage of up to 50x. Third-party trackers describe 25x on standard markets and up to 1000x in a "Degen" mode. The spread between official and tracker figures means traders should verify per-market limits inside the venue itself.

Is Defx on Hyperliquid?

No. Defx is not a market on Hyperliquid — it runs on its own purpose-built Layer 1 blockchain, with its encrypted central limit order book and direct deposits from Solana, Ethereum, Arbitrum, Base and Berachain. The venue operates independently of Hyperliquid.

Who founded Defx?

Defx was founded by Darshan Bathija (CEO), Sanju Sony Kurian and Soumyadeep Das. All three previously led Vauld, a crypto lending business. Mahin Gupta — ZebPay co-founder and Liminal founder — is frequently associated with Defx in search queries, but Gupta is an angel investor in the seed round, not a founder. The distinction matters for due diligence on team track record.

How much seed funding has Defx raised and who invested?

DropsTab fundraising data shows Defx raised $2.5M in a single Seed round dated June 13, 2025. Pantera Capital is the only Tier-1 fund in the round, joined by CMT Digital, gumi Cryptos Capital, Robot Ventures, CoinShares, Cadenza Ventures and Baboon VC. Angel investors include Sandeep Nailwal (Polygon co-founder) and Mahin Gupta. No lead investor was named, the announcement ran as paid press via Chainwire, and no individual stakes were disclosed — so backer concentration cannot be assessed. No round valuation has been publicly disclosed.

When is the Defx token launch (TGE)?

Defx Labs has not announced a token, a ticker or a TGE date. No on-chain contract and no supply figures exist for the project. Because no tokenomics exist, any future distribution — for example to points holders — would be a first-time supply event with undisclosed insider allocation, and unlock risk remains unquantifiable until token details are published. Any TGE date circulating online is speculation.

Did Defx run a points campaign or airdrop?

Defx ran a point-farming campaign, now ended. The program distributed points weekly to eligible traders based on their contribution to the platform, and Defx teased a future "big reveal" of rewards. Third-party airdrop trackers interpreted the points as a potential retroactive airdrop. Defx Labs has never announced a token, an airdrop or a conversion mechanism for points, and the campaign documentation is offline.

Is Defx safe to use?

Defx is self-custodial: traders deposit directly from Solana, Ethereum, Arbitrum, Base and Berachain and retain control of assets, and encrypted positions prevent other market participants from observing exposure or front-running liquidations. One risk factor sits with the team rather than the architecture: the founders' prior venture Vauld halted client withdrawals during the 2022 downturn — a failure the team itself cites as motivation for Defx's self-custody design.