Perpetual Contracts

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Daniel Marin on building verifiable proof infrastructure at Nexus LabsMay 7, 2026 · Interview

Mochatrade secures $5.56M to offer Indian traders US stock perpetuals with 50x leverage

Oct 26, 2026

DeFi

Mochatrade secures $5.56M to offer Indian traders US stock perpetuals with 50x leverage

Crypto Coin Show News Team DeFi, Fundraising, Real World Assets Coinbase Ventures, CoinFund, India Crypto Trading, Mochatrade, Perpetual Contracts, RWA Tokenization, Y Combinator

DeFiCrypto Coin Show News Team·October 26, 2026·4 min read

Mochatrade’s $5.56 million seed round will fund a platform designed to let Indian retail traders access U.S. stock perpetuals in rupees with up to 50x leverage. The move signals institutional investor confidence in offshore equity derivatives infrastructure, though regulatory uncertainty in India and concentrated liquidity across perpetual platforms pose material risks to this emerging category.

Mochatrade raised $5.56 million in seed funding led by CoinFund, with backing from Coinbase Ventures and Zero Knowledge Ventures.
The platform offers contracts on 50+ U.S. stocks including Nvidia, Tesla and Apple, with up to 50x leverage, funded and withdrawn in Indian rupees via UPI.
Perpetual equity open interest globally stands at approximately $9 billion, but only 10 assets represent 76.6% of tokenized equity trading volume.

$5.56M seed funding for Mochatrade versus $690K pre-seed in October 2026
50x maximum leverage offered on U.S. stock perpetual contracts
$9B open interest in public equity perpetuals across centralized and decentralized exchanges

Mochatrade, a Y Combinator-backed trading platform, closed its seed round in July 2026 to build a retail-facing gateway for Indian traders to take leveraged bets on U.S. stock prices without owning shares, according to The Block. The round was led by CoinFund and included participation from Coinbase Ventures and Nicky Montana of Zero Knowledge Ventures.

CEO Utkarsh Sinha and co-founders Chetan Manda (chief product officer) and Parth Maheshwari (chief technology officer) launched the platform in April 2026 after joining Y Combinator’s Spring 2026 cohort, which had provided a $500,000 October 2026 investment in USDC on the Base blockchain alongside the Pioneer Fund’s $190,000 commitment.

U.S. stocks with Indian settlement fills a regulatory gap for Indian traders

Existing pathways have been fragmented: regulated brokers like Vested and INDmoney offer spot holdings through offshore accounts subject to India’s $250,000 annual remittance cap and two-day settlement, while offshore contracts-for-difference shops operate in regulatory gray areas and lack transparent pricing.

Crypto exchanges such as CoinDCX serve crypto-native audiences but alienate traditional F&O (futures and options) traders unfamiliar with blockchain mechanics.

Mochatrade deposits and withdraws rupees directly via India’s UPI payment rail. Traders can take long or short positions on over 50 U.S. stocks including Apple, Meta, Google and Nvidia, as well as pre-IPO companies and commodities, with leverage up to 50x and margin calculations displayed before execution.

The platform says it holds FIU-IND registration, which enforces anti-money-laundering compliance but does not constitute regulatory approval of the trading products themselves.

Equity perpetual liquidity remains highly concentrated despite rapid growth

The perpetual derivatives market is expanding rapidly but remains fragmented across a shrinking number of dominant platforms. As of October 26, 2026, perpetual DEX trading volume reached $12.9 billion in 24-hour volume with $13.5 billion in open interest across all asset classes, according to DefiLlama data.

Tokenized equity perpetuals specifically showed $9 billion in open interest across centralized and decentralized venues, but concentration is acute: CoinGecko’s September 2026 analysis found that just 10 assets accounted for 76.6 percent of tokenized equity trading volume, and just two platforms held more than 70 percent of all open positions.

This structural fragmentation creates both opportunity and risk for Mochatrade.

Increased Indian retail inflow could improve price discovery during U.S. market closures and attract market makers to overnight sessions, but if order flow splinters across too many venues, liquidity will thin, bid-ask spreads will widen, and traders facing 50x leverage will be vulnerable to cascading liquidations on small price moves.

The platform has not disclosed how much volume it expects to capture or where it will route orders during peak hours.

SEBI data on retail derivatives losses suggests severe downside tail risk

The retail derivatives market in India carries documented hazards. India’s Securities and Exchange Board (SEBI) found that 87.7 percent of individual equity-derivatives traders lost money after costs in fiscal 2025-26, a loss rate that reflects the inherent asymmetry of leveraged trading at scale.

Mochatrade’s public launch is expected within weeks, with a waitlist exceeding 20,000 users.

The platform’s regulatory status remains incomplete: while it operates as ALSD Technologies Private Limited and holds FIU-IND registration for AML compliance, it has not disclosed whether it has obtained explicit permission from India’s finance ministry or SEBI to offer leveraged derivatives products to retail users.

In September 2026, India’s finance ministry issued notices against 15 virtual-asset providers and warned that crypto users may lack regulatory recourse if they suffer losses, a signal that the regulatory environment remains unsettled and enforcement priorities unclear.

The CCS read. We see Mochatrade as a test of whether onchain perpetual infrastructure can disrupt Asia’s largest retail derivatives market. The seed round size and backer quality (Coinbase Ventures, Y Combinator) signals confidence in the arbitrage between regulated compliance and borderless product delivery. What remains unknown is whether SEBI or India’s finance ministry will tolerate 50x leverage products marketed to retail traders who have historically lost 88 percent of the time.

Mochatrade’s public launch within the coming weeks will be the first measurable signal of Indian regulator tolerance. If the platform reaches material scale without enforcement action, institutional investors will likely fund a wave of similar offerings across South Asia; if India’s authorities issue a cease-and-desist or restrict INR on-ramps, the onchain perpetual model for emerging markets will face existential pressure in its largest addressable market.

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Anthropic pre-IPO derivatives hit $643M September volume ahead of real equity test

Sep 30, 2026

Equities

Anthropic pre-IPO derivatives hit $643M September volume ahead of real equity test

Crypto Coin Show News Team Equities, Exchange News, Institutional AI Company Tokenization, Anthropic, Binance, Crypto Derivatives, IPO Valuation, Perpetual Contracts, Pre-IPO Trading

Editor's ChoiceCrypto Coin Show News Team·September 30, 2026·4 min read

Anthropic’s pre-IPO crypto derivatives have reached $643 million in September trading volume alone, but the arrival of a real stock price will force a hard reckoning between the synthetic valuations traders have built and Wall Street’s opening bell. Institutional crypto investors face a liquidity test: whether the market survives when its reference point shifts from algorithmic mark prices to actual equity trading.

Pre-IPO perpetual contracts on Anthropic generated $643 million in volume through September 21, exceeding August’s total of $590 million.
Binance’s Anthropic open interest jumped 88% in 30 days to $31.2 million, with combined Anthropic and OpenAI pre-IPO open interest above $160 million as of mid-September.
SpaceX’s post-IPO precedent shows perpetual volume can expand dramatically after listing, averaging $2.2 billion daily in the following 30 days versus $89 million beforehand on Binance alone.

$643M September volume in Anthropic pre-IPO perpetuals across 12 crypto venues
88% Binance Anthropic open interest growth over 30 days, reaching $31.2 million
$2.2B Average daily SpaceX perpetual volume in 30 days post-IPO versus $89 million before

Anthropic’s planned initial public offering will force crypto derivatives markets to bridge the gap between their synthetic price discovery and the real equity valuation that Wall Street establishes. According to Binance, traders have built $31.2 million in open interest on Binance alone through mid-September without any public shares anchoring valuations.

Instead, mark prices derive from recent trading in the contracts themselves, a circular process that will break the moment Anthropic lists. The transition creates potential repricing events for position holders, with unrealized gains, collateral values and liquidation thresholds all subject to shift.

Binance converts mark price from contract trading to stock index on IPO

Before an IPO, Binance averages recent contract prices and limits daily mark-price moves, allowing traders to value positions in a market with no public reference point.

The exchange can convert Anthropic’s pre-IPO perpetual into a standard equity-linked contract once it has access to a stable third-party stock-price index, but the process does not necessarily begin the moment shares start trading. During the transition, the mark price gradually shifts toward stock-linked calculation, a period where the crypto valuation and real stock price may diverge sharply.

If Anthropic’s crypto-implied valuation differs materially from the IPO opening price, that convergence could alter unrealized gains and losses across thousands of positions simultaneously.

The scale makes the risk concrete rather than theoretical. Combined open interest in Anthropic and OpenAI pre-IPO perpetuals exceeded $160 million as of mid-September, up from roughly $1 million in April, a 160-fold increase in four months.

SpaceX listing expanded perpetual volume 25-fold after mark price conversion

The clearest precedent comes from SpaceX, which listed in June. When Binance transitioned its perpetual from pre-IPO cash settlement to equity-linked pricing, the mark price took as long as three hours to fully converge depending on volatility.

During the following 30 days, average daily perpetual volume across all venues reached $2.2 billion, against roughly $89 million on Binance alone in the pre-IPO period. Open interest had exceeded $300 million before listing and peaked 11 days after the IPO, according to FalconX.

What remains unknown: whether original pre-IPO traders stayed through the transition or new participants entered once price discovery improved and hedging became easier against a real stock.

Anthropic’s market currently sits in an earlier phase than SpaceX was at the same point in its timeline.

Anthropic’s frontier AI profile and $2 trillion valuation may defy historical patterns

Anthropic differs materially from prior precedents. SpaceX was an aerospace and infrastructure play; SK Hynix was a semiconductor and hardware business with established manufacturing. Anthropic is a pure-play frontier AI lab, a category without prior listed derivatives history.

A second variable complicates forecasting: Hyperliquid captures a larger share of Anthropic’s pre-IPO perpetual activity than it did for SpaceX or SK Hynix at comparable stages. TradeXYZ, which historically deploys these markets and later transitions them after listing, has not yet launched Anthropic pre-IPO perpetuals on Hyperliquid and is likely waiting for the S-1 filing before proceeding.

Once that filing arrives, volume could accelerate sharply in the final weeks before listing, following the steep S-curve observed in prior events.

The gap between crypto’s synthetic valuation and Wall Street’s opening price remains the open question.

The CCS read. Liquidity may not be the real test, SpaceX proved perpetuals thrive post-IPO. The real question is whether Anthropic’s $2 trillion crypto valuation holds at IPO pricing. If Wall Street values the company below market expectations, the repricing could trigger cascading liquidations across leveraged positions built on the assumption of a higher opening. That repricing risk is what separates this from a normal volatility event.

The next signals arrive with Anthropic’s formal IPO timetable and the S-1 filing that may already be in draft form at the SEC. Once that document surfaces, institutions will watch three metrics: the gap between Anthropic’s crypto-implied valuation and the IPO price, the speed of mark-price convergence during Binance’s transition period, and whether the $31 million in open interest built before listing survives once the synthetic price has to answer to a public market. Traders will also monitor whether TradeXYZ launches the market on Hyperliquid before or after listing, a timing decision that first reported by CryptoSlate, could shape pre-IPO volume patterns in the final stretch.