Perpetuals.com (Formerly Earlyworks)

Name

Perpetuals.com (Formerly Earlyworks)

Legal name

Earlyworks Co., Ltd.

Website

https://e-arly.works

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Blockchain Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Software Publishers (51321), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Services-Computer Programming Services (7371)

akta.pro primary industry

Derivatives Trading Venues (perps, futures, options) (FSAPADAE)

akta.pro secondary industries

Perpetual Futures (Perps) Venues & Protocols (FSADAGAA), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Interoperability & Integration Middleware (ERP/core banking connectors, messaging, APIs, cross-chain to permissioned) (FSAPAIAL)

Keywords

• Blockchain infrastructure
• Enterprise blockchain solutions
• Crypto payment gateway
• Prediction market platform
• Derivatives trading software

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Platform Transaction Fees: Revenue from transaction fees on exchange platforms including UpsideOnly trading platform and RWA tokenization programs
2. GLS Licensing: Licensing fees for Grid Ledger System blockchain technology to enterprises, including license fees (100,000 JPY/month base), node licenses, transaction fees, and slot fees
3. Derivative Products: Barrier Futures proprietary derivative products for perpetual futures and CFD markets targeting $100-300 billion daily volume offshore market
4. AI Infrastructure Licensing: Licensing Forgentiq.ai platform to hedge funds, trading firms, and asset managers for on-premises AI deployment

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

Perpetuals.com develops and licenses proprietary blockchain infrastructure (the Grid Ledger System / GLS) and operates AI-powered trading and prediction platforms. Its offerings span enterprise blockchain licensing, cross-chain settlement (Ledgera), non-custodial crypto payments (PerpetualPay.Net), quantum-resilient self-custody, regulated exchange software (Kronos X), proprietary derivatives (Barrier Futures), a consumer prediction platform (UpsideOnly) powered by BayesShield AI, and agentic AI infrastructure (Forgentiq.ai). Customers include Japanese enterprises (NTT DOCOMO, Hakuhodo, Ambition DX), merchants, RWA issuers, retail traders, hedge funds, and trading firms globally.

Product overview

Perpetuals.com Ltd (formerly Earlyworks Co., Ltd.) operates a dual-product portfolio. The legacy Earlyworks division provides enterprise blockchain solutions centered on the proprietary GLS (Grid Ledger System) - a hybrid blockchain with 0.2-second transaction speeds and EVM compatibility. The GLS powers multiple platforms including Ledgera (cross-chain settlement), PerpetualPay.Net (crypto payments), and Perpetuals Vault (custody), all featuring quantum-resilient security and 100x lower transaction costs. The newer Perpetuals.com division targets the multi-trillion dollar global derivatives market with Kronos X exchange software and UpsideOnly consumer prediction platform (powered by BayesShield AI trained on 22+ billion trades). Additional products include Barrier Futures derivatives, Forgentiq.ai agentic AI infrastructure, and Quantum-Resilient Crypto Vaults for self-custody. Legacy Earlyworks services include QaGO (QA/verification), AURIS (advertising analytics), and platforms for NFT marketplaces (animap, MetaMe), real estate contracting (AMBITION Sign), shareholder management (Yuutai WALLET), and freelancer tools (APO).

Differentiator

Problem solved

Functional benefit

Brands

• UpsideOnly: Consumer prediction platform using BayesShield AI for stocks, crypto, commodities, and forex markets without requiring users to fund their own trades.
• Ledgera
• PerpetualPay.Net
• Barrier Futures
• Forgentiq.ai
• Perpetuals Vault
• Kronos X
• Grid Ledger System (GLS)

Products and services

• GLS (Grid Ledger System)

Quantifiable outcome

• 30,000+ active users from 185 countries in first two weeks
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature6 records

Partnerships

17 partnerships are on record, tiered core, minor and major.

• Datavault AI Inc.coreStrategic or Co-development Partner · 29 May 2026Mutual Services Agreement to list Datavault AI's RWA tokenization programs on Perpetuals exchange platform. Initial agreement covers MTB Copper project with programs targeting $328 million+ in combined issuance spanning gold, copper, geothermal energy, and critical minerals. Enables 24/7 global trading of tokenized physical commodity assets for first time.
• NVIDIAcoreTechnology or Integration · 3 February 2026AI Superchip partnership powering BayesShield AI technology. NVIDIA hardware enables blocking 92% of losing retail trades through advanced prediction modeling trained on massive trade datasets.
• German University of Digital ScienceminorStrategic or Co-development Partner · 27 January 2026Partnership for quantum-resilient development to advance blockchain security technology and address Germany's shortage of quantum computing specialists.
• Service Innovation Co., Ltd.minorStrategic or Co-development Partner · 6 December 2024Business alliance to integrate blockchain technology for gourmet website 'Yummeet!' to record reviews and ratings in immutable format, enhancing transparency and trust. Aims to establish 'user-first' standard in gourmet platform domain.
• CAICA DIGITAL Inc.minorStrategic or Co-development Partner · 17 September 2024Business alliance agreement to support expansion of Web3 business. Combined services provide comprehensive support for businesses engaged in Web3 projects, with CAICA Web3 For Biz matching service and Earlyworks GLS technology.
• Relic Inc.minorStrategic or Co-development Partner · 21 May 2024Business co-creation partnership for blockchain business development and innovation initiatives in Japan.
• NTT DOCOMO, Inc.majorStrategic or Co-development Partner · 19 February 2024Selected as co-creation partner for MetaMe metaverse communication service. Provides NFT marketplace development and white paper creation for NTT DOCOMO's MetaMe platform using GLS blockchain technology.
• Social Finance LimitedminorStrategic or Co-development Partner · 10 January 2024Memorandum of Understanding for blockchain game development combining blockchain technology with Social Finance's expertise.
• GuildQBminorStrategic or Co-development Partner · 13 December 2023Partnership for blockchain game development combining Earlyworks blockchain expertise with GuildQB's gaming capabilities.
• POCKET RD Inc.minorStrategic or Co-development Partner · 14 November 2023Business partnership to strengthen blockchain utilization proposals for the coming physical-digital (phygital) marketing era.
• PM MTF Ltd.coreStrategic or Co-development PartnerEU-licensed Multilateral Trading Facility regulated by Cyprus Securities and Exchange Commission (CySEC). Perpetuals has option agreement to acquire PM MTF Ltd. pending regulatory approval. Trading venue for RWA token programs using institutional-grade infrastructure at Equinix FR2 data center in Frankfurt.
• Microsoft for StartupsminorGTM or Marketing PartnerGLS (Grid Ledger System) listed on Azure Marketplace enabling broader enterprise accessibility and cloud integration for startups and enterprise customers.
• NTT DOCOMO, Inc.majorStrategic or Co-development PartnerStrategic partnership for blockchain solutions serving NTT DOCOMO's digital asset services including tickets and art valuation on blockchain.
• NEC Communication SystemsminorStrategic or Co-development PartnerTechnology partnership for GLS blockchain solutions and integration with NEC communication systems.
• Pole To Win Inc.minorStrategic or Co-development PartnerBusiness partnership for blockchain technology collaboration and solution development.
• Hakuhodo DY Music & Pictures Inc.minorStrategic or Co-development PartnerNFT platform 'animap' construction project for digital content rights management and provenance using GLS blockchain.
• Ambition DX Holdings Co., Ltd.minorStrategic or Co-development PartnerAMBITION Sign platform development - real estate contracting platform utilizing GLS for smart contracts, electronic signatures, and tamper-proof history management from viewing to key handover.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hyperliquid: On-chain perpetuals exchange with its own L1 and order book, targeting the same high-volume offshore perps audience; comparable in product scope and growth profile to Perpetuals.com's derivatives stack.
• Ondo Finance: Issuer and marketplace for tokenized real-world assets (US Treasuries and other yield-bearing instruments); directly comparable to Perpetuals.com's RWA tokenization strategy via PM MTF Ltd.
• GMX: Decentralized perpetual futures exchange on Arbitrum/Avalanche with deep on-chain liquidity; competes for the same retail and API-driven perps traders that Perpetuals.com targets.
• BitPay: Crypto payment gateway for merchants and businesses; directly comparable to PerpetualPay.Net in enabling non-custodial wallet-to-wallet crypto settlement.
• dYdX: Decentralized perpetuals and derivatives exchange operating on its own application-specific chain; directly comparable to Perpetuals.com's Barrier Futures and Kronos X perpetuals venue strategy.

Broad incumbents

• OKX: Global centralized exchange with strong perpetual futures, RWA tokenization initiatives, and a self-custody wallet; overlapping with Ledgera, PerpetualPay.Net, and Barrier Futures.
• Polygon Labs: Major blockchain infrastructure provider offering high-throughput EVM-compatible chains and RWA tooling; competes for the same enterprise GLS-style integration opportunities.
• Bybit: Large centralized exchange with one of the deepest derivatives books globally; competes for the same retail perpetuals traders and is a likely liquidity benchmark for Barrier Futures.
• Avalanche: High-performance L1 with a strong subnets/enterprise focus and multiple RWA and tokenization deployments; competes directly with GLS for enterprise blockchain and tokenization workloads.

Emerging players

• Maple Finance: On-chain credit and RWA infrastructure platform offering tokenized yield products; comparable in building regulated, blockchain-based financial products for institutional and accredited investors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/earlyworks_ir
• LinkedInlinkedin.com/company/e-arlyworks

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Perpetuals.com (Formerly Earlyworks)