What Pi42 does

Pi42 is an Indian cryptocurrency derivatives exchange operated by Lightning nodes Technologies Private Limited and headquartered in Ahmedabad, India. Founded in 2023 by Nischal Shetty and Avinash Shekhar (Co-founder and CEO), with Satish Mishra as CTO, the platform offers perpetual futures and European-style options trading on BTC, ETH, SOL and other major cryptocurrencies. It is registered as a Virtual Asset Service Provider with FIU-IND (REID: VA00045558) and positions itself as India's first INR-margined crypto derivatives exchange, allowing traders to settle in Indian rupees rather than USDT to avoid stablecoin conversion friction and certain tax exposures associated with USDT-margined trades. The platform supports 700+ trading pairs across INR and USDT markets with leverage up to 150x, under-50ms trade execution, and TradingView-powered charting.

The business model is transaction-fee based, with maker fees ranging from 0.0070% to 0.0200% and taker fees from 0.0290% to 0.0500% across an 8-tier VIP structure determined by 30-day rolling trading volume. Additional revenue is generated from funding fees on perpetual contracts (charged every 4 or 8 hours), a 0.50% insurance clearance fee on auto-liquidated positions, and 18% GST on fees. INR deposits and withdrawals are free via UPI/IMPS/NEFT/RTGS. Go-to-market is product-led and self-serve through web, iOS, and Android apps, with sub-10-minute KYC, a referral program (20% fee share), trading competitions, and a community forum at community.pi42.com. The primary customer base consists of Indian retail crypto derivatives traders, with Gen Z (18-25) representing 61% of new INR derivatives traders, female participation growing 20% YoY, and Tier 2/3 cities—particularly North-East India—emerging as important hubs. Cumulative traded volume exceeds $6B, and distribution is restricted to India only.

Name

Pi42

Legal name

Lightning nodes Technologies Private Limited

Website

https://pi42.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Pi42 is an Indian FIU-registered cryptocurrency derivatives exchange offering perpetual futures and options on BTC, ETH, and SOL with INR-margined and USDT-margined contracts, serving Indian retail traders—primarily Gen Z, female, and Tier 2/3 city users—with up to 150x leverage and 700+ trading pairs.

Ownership category

akta.pro rank

Product category

Cryptocurrency Derivatives Exchange

NAICS

Securities and Commodity Exchanges (52321), Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

akta.pro secondary industries

Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)

Keywords

• Crypto derivatives exchange
• Perpetual futures trading
• Crypto options trading
• INR-margined contracts
• Leveraged crypto trading

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Trading Transaction Fees: Pi42 charges maker and taker fees based on VIP tier levels. Maker fees range from 0.0070% to 0.0200%, while taker fees range from 0.0290% to 0.0500%. Additional 18% GST is charged on trading fees. Fees apply to both INR and USDT markets.
2. Funding Fees: Periodic payments exchanged between long and short position holders to maintain futures-spot price alignment. Charged every 4 or 8 hours depending on the token pair. Funding Amount = Mark Price × Contract Size × Funding Rate.
3. USDT to INR Conversion: Users can deposit USDT and convert to INR. While transaction fee is free and GST is not applicable, 1% TDS is deducted as per Indian Income Tax rules.
4. Liquidation Fees: When positions are auto-liquidated due to insufficient margin, users are charged the applicable Taker Fee plus an Insurance Clearance Fee of 0.50% of the position's notional value.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Pi42 is an Indian cryptocurrency derivatives exchange that enables users to trade perpetual futures and European-style options on major cryptocurrencies (BTC, ETH, SOL, and others) through both INR-margined and USDT-margined contracts with leverage up to 150x. The platform offers over 700 trading pairs, sub-50ms execution, advanced trading tools (Greeks, strategy builders, real-time P&L), and is positioned as India's first INR-margined crypto derivatives exchange, allowing traders to bypass stablecoin on-ramps and certain Indian tax liabilities. The platform is operated via a self-serve web interface and native iOS/Android applications with KYC verification completed in under 10 minutes.

Product overview

Pi42 is a crypto derivatives exchange offering perpetual futures and options trading with both INR and USDT margined contracts. The platform provides India's first INR-margined crypto derivatives, enabling traders to avoid conversion losses and complex tax liabilities. With over 700+ trading pairs and up to 150x leverage, Pi42 targets Indian and institutional traders seeking crypto futures and options exposure. Key products include Perpetual Futures Trading (non-expiry contracts tracking spot via funding rates), Options Trading (European-style with auto-exercise on expiry), and INR/USDT-margined contract pairs. The platform integrates TradingView for charting and offers API Trading access for developers.

Differentiator

Problem solved

Functional benefit

Products and services

• Perpetual Futures Trading Pi42's perpetual futures trading allows traders to hold long or short positions in crypto derivatives without expiry, using funding rates to track spot prices. Supports both INR-margined and USDT-margined contracts with leverage up to 150x.
• Options Trading European-style crypto options trading platform where traders can buy calls or puts with the right but not obligation to buy/sell at strike prices. Options auto-exercise on expiry if in-the-money, with predefined risk limited to premium paid.
• INR-Margined Contracts India's first INR-margined crypto derivatives allowing traders to avoid conversion losses and complex tax liabilities with direct INR settlement. Features include no 1% TDS deduction and no 30% VDA tax on profits.
• USDT-Margined Contracts USDT-settled perpetual futures and options contracts providing access to global crypto markets with standard USDT trading pairs.
• Pi42 Mobile Application iOS and Android mobile application for trading crypto futures and options on-the-go with full platform functionality.
• API Trading Developer API for programmatic trading access on Pi42, enabling algorithmic and quantitative trading strategies.

Quantifiable outcome

• 61% of new INR derivatives traders are Gen Z (aged 18-25)
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Hashed EmergentminorStrategic or Co-development Partner · 1 April 2026Joint research study on Gen Z crypto trading behavior in India, analyzing over 200,000 traders on the Pi42 platform between January and December 2025. Study found 61% of new crypto futures traders are Gen Z.
• TradingViewcoreTechnology or IntegrationCharts on Pi42 platform are powered by TradingView, providing professional-grade charting capabilities including technical indicators, drawing tools, and real-time market data for traders.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Delta Exchange: India-focused crypto derivatives exchange offering futures and options on BTC, ETH, and other majors. Delta is the closest direct competitor to Pi42 in INR-accessible derivatives, including perpetuals and options.
• Bitget: Global derivatives-focused exchange known for high-leverage perpetuals and copy trading. Comparable product set to Pi42 (perpetuals, options, copy/leaderboard mechanics) targeting active retail derivatives traders.

Broad incumbents

• CoinDCX: One of India's largest crypto exchanges with spot, staking, and a derivatives product (CoinDCX Futures). Comparable as a domestic FIU-registered platform targeting Indian retail with INR rails, but broader scope than Pi42's derivatives focus.
• WazirX: Major Indian crypto exchange historically led by Pi42 co-founder Nischal Shetty. Comparable as an INR-native, FIU-registered Indian platform, though primarily spot-focused with a smaller derivatives book than Pi42.
• ZebPay: One of India's longest-running crypto exchanges with INR deposit rails and a derivatives offering. Comparable as a domestic incumbent competing for the same Indian retail derivatives trader segment.
• Bybit: Global derivatives-heavy crypto exchange offering perpetual futures and options on the same majors as Pi42 (BTC, ETH, SOL). Comparable as a derivatives product competitor once Indian users access it via VPN/P2P, even though it is offshore.
• Binance: World's largest crypto exchange with deep derivatives liquidity across perpetuals and options on BTC, ETH, and altcoins. Comparable as a global derivatives incumbent that Indian traders access via P2P, posing indirect competitive pressure on Pi42.
• OKX: Global crypto exchange with a strong derivatives book, options, and copy trading. Comparable as a broad incumbent offering very similar product features (perpetuals, options, leverage, API) to Pi42 outside of INR rails.
• CoinSwitch: India-focused crypto platform with INR on-ramps and a growing derivatives product (CoinSwitch Pro). Comparable as a domestic incumbent building out derivatives in the same Indian retail segment Pi42 serves.

Emerging players

• Mudrex: India-based crypto investment and derivatives platform offering INR-funded perpetual futures. Comparable as an India-focused emerging player building derivatives products tailored to retail Indian traders, similar to Pi42's core positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Pi42Exchange
• LinkedInlinkedin.com/company/pi42exchange

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Pi42