What Perpetuals.com does

Perpetuals.com Ltd. (NASDAQ: PDC) is a Japanese-incorporated fintech company operating EU-licensed financial market infrastructure at the intersection of traditional finance and digital assets. The company was formed through the January 2026 acquisition of Perpetual Markets Ltd. by Earlyworks Co., Ltd. (founded 2018), with the combined entity rebranding under the Perpetuals.com name and trading on NASDAQ as PDC. Operating from Tokyo (corporate HQ), Nicosia (CySEC-regulated MTF base), Frankfurt (Equinix FR2 data center co-located with EUREX and Deutsche Börse), and the US West Coast (Bend, Oregon), Perpetuals.com serves B2B counterparties — banks, brokers, fintechs, hedge funds, and tokenization issuers — alongside a retail user base via the UpsideOnly prediction platform.

The core technology stack centers on Kronos X, a proprietary multi-asset exchange software suite enabling regulated trading venues to operate 24/7 with blockchain-based settlement, complemented by Barrier Futures (MiFID II-compliant derivatives with mandatory stop-loss barriers and no margin calls), Quantum-Resilient Vaults (self-custody with dedicated key pairs and full on-chain transparency), Ledgera and PerpetualPay.Net (cross-chain settlement and non-custodial payments), and BayesShield AI (predictive trading intelligence trained on 11.7+ billion trades). Operations are governed by CySEC under an expanded MiFID II license approved in March 2026, making Perpetuals.com the first European MTF authorized for direct client execution in crypto derivatives, with regulatory equivalence recognized in the United States, Australia, and Hong Kong. The company also licensed the Forgentiq.ai on-premises agentic AI platform exclusively worldwide from Younet AI for fintech and digital assets use cases.

Revenue is generated through multiple streams: trading fee shares from broker partners, bid-ask spread participation on Barrier Futures, recurring white-label licensing subscriptions for Kronos X technology, SaaS licensing for Forgentiq.ai and BayesShield AI (including an academic deployment at the German University of Digital Science), and QRaaS security subscriptions deployed across Equinix data centers. The go-to-market combines enterprise field sales for institutional clients with a product-led motion for the UpsideOnly retail prediction platform, which reached 30,000+ active users from 185 countries within two weeks of launch. Despite the breadth of announced products and partnerships, the company is in an early commercialization phase, with no disclosed revenue figures and a headcount of 11–50.

Name

Perpetuals.com

Legal name

Perpetuals.com Ltd.

Website

https://perpetuals.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Perpetuals.com Ltd. (NASDAQ: PDC) operates an EU-licensed MiFID II MTF and multi-asset derivatives exchange for perpetual futures, offering white-label Kronos X infrastructure to banks, brokers, and fintechs, plus retail prediction markets, quantum-resilient custody, and AI-driven trading intelligence.

Ownership category

akta.pro rank

Product category

Crypto Derivatives Exchange Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Perpetual Futures (Perps) Venues & Protocols (FSADAGAA)

akta.pro secondary industries

Derivatives Trading Venues (perps, futures, options) (FSAPADAE), Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)

Keywords

• Crypto derivatives exchange
• White-label exchange infrastructure
• Perpetual futures trading
• Quantum-resilient custody
• Tokenized real-world assets

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Trading Fee Shares: B2B revenue from broker partners trading on the MTF platform through fee share arrangements based on trading volumes executed.
2. Bid-Ask Spread Participation: Revenue generated from spread participation in Barrier Futures and other derivative products traded through the regulated exchange infrastructure.
3. White-Label Licensing: Recurring subscription revenue from licensing Kronos X exchange technology and brand infrastructure to banks, brokers, and fintechs seeking to deploy institutional-quality trading technology under their own brand.
4. Forgentiq.ai SaaS Licensing: Platform-as-a-Service subscription model for Forgentiq.ai on-premises AI platform targeting hedge funds, proprietary trading firms, and crypto asset managers. Initial internal deployment followed by external client licensing on recurring subscription basis.
5. Academic AI Licensing: Recurring SaaS licensing revenue from German University of Digital Science deployment of BayesShield AI across research centers and graduate programs including M.Sc. in Applied AI and MBA in Financial Technology.
6. Quantum Resilience as a Service (QRaaS): Enterprise security service deployed across Equinix data centers in Germany and US. Revenue generated from colocation, managed server, and entropy-as-a-service API tiers for financial institutions requiring quantum-resilient encryption.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Perpetuals.com runs a CySEC-regulated EU Multilateral Trading Facility (PM MTF Ltd.) and licenses its proprietary Kronos X multi-asset exchange software as white-label SaaS to banks, brokers, and fintechs, while also operating retail-facing derivatives and prediction products (Barrier Futures, UpsideOnly). The stack is rounded out by quantum-resilient self-custody (Vault), cross-chain settlement and payments (Ledgera, PerpetualPay.Net), proprietary predictive AI (BayesShield AI), on-premises agentic AI (Forgentiq.ai), and quantum-resilient encryption services (QRaaS).

Product overview

Perpetuals.com Ltd (NASDAQ: PDC) operates as a fintech company offering institutional-grade financial market infrastructure at the intersection of traditional finance and digital assets. The company provides a unified digital asset infrastructure stack comprising core trading technology (Kronos X multi-asset exchange), innovative leveraged products (Barrier Futures), retail prediction markets (UpsideOnly), self-custody solutions (Vault), blockchain payment and settlement platforms (Ledgera, PerpetualPay.Net), proprietary AI risk prediction (BayesShield AI), and quantum-resilient security services (QRaaS). Products are delivered as white-label SaaS from data centers in Germany and US West Coast, operating under EU MTF license recognized in the US, Australia, and Hong Kong. The company extended its AI technology into healthcare diagnostics and secured exclusive licensing for the Forgentiq.ai agentic AI platform.

Differentiator

Problem solved

Functional benefit

Brands

• Kronos X: Proprietary multi-asset exchange software suite enabling regulated trading venues to operate 24/7 with blockchain-based settlement technology
• UpsideOnly
• Barrier Futures
• BayesShield AI
• Vault
• Ledgera
• PerpetualPay.net
• Quantum-Resilience-as-a-Service (QRaaS)
• PM MTF Ltd.
• Forgentiq.ai

Products and services

• Kronos X Multi-Asset Exchange White-label SaaS exchange platform for banks, brokers, and fintechs covering crypto spot, derivatives (perpetuals, futures, options, swaps), tokenized assets, structured products, and pre-IPO securities with full EU regulatory compliance.
• Barrier Futures MiFID II-compliant leveraged derivative product for institutional investors and regulated funds, offering capped downside via pre-defined barriers without margin calls or liquidation engines.
• UpsideOnly Consumer-facing AI-powered prediction and trading platform that lets users make paper trades on global markets; users earn payouts when their simulated predictions align with profitable AI-executed trades, with no real capital at risk.
• Perpetuals Vault Quantum-resilient self-custody wallet providing institutional-grade custody with dedicated key pairs per user and on-chain transparency, eliminating reliance on third-party custodians or hardware wallets.
• Ledgera

Quantifiable outcome

• 92% of losing retail trades preventable with BayesShield AI powered by NVIDIA hardware
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability5 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core, strategic and minor.

• Datavault AIcoreStrategic or Co-development Partner · 29 May 2026Mutual Services Agreement for listing Datavault AI's five real-world asset token programs (GoldVault, Coppercoin, MTB Copper, Triton Geothermal, American Strategic Minerals) on Perpetuals' EU-licensed exchange platform. Combined targeted issuance exceeding $328 million. Enables 24/7 global trading of tokenized physical commodity assets for first time. MTB Copper designated as initial implementation project.
• European Institute of Management (EIM)strategicStrategic or Co-development Partner · 22 April 2026Partnership to support pilot deployment of BayesShield AI in healthcare diagnostics at partner hospitals and clinics. Doctoral candidates from EIM's PhD in Healthcare Studies program assist with study design and outcome analysis. Technology helps hospitals identify physicians with most accurate diagnostic patterns for specific case types.
• German University of Digital Science (German UDS)strategicTechnology or Integration · 16 April 2026Strategic licensing agreement to deploy BayesShield AI predictive intelligence platform across university's research centers and graduate programs. Platform trained on 11.7 billion retail trades from regulated MTF integrated into M.Sc. in Applied AI, M.Sc. in Cybersecurity, and MBA in Financial Technology. Marks Perpetuals' entry into $83 billion global online education market while generating recurring SaaS licensing revenue and providing academic validation.
• Younet AIcoreTechnology or Integration · 9 April 2026Exclusive worldwide license for Forgentiq.ai on-premises agentic AI platform for fintech and digital assets industry. Platform enables secure use of advanced LLMs and autonomous AI agents while maintaining data sovereignty. Initial deployment within Perpetuals' own trading operations followed by licensing to external clients (hedge funds, proprietary trading firms, crypto asset managers).
• EquinixcoreTechnology or IntegrationData center partnership for hosting exchange infrastructure. European operations at Equinix FR2 Frankfurt co-located with EUREX and Deutsche Börse. US operations at Fort Rock Data Center in Bend, Oregon. Provides carrier-grade facilities with sub-200μs latency for colocation clients.
• Backpack ExchangeminorChannel Partner/ Reseller/ DistributorPartner integration providing additional trading venue connectivity and liquidity access.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• OKX: Global centralized exchange offering spot, derivatives (perps, futures, options), and Web3 services. Broad incumbent comparable to Perpetuals.com across derivatives, tokenization, and trading infrastructure.
• Coinbase: Largest US-regulated public crypto exchange with spot, futures, and derivatives offerings (including via Deribit). Comparable as a publicly listed regulated venue, though operates at significantly larger scale and broader product scope.
• Bybit: Top-tier centralized exchange with one of the largest perpetual futures markets globally. Comparable on perps trading volume and product offerings, though operates offshore rather than as a regulated EU MTF.
• Bitget: Centralized exchange known for derivatives trading, particularly perpetual futures copy trading. Comparable on perps product emphasis and retail trader focus, operates offshore rather than as regulated MTF.

Direct peers

• GMX: Decentralized perpetual futures exchange using a GLP liquidity model. Comparable on product (crypto perps) and target retail/pro trader audience, but differs by being fully on-chain versus regulated MTF.
• Deribit: Crypto derivatives exchange specializing in options and perpetual futures (now owned by Coinbase). Closely comparable on derivatives focus and institutional/professional trader targeting, though not EU MTF regulated.
• Hyperliquid: Leading decentralized perpetual futures exchange competing directly with Perpetuals.com in the crypto perps venue space. Compares on core product (perpetual futures), but operates without the EU MTF regulatory framework Perpetuals.com offers.
• LMAX Exchange: Regulated MTF and exchange operator providing institutional FX and crypto trading infrastructure. Closely comparable on regulated MTF model, MiFID II framework, and institutional white-label exchange infrastructure offering.
• dYdX: Decentralized derivatives exchange focused on perpetual futures trading. Directly comparable to Perpetuals.com's perps venue focus, but uses a fully on-chain order book model rather than a regulated MTF structure.

Emerging players

• Bitfinex Securities: Regulated tokenized securities platform operating in select jurisdictions. Comparable on the regulated venue + tokenized RWAs intersection that Perpetuals.com targets with Datavault AI partnership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/perpetuals-com-group

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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