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Crypto exchange funding: 12 rounds, $190.7M, 2 named a lead

By NAUT Research · · 6 min read

$190.7M Crypto exchange funding raised by the 11 of 12 rounds that disclosed an amount, 1 July to 28 October 2026. Logos: EDX Markets, Yellow Card, Mercado Bitcoin, Vest Exchange, Extended, V12, Antarctic, PERPTools, GAEA, letsCatapult, Imperial, Arcus.

Crypto exchange funding from 1 July to 28 October 2026 came to $190.7M: 12 exchanges and derivatives platforms announced rounds, and the 11 that disclosed an amount raised that sum. Only 2 of the 12 rounds name a lead investor in NAUT's records, Foundation Capital at Imperial and Portal Ventures at Vest Exchange. EDX Markets, Yellow Card and Mercado Bitcoin took $136M of the $190.7M, 71% of it.

Data as of 28 October 2026, from NAUT's funding records. The scope is rounds into spot exchanges, derivatives venues and perpetuals platforms: 12 of the 254 deals NAUT records for this window. Each round was checked against outside reports, and 9 of the 12 are backed by 2 reports each, listed under Sources. 3 stand on NAUT's record alone: Yellow Card, where the web check found reports of the $40M but could not confirm a quotable line, GAEA, where the check found no report of the stored $3.6M on 31 August 2026, and V12, where the report found for that date describes a different company of the same name. NAUT Research wrote this report; no one paid for it.

Which crypto exchange funding rounds closed, and who led each?

Date Company Round Raised Led by
2 Jul Funding Round Not disclosed None named
2 Jul Strategic $12.5M None named
7 Jul Series C $76M None named
7 Jul Strategic $20M None named
30 Jul Seed $10M None named
4 Aug Strategic $40M None named
28 Aug Private Token Sale $2.1M None named
31 Aug Strategic $3.6M None named
7 Sep Seed $7M None named
1 Oct Seed $5M None named
6 Oct Seed $1.5M
7 Oct Seed $13M

5 of the 12 were seed rounds, 4 were strategic, and the rest were 1 Series C, 1 private token sale and 1 round NAUT records only as a funding round.

Who runs each company, and who backed it?

  • runs an institutional digital asset exchange.
  • runs a cryptocurrency exchange.
  • is Brazil's largest cryptocurrency exchange, operated by 2TM Group.
    • NAUT has no team contact for this company yet
    • Backers in NAUT's record: none named for this round
  • runs a multi-chain perpetual DEX covering crypto, US equity and forex pairs.
  • runs an on-chain perpetual futures exchange with a hybrid orderbook, formerly x10.
  • runs a perpetual order book.
    • Backers in NAUT's record: none named for this round
  • runs a perpetual futures exchange, described in outside reports as Singapore-based.
    • Backers in NAUT's record: none named for this round
  • runs a decentralised perpetual contract exchange.
  • runs a digital asset derivatives trading platform.
    • NAUT has no team contact for this company yet
    • Backers in NAUT's record: none named for this round
  • runs a liquidity bootstrap system on HyperEVM.
    • Backers in NAUT's record: none named for this round
  • runs a decentralised exchange for trading perpetuals.
    • Co-founder: Taehoon Lee
    • Backers in NAUT's record: none named for this round
  • runs perps on Solana from a single terminal.

How much crypto exchange funding did each company raise?

Raised per round, the 11 that disclosed an amount
  1. EDX Markets$76M
  2. Yellow Card$40M
  3. Mercado Bitcoin$20M
  4. Vest Exchange$13M
  5. Extended$12.5M
  6. V12$10M
  7. Antarctic$7M
  8. PERPTools$5M
  9. GAEA$3.6M
  10. letsCatapult$2.1M
  11. Imperial$1.5M

EDX Markets, Yellow Card and Mercado Bitcoin took $136M, 71% of the $190.7M disclosed, and the other 8 that disclosed raised $54.7M between them. Arcus did not disclose its amount.

What this tells a BD team

How a BD team can work this list
  1. Split the list by sizeEDX Markets, Yellow Card and Mercado Bitcoin raised $136M of the $190.7M. The other 8 that disclosed raised $54.7M.
  2. Open the newest rounds firstImperial closed on 6 October 2026 and Vest Exchange on 7 October 2026, so the budget is fresh.
  3. Find the decision makerEach company page lists its team, such as CEO Tony Acuña-Rohter at EDX Markets and co-founder and CEO Evgen Tokarev at PERPTools.
  4. Reach out while it is newsContact them from their NAUT page while the round is still in the press.

What this tells an exchange founder

How a founder can use this list
  1. Start with the 8 named backersFoundation Capital, Portal Ventures, SC Ventures, Sfermion, Shima Capital, Big Brain Holdings, NEAR Foundation and Animoca Brands wrote into 4 of these 12 rounds.
  2. Match your stage to a leadFoundation Capital led a $1.5M seed at Imperial and Portal Ventures led a $13M seed at Vest Exchange.
  3. Weigh a strategic round4 of the 12 rounds are strategic and carry $76.1M of the $190.7M disclosed.
  4. Reach the partnerEach investor page on NAUT lists its team and the people to contact.

How to reach the decision makers

Every company, investor and person above links to its NAUT page, which lists the team, the backers and the people to contact. NAUT holds 45 team contacts across 10 of these 12 companies and a page for 8 of the backers named in the 4 rounds that name one. GAEA and Mercado Bitcoin have no contact rows yet, so those 2 need a route through a backer or a public channel.

Crypto exchange funding FAQ

How much crypto exchange funding was announced between July and October 2026?

$190.7M, across the 11 of 12 exchange and derivatives rounds that disclosed an amount between 1 July and 28 October 2026 in NAUT's records. Arcus announced a round on 2 July 2026 without an amount.

Who invested in crypto exchange startups between July and October 2026?

2 of the 12 rounds name a lead: Foundation Capital led Imperial's $1.5M seed on 6 October 2026, and Portal Ventures led Vest Exchange's $13M seed on 7 October 2026. 6 more backers appear without a lead role: SC Ventures at Yellow Card, and Sfermion, Shima Capital, Big Brain Holdings, NEAR Foundation and Animoca Brands at PERPTools.

Which crypto exchange raised the most since July 2026?

EDX Markets raised the most in this set: a $76M Series C announced on 7 July 2026. Yellow Card was next with $40M on 4 August 2026, then Mercado Bitcoin with $20M on 7 July 2026.

Which perpetuals and derivatives venues raised between July and October 2026?

8 of the 12: Arcus (undisclosed, 2 July 2026), Extended ($12.5M), V12 ($10M), Antarctic ($7M), PERPTools ($5M), GAEA ($3.6M), Imperial ($1.5M) and Vest Exchange ($13M). None of the 8 disclosed more than $13M.

Where can I find the people running these exchanges?

Each company's NAUT page lists its team. NAUT holds 45 contacts across 10 of these 12 companies, including CEO Tony Acuña-Rohter at EDX Markets, co-founder and CEO Evgen Tokarev at PERPTools, co-founder and CEO Jordan Prince at Imperial and co-founder Taehoon Lee at Arcus.

Sources