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DEX funding round list: 11 spot deals, $70.8M, Jupiter took 49%

By NAUT Research · · 7 min read

$70.8M DEX funding disclosed by 8 of 11 spot and aggregator DEX rounds, 1 January 2025 to 12 November 2026. Logos: Jupiter, Kuru, Titan, RateX, Momentum, o1_exchange, Axiom, ElfomoFi, Hyperion.

NAUT tracks 11 venture-style DEX funding rounds at 9 spot DEX, aggregator and trading terminal teams between 1 January 2025 and 12 November 2026, and the 8 rounds that disclosed an amount raised $70.8M. The largest DEX funding round is Jupiter's $35M strategic round from ParaFi Capital on 2 February 2026 is 49% of that total, and Kuru's $11.6M Series A is next.

Data as of 12 November 2026, from NAUT's funding records. NAUT holds 32 venture-style rounds since 1 January 2025 at 28 companies tagged DEX, after 57 IDO, ICO, IEO, presale, KOL and grant rows were dropped and 1 Pump.fun row that sits beside its own token sale was left out. Of the 32, 10 rounds at 9 teams sit on the perps side, covered below and in NAUT's perp DEX funding report: 9 at perps venues and 1 at Trade xyz, a Hyperliquid HIP-3 DEX whose NAUT description does not say whether it trades perps. NAUT flags Axiom for perps, but it is kept on the spot side because its description leads with spot swaps. 5 rounds were dropped because each company's own NAUT description names another product (Tea-Fi, a DeFi portfolio app; Falcon Finance, a stablecoin collateral protocol; Myriad, a prediction market; Suilend, a lending app; Astarter, a launchpad hub). Based's 2 rounds are out because its description is a trading and spending super app on Hyperliquid. Shogun's $6.9M seed is out because an outside check dated it to May 2024, before the window. Hibachi and Dreamcash are out because their 3-word descriptions do not say what they trade, and Solar Swap is out because its description is empty. That leaves the 11 rounds here. Dates are the round dates NAUT stores. 8 of the 11 rounds were put to outside sources: 2 confirmed, 3 differed from NAUT's row on 1 detail (Kuru's amount, and the day for Titan and Momentum's strategic round), and 3 came back not found. The other 3 (Axiom, o1_exchange and ElfomoFi) were not read outside NAUT. NAUT lists Gate Labs and Gate.io Labs as 2 separate backer rows, and this report keeps them apart. NAUT Research wrote this report; no one paid for it.

Which teams closed a DEX funding round since 2025?

11 rounds at 9 teams closed between 1 January 2025 and 12 November 2026, ranked here by date. 4 of the 11 are strategic rounds, and 3 did not disclose an amount.

Date Company Round Raised
1 Jan 2025 Pre-seed Not disclosed
13 Mar 2025 Pre-seed $500K
1 Apr 2025 Private $5M
6 Jun 2025 Strategic Not disclosed
12 Jun 2025 Strategic Not disclosed
7 Jul 2025 Series A $11.6M
20 Aug 2025 Private $4.2M
19 Sep 2025 Seed $7M
21 Nov 2025 Strategic $7M
2 Feb 2026 Strategic $35M
25 Aug 2026 Incubation $500K

NAUT's data holds 34 backer records on these rounds, at 29 backer rows. None of the 34 carries a lead flag on NAUT's record yet, so this report names backers and leaves the lead out. 2 rounds have no backer on NAUT's record: Hyperion's pre-seed and ElfomoFi's incubation round, and ElfomoFi's own NAUT description says it is backed by YZi Labs.

Who runs each DEX, and who backed it?

Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

How big was each DEX funding round?

Raised per round, the 8 that disclosed an amount
  1. Jupiter$35M
  2. Kuru$11.6M
  3. Titan$7M
  4. RateX$7M
  5. Momentum$5M
  6. o1_exchange$4.2M
  7. Axiom$0.5M
  8. ElfomoFi$0.5M

Jupiter's $35M is 3 times the next round; Momentum's strategic round and both of Hyperion's rounds carry no amount, so they stay out of the chart. Most of the DEX aggregator funding here is that 1 Jupiter round.

What about perp DEX funding rounds?

NAUT holds 10 perps-side rounds at 9 teams in the same window, and the 8 with an amount raised $47.35M. 9 are at perps venues; Trade xyz is a Hyperliquid HIP-3 DEX, and NAUT does not state whether it trades perps. The Block reports that eToro led Extended's $12.5M strategic round and that Paradigm led Liquid's $7.6M seed. NAUT's record flags Foundation Capital as the lead of Imperial's $1.5M seed.

Date Company Round Raised
14 May 2025 Private $9.25M
5 Jun 2025 Strategic $1.5M
6 Nov 2025 Seed $7.6M
12 Mar 2026 Pre-seed $3M
2 Jul 2026 Funding round Not disclosed
2 Jul 2026 Strategic $12.5M
7 Sep 2026 Seed $7M
1 Oct 2026 Seed $5M
6 Oct 2026 Seed $1.5M
29 Oct 2026 (HIP-3 DEX) Strategic Not disclosed

Spot and perps-side together come to 21 DEX rounds at 18 teams, $118.15M across the 16 that disclosed an amount.

What this tells a BD team

  • Exchange venture arms back the spot side. Coinbase Ventures sits in 3 of the 11 rounds (both Momentum rounds and o1_exchange), and OKX Ventures in 2 (Momentum and Hyperion). Their portfolio pages show which DEX teams they already work with.
  • Solana holds 3 of the 9 teams. Jupiter, Titan and Axiom all build on Solana; Aptos, Sui, Monad and EVM have 1 team each in this list.
  • The newest money is recent. Jupiter closed in February 2026 and ElfomoFi in August 2026, so they are the 2 freshest raises on this list.
How a BD team can work this list
  1. Pick the chain3 of the 9 teams build on Solana: Jupiter, Titan and Axiom.
  2. Start with the largestJupiter's $35M strategic round is 49% of the $70.8M disclosed.
  3. Find the decision maker8 of the 9 teams have a founder or CEO page on NAUT, from Chris Chung at Titan to fravashi at Kuru.
  4. Use the shared backerCoinbase Ventures sits in 3 of the 11 rounds, at Momentum and o1_exchange.

What this tells a DEX founder raising

How a DEX founder can use this list
  1. Read the repeat backersCoinbase Ventures, OKX Ventures, Mirana Ventures and Aptos each sit in 2 or more of the 11 rounds.
  2. Match the chainMirana Ventures backed Hyperion on Aptos and Titan on Solana.
  3. Size the askSeeds and Series As here run from Titan's $7M to Kuru's $11.6M.
  4. Reach the partnerEach backer's NAUT page lists its team and its portfolio.

How to reach the decision makers

Every company, backer and person above links to a NAUT page that lists the team and the backers. 8 of the 9 spot teams have a founder or CEO page on NAUT; ElfomoFi has no team row yet. 27 of the 29 backer rows are investor pages, and Aptos and Animoca Brands sit on project pages.

Related reading on NAUT: Perp DEX funding: 8 deals, $39.5M, 2 teams took 65% and Decentralized exchanges list: 196 DEXs on NAUT, 37 run perps.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/projects/jupiter returns 1 company with its team, and GET https://api.naut.so/v1/investors/coinbase-ventures returns 1 fund with its team and its portfolio rows, each carrying company, roundType, amountUsd, announceDate and isLead. Every call is a GET with Authorization: Bearer $NAUT_KEY and costs 5 credits, documented at https://naut.so/docs/api with plans at https://naut.so/pricing. The verified Telegram, email and LinkedIn of the people named here unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

DEX funding round FAQ

How much did spot DEX teams raise since 2025?

NAUT tracks 11 spot DEX, aggregator and terminal rounds at 9 teams from 1 January 2025 to 12 November 2026, and the 8 that disclosed an amount raised $70.8M. Jupiter's $35M strategic round is the largest.

Which DEX raised the largest funding round since 2025?

Jupiter, with a $35M strategic round from ParaFi Capital on 2 February 2026. Kuru is next with an $11.6M Series A on 7 July 2025, backed by Paradigm and Electric Capital.

Who invested in DEX startups since 2025?

NAUT's data holds 34 backer records at 29 backer rows on the 11 spot DEX rounds from 1 January 2025 to 12 November 2026. Coinbase Ventures sits in 3 rounds, and OKX Ventures, Mirana Ventures and Aptos in 2 each.

Where can I find DEX founders and their contact channels?

On NAUT. 8 of the 9 spot DEX teams that raised from 1 January 2025 to 12 November 2026 have a founder or CEO page on naut.so, from Siong Ong at Jupiter to Jerry Pan at o1_exchange, and GET https://api.naut.so/v1/projects/jupiter returns 1 company with its team. Their verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

How much did perp DEX teams raise since 2025?

NAUT holds 10 perps-side rounds at 9 teams from 1 January 2025 to 12 November 2026 (9 at perps venues plus Trade xyz, a Hyperliquid HIP-3 DEX), and the 8 with an amount raised $47.35M; Extended's $12.5M strategic round is the largest. The perp DEX funding report covers that side in depth.

Sources

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