Narratives
What the data says about Perps and derivatives as a crypto narrative: the money going in, who puts it there, how much it is talked about and the projects behind it. It says what is happening; it recommends nothing.
Money is moving into Perps and derivatives; Kalshi is the project with the most noise and the most funding there; it has no token yet; its presale: not yet.
- Seeded
- Funded
- Noticed
- Crowded
- Cooling
This week, in plain words
- Perps and derivatives has no funding round in the last 30 days..
- This week: 1 new round (the week before, 0). The largest: TradeXYZ (an undisclosed amount).
- Top funds in it this month: Sequoia (tier 1) and a16z Frontier (tier 1).
- First round we know of here for Sequoia and a16z Frontier.
- The most talked-about project is Kalshi (86 stories).
- Of the 3 projects that raised here, 3 have no token yet.
Rounds, 30 d3new
With top funds1rounds
Raised, 30 d$1.0B1 with a figure
Share of news3.0%656 stories
No token yet3of 3 projects
Twelve weeks i
Projects to watch i
| Project | Last round | Funds | Token | News | Social | Sale |
|---|---|---|---|---|---|---|
| Kalshi | Oct 2026 · Series G · $1.0B | Sequoia CapitalWellington Managementa16z Frontier (ex a16z crypto)+3 | No token yet | 86 | — | Not yet |
| TradeXYZ | Nov 4 · Undisclosed | Druckenmiller | No token yet | 3 | — | Not yet |
| SwapGlobal | Oct 2026 · Round | Kenzoll CapitalMarcel BoekhoornVolodymyr Nosov | No token yet | 2 | — | Not yet |
Funds in Perps and derivatives i
| Fund | Tier | Rounds | This month | Led | Projects | First here |
|---|---|---|---|---|---|---|
| Sequoia first time | Tier 1 | 1 | 1 | 1 | Kalshi | Oct 29, 2026 |
| a16z Frontier first time | Tier 1 | 1 | 1 | — | Kalshi | Oct 29, 2026 |
| Wellington Management | Tier 3 | 1 | 1 | 1 | Kalshi | Oct 29, 2026 |
| Baillie Gifford | Tier 4 | 1 | 1 | — | Kalshi | Oct 29, 2026 |
| Kenzoll Capital | Tier 4 | 1 | 1 | — | SwapGlobal | Oct 26, 2026 |
| Coatue | Tier 5 | 1 | 1 | — | Kalshi | Oct 29, 2026 |
| Druckenmiller | — | 1 | 1 | — | TradeXYZ | Nov 4, 2026 |
| Marcel Boekhoorn | — | 1 | 1 | — | SwapGlobal | Oct 26, 2026 |
| Morgan Stanley | — | 1 | 1 | — | Kalshi | Oct 29, 2026 |
| Volodymyr Nosov | — | 1 | 1 | — | SwapGlobal | Oct 26, 2026 |
Funds that invest together
No two funds have shared more than one round here yet.
Entry valuation vs now
Not yet: no round here gave a valuation for a project that now trades.
After the round i
None of its projects has a token we can follow yet.
Its rounds i
| Date | Project | Round | Raised | Category | Investors |
|---|---|---|---|---|---|
| Nov 4 | TradeXYZ | Undisclosed | — | Perps and derivatives | Druckenmiller |
| Oct 2026 | Kalshi | Series G | $1.0B | Perps and derivatives | Sequoia CapitalWellington ManagementBaillie GiffordMorgan Stanley+2 |
| Oct 2026 | SwapGlobal | — | — | Perps and derivatives | Kenzoll CapitalMarcel BoekhoornVolodymyr Nosov |
Read Nov 10, 23:41 UTC. Rounds by month are dated the day they became known.