Hyperliquid-backed Liquid raise
Liquid’s team—ex-Two Sigma, SIG, Bloomberg, D.E. Shaw—are building a low-latency DeFi trading platform and the project (Hyperliquid) raised $7.6M from Paradigm, underscoring institutional-grade builders moving into DeFi execution announced. The raise highlights capital flowing into latency-focused digital-asset infrastructure.
The seed round was structured as equity and — according to the company — it closed within five days in March [2025 theblock.co]. Investors beyond the lead included General Catalyst, Alpen and K5 Global, and angels named in coverage were Ashwin Ramachandran, Eric Wu and Vlad Novakovski (the founder of Lighter) [theblock.co]. Liquid reports it has already facilitated over $500 million in trading volume since launch, a growth figure The Block published when covering the [raise theblock.co], and the team’s public announcement lists a product roadmap that includes Liquid Terminal, Liquid API and Liquid Bets. [tryliquid.xyz] The app aggregates perpetual DEX venues — specifically Hyperliquid, Lighter and Ostium — into a single non‑custodial UX that can present unified positions, yields and risk analytics while routing orders across those on‑chain markets. [theblock.co] Hyperliquid, one of the aggregated venues, reported extremely high on‑chain throughput in independent coverage — Cointelegraph cited roughly $330 billion in monthly trading volume for Hyperliquid in July 2025 — and Hyperliquid’s own documentation describes a custom Layer‑1 architecture with sub‑second block times. [cointelegraph.com] The Block’s data dashboard noted that perpetual‑DEXes reached nearly $1.2 trillion in cumulative volume at the end of 2025, a market dynamic that venture firms highlighted when allocating capital to execution‑layer products. [theblock.co] On monetization, the founder told The Block Liquid will take “a small additional fee on top of trades,” signaling a routing and fee‑capture model rather than custody‑based revenue. [theblock.co]
