Polygon‑incubated Katana has acquired veteran DEX IDEX to launch Katana Perps, folding a decade of exchange tech into its DeFi stack as it races Hyperliquid and dYdX for onchain derivatives volume.
Summary
- Polygon‑incubated DeFi chain Katana has acquired veteran DEX IDEX to power Katana Perps, a new perpetual futures platform that natively integrates spot and derivatives trading.
- CEO Matthew Fisher says the goal is to “own more of the trading stack and the revenue that comes with it” as onchain derivatives volumes and always‑on markets surge.
- Market makers including GSR, Selini Capital, and Auros are seeding liquidity, positioning Katana as a full‑stack DeFi chain spanning spot, lending, launches, and perps.
Katana, a DeFi‑focused Ethereum scaling chain incubated by Polygon Labs and trading firm GSR, has acquired decentralized exchange IDEX, using its infrastructure to launch Katana Perps, a perpetual futures venue built directly into the Katana app. The deal, announced on March 23, 2026, brings nearly a decade of exchange technology from the 2017‑founded DEX into Katana’s stack, with IDEX now “relaunching as Katana Perps” and serving as the native derivatives engine for the chain. “The goal is to own more of the trading stack and the revenue that comes with it,” Katana CEO Matthew Fisher said, calling the acquisition the “first major step” of his tenure as he formalizes the strategy he has led since joining the project.
Fisher argued that as crypto trading migrates to always‑on venues, infrastructure that blends CEX‑like performance with onchain settlement will define winners. “We’re building for 24/7 markets where price discovery happens onchain, not during bank hours,” he said, pointing to U.S. regulators’ recent signals about a path for crypto perpetual futures as an inflection point for the sector. Under the new setup, IDEX’s order book and AMM architecture becomes the backbone for Katana Perps, which routes spot liquidity, perps, and order flow through a single interface rather than siloing derivatives as a separate product.
Katana’s broader DeFi stack now spans four pillars: Sushi for spot trading, Morpho for lending, Kensei for token launches, and Katana Perps for leveraged derivatives, all coordinated by the KAT and vKAT token model. Over time, vKAT holders will be able to direct incentives toward perps markets and earn a share of fees, folding derivatives revenue into the same flywheel that powers spot and lending on the chain. At launch, Katana Perps is supported by major market makers GSR, Selini Capital, and Auros, which Fisher said were drawn by IDEX’s “nearly a decade” of live infrastructure and the chain’s performance‑oriented design.
Founded in 2017, IDEX was “the first decentralized exchange to combine a high‑performance matching engine with onchain settlement” and, through 2019, “consistently ranked first by trading volume and transaction count among all DEX protocols,” Katana noted. Bringing that stack in‑house lets Katana offer a more CEX‑like experience — deep API support, higher throughput, and tighter spreads — while keeping custody and settlement onchain.
The acquisition lands as perpetuals DEXes are seeing rising volumes and attracting more professional flow, with venues like Hyperliquid, dYdX, and GMX competing to lock in whales and market makers. Recent crypto.news coverage has highlighted how new onchain products — from Hyperliquid’s HIP‑4 proposal for outcome markets to high‑stakes perps traders posting multi‑million‑dollar PnL — are pulling structurally sticky liquidity into derivatives rails. In that context, Katana’s decision to acquire rather than simply integrate a third‑party DEX is a clear statement: the chain wants to control its own economic engines instead of renting them.
As Fisher put it, “Owning perps is not just owning a product, it’s owning the heartbeat of your chain,” a line that neatly captures where the DeFi race is headed.
