New Perps Platform Raises $3.5 Million From Tier-One Vcs

Legend Trade Closes $3.5M Seed Round

Gamified on-chain perpetual futures platform @legendtrade has closed a $3.5 million seed funding round backed by a roster of well-known crypto investors. The round was led by @ElectricCapital, with additional participation from @GSR_io and @ambergroup_io.

The raise brings Legend Trade's total funding to over $5 million, following the completion of the seed round led by Electric Capital with participation from Amber Group and GSR Markets.

Legend Trade is described as a "trader-to-trader" on-chain derivatives platform where users compete against each other through perpetual contracts, with outcomes determined by price movements and trading performance. The competitive, gamified format sets it apart from conventional perps exchanges that match buyers against sellers or liquidity pools.

Early Traction and What Comes Next

Despite only recently going live, the platform has already posted notable early numbers. Since launching its public alpha roughly three weeks ago, Legend has achieved over $80 million in trading volume.The platform has also ranked in the top 20 of the Hyperliquid ecosystem based on seven-day trading volume.

The project has stated that Season 0 will launch imminently. The seasonal structure suggests Legend intends to run recurring competitive trading campaigns, likely tied to leaderboard rankings and rewards — a model that has proven effective in driving retention on other DeFi platforms.

The involvement of @ElectricCapital, @GSR_io, and @ambergroup_io lends the project significant credibility. Electric Capital is one of the most active early-stage crypto funds in the space, while GSR and Amber Group are established market-making and trading firms whose participation signals confidence in the platform's liquidity model.

The decentralised perps sector has grown sharply over the past year, with platforms like Hyperliquid emerging as serious challengers to centralised derivatives exchanges. Legend's trader-versus-trader mechanic represents a distinct design choice in an increasingly crowded market, positioning it as more of a competitive trading arena than a traditional DEX.

Sources:
PANews – Legend Trade Raises $3.5M Seed Round
Phemex News – Legend Secures $3.5M in Seed Funding Led by Electric Capital

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