Katana, a DeFi-focused Ethereum scaling layer incubated by Polygon Labs and GSR, has acquired decentralized exchange IDEX as it accelerates plans to launch its perpetual futures platform, Katana Perps. The deal signals a strategic shift toward vertical integration, as Katana looks to control more of its trading infrastructure and revenue streams.
Katana Perps is live.@Katana has acquired IDEX and launched a native perps DEX built on structural yield, not token emissions.
Early access is open now, and Season 1 points are live. 👇🧵 pic.twitter.com/4DNqrJJMeJ
— Katana Perps (@katanaperps) March 23, 2026
While financial terms remain undisclosed, the acquisition reflects growing competition among DeFi platforms to offer seamless, all-in-one trading environments. Katana CEO Matthew Fisher said the move is part of a broader plan to build a fully integrated on-chain trading stack capable of supporting the next phase of crypto market evolution.
Building a unified on-chain trading stack
IDEX, originally launched on Ethereum and later expanded to Polygon, was among the first decentralized exchanges to merge a high-speed matching engine with on-chain settlement. Often described as a hybrid DeFi-CeFi model, it combines the efficiency of centralized order books with the transparency and security of blockchain-based execution.
With this acquisition, IDEX becomes a core component of Katana Perps, a platform that brings spot and derivatives trading together within a single ecosystem. By integrating liquidity, routing, and derivatives infrastructure, Katana aims to enable continuous, always-on markets while improving capital efficiency for both institutional and crypto-native traders. The platform is launching with backing from prominent market makers, including GSR, Selini Capital, and Auros, highlighting strong early support from liquidity providers.
Timing the shift toward on-chain perpetuals
Katana’s move comes as on-chain perpetual futures gain traction amid improving regulatory clarity and rising demand for real-time price discovery. Fisher emphasized that building the infrastructure now is critical as “always-on” markets increasingly become the default in crypto trading.
Launched publicly in July after spinning out of Polygon Labs, Katana operates on a custom version of the OP Stack and connects to the broader Polygon ecosystem through its AggLayer interoperability framework. The network has already integrated with DeFi platforms like Sushi and Vertex, expanding its trading capabilities.
Meanwhile, IDEX’s native token has faced recent pressure following its planned delisting from Binance spot markets, trading near $0.0045 at last check. Despite this, the acquisition could mark a turning point as the protocol finds new utility within Katana’s expanding ecosystem.
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