$740B a month moves through on-chain perps. Every dollar sits in a wallet that can't talk to the next venue. Nobody built the account layer.
$0B
perp DEX volume a month
$0B
prediction markets a month
0k
waiting for Arcus on Robinhood Chain
0M+
accounts already on enclave wallets
Twelve months ago there was one perp DEX worth using. Today there are ten. The pieces existed. Nobody put them in one wallet.
Everyone owns a piece.
Nobody owns the trader's account.
Player
Consumer app
No seed phrase
Multi-venue
Transfers
Owns users
Portal, Privy, Turnkey
Wallet infrastructure
—
Yes
—
—
—
MetaMask, Rabby, Phantom
General-purpose wallets
Yes
—
—
—
—
Hyperliquid, Arcus, Lighter
Perp DEXs
Yes
Yes
—
—
—
Binance, Bybit, OKX
Centralised exchanges
Yes
Yes
—
Yes
Yes
Koto
Consumer TEE wallet on every venue
Yes
Yes
Yes
Yes
Yes