Vest Exchange
A trustless financial ecosystem driven by a zero-knowledge risk engine
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About Vest Exchange
Vest Exchange is a decentralized perpetual futures trading platform built on the Base network, powered by its proprietary zkRisk engine. The core business is leveraged trading of over 536 assets, including cryptocurrencies, stocks, forex, commodities, and ETFs, with up to 100x leverage and 24/7 availability. Its key competitive edge lies in the zkRisk pricing engine, which uses zero-knowledge proofs and the Entropic Value-at-Risk (EVaR) model to dynamically adjust funding rates and risk parameters in real time, without exposing user positions. This addresses a major pain point in traditional DeFi derivatives: static risk parameters that fail to react to market stress, leading to bad debt and liquidation cascades. By pricing risk continuously and transparently on-chain, Vest aims to prevent systemic contagion and reduce hidden tail risks.
In the past six months (March to September 2026), Vest has grown its user base to over 900,000 and accumulated total trading volume exceeding $962 million, with around $28.4 million in total value locked. The platform introduced zero-fee trading for stock and forex contracts during regular market hours, and maintains a 0.01% fee for crypto pairs. Its smart contracts have been audited by OtterSec, and no security breaches have been reported. However, as a relatively young platform, its long-term resilience remains unproven, and the zkRisk engine is partially closed-source, requiring some degree of trust in its implementation.
In the past six months, Vest Exchange officially migrated to the new brand Vest Markets, shifting from a Perp DEX toward a multi-chain synthetic asset and RWA derivatives marketplace. now redirects to , following a strategic merger.
On the technology side, the zkRisk engine — based on zero-knowledge proofs and EVaR — continues to evolve, putting pricing and risk controls on-chain across Arbitrum, Ethereum, and Base. The platform offers 500+ trading pairs across crypto, US equities, ETFs and FX, with up to 100x leverage and USDC collateral/settlement.
Officially disclosed future priorities center on Vest Capital: traders who pass a simulated evaluation can receive a funded account up to $25,000, keep 90% of profits, with USDC payouts. Vest also introduced the Vest Liquidity Pool and Vest Points program; LPs earn fees rather than trader losses, and Points will be used in future reward distributions.
Perpv2 (Founder, Twitter: https://x.com/perpv2)
Max (CTO, Twitter: https://x.com/maxfundingrate)
Justin Ma (Co-Founder, University of Pennsylvania B.S.E in Computer Science, previously co-founded inWave)