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About what
what is a non-custodial perpetual futures exchange deployed across chains in three layers: an asset layer of vault contracts on each chain handling payments and accounting, a settlement layer using Orderly and LayerZero for cross-chain orders and clearing, and an engine layer on its own Layer 2 that matches trades. User assets stay in contracts on their own chain, leverage reaches 50x, taker and maker fees are about 0.055% and 0.02%, and MEV protections are built in. It targets custody risk at centralised venues and thin depth in on-chain perpetuals.
Splitting into three layers means a new chain only needs vaults deployed rather than a rebuilt matching engine, though it adds more failure surface in cross-layer messaging, where any latency shows up in execution. The platform reports over $190 billion in cumulative volume and 102 pairs, with points and referral programmes live; during 2026 it added Avalanche, Base, OP, Arbitrum, Ethereum, Mantle and Solana, and DefiLlama tracks its data. Those figures are self-reported, and the extent of independent audits and reserve proofs still needs confirmation.
WHAT Exchange was founded in 2024 by ImNotTheWolf, a crypto veteran since 2012, with the mission to build a decentralized perpetual exchange that prioritizes transparency and community ownership. The platform integrates Orderly Network and Hyperliquid for liquidity, supports omnichain trading via LayerZero across chains like Solana, Ethereum, Arbitrum, Base, Optimism, and Avalanche, and offers up to 50x leverage on crypto, metals, and stocks. Key long-term milestones include the launch of its $WHAT token with a fair launch and deflationary model, returning 90%+ of revenue to users through buybacks and DAO governance. The project emphasizes institutional-grade speed (<100ms API) and self-custody, positioning itself as a community-driven alternative to centralized exchanges. As of now, no external funding has been disclosed, and the platform continues to expand its ecosystem.
WHAT Exchange (what.exchange), a decentralized perpetual swaps protocol built on Orderly Network, has focused on risk management and geopolitical positioning over the past six months. Key developments:
Multi-collateral expansion: Added SOL, BNB, WBTC, and YUSD as collateral across Arbitrum, Ethereum, Base, BSC, and Solana, with global and per-user deposit caps and auto-conversion (haircut) mechanisms to manage LTV risk.
Security narrative: Following the April 2026 LayerZero bridge exploit affecting Aave (via rsETH spoofing), WHAT emphasized its self-custody model and reduced reliance on cross-chain messaging layers, positioning itself as a safer alternative to composability-heavy DeFi.
Geopolitical risk warnings: In March 2026, WHAT's founder "Wolf" highlighted that 67% of major market-moving announcements (tariffs, Iran escalations) occurred outside stock market hours, urging traders to reduce weekend leverage and use automated stop-losses.
Official future focus (from docs and socials):
- Continued omnichain deployment via LayerZero (Arbitrum, Ethereum, Base, BSC, Solana)
- Community revenue-sharing model: 90% revenue share, 30% airdrop for $WHAT points
- CEX-competitive fees (0.055% taker / 0.02% maker)
- Up to 50x leverage with self-custody positions
- Insurance Fund and ADL mechanisms for liquidation risk management
No formal roadmap with dates was published in the reviewed period.
Wolf (@ImNotTheWolf) — Founder; founded WHAT in 2024, in crypto since 2012, championing revenue buybacks and community profit-sharing.
what.exchange charges a 0.055% taker fee and a 0.02% maker fee on perpetual swaps, with leverage of up to 50x.
what.exchange returns over 90% of protocol revenue to users through continuous buybacks and allocates 30% to airdrops.