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From beta to a
trading
civilization.

A public roadmap — what we're building, when, and why, all written down here. Updated every quarter, with shipped features kept on the record.

// ROADMAP 2025 — 2027

Next milestone: Q3 2026 · Professional trading tools (API + cross margin)

FOUNDED 2024 · MAINNET SINCE 2025 Q4　　SHIPPED · 7 MAJOR RELEASES　　IN PROGRESS · 2 INITIATIVES　　PLANNED · 5 INITIATIVES
  1. Q3 · 2024
    SHIPPED

    Team founded

    Founding

    The core team came together from Jane Street, Solana Labs and Coinbase, and the Dubai UAE entity was registered.

    • 6 founding team members
    • Dubai entity registered
    • Settlement engine prototype
  2. Q4 · 2024
    SHIPPED

    Seed round

    Seed Round

    Closed an $8M seed round co-led by Multicoin Capital, Jump Crypto and the Solana Foundation.

    • $8M seed round closed
  3. Q2 · 2025
    SHIPPED

    Testnet launch

    Testnet Launch

    The internal testnet went live with 30 market makers taking part in liquidity testing. We fixed 200+ bugs, ran three rounds of load testing and reached 50,000 TPS of settlement capacity.

    • Internal devnet live
    • 30 market makers invited to test
    • 50k TPS load test passed
    • Order book engine v1
  4. Q3 · 2025
    SHIPPED

    Audits and compliance

    Audits & Compliance

    Completed contract audits with several independent security firms. The Immunefi $1M bug bounty programme went live.

    • Multiple audits completed
    • Immunefi $1M Bounty
    • UAE entity registered · licence application in progress
    • Insurance fund launched
  5. Q4 · 2025
    SHIPPED

    Mainnet launch

    Mainnet Launch

    The Mullet mainnet went live, launching crypto pairs, the first version of the custodial wallet and the iOS / Android apps together.

    • Mainnet live · v1.0
    • Crypto pairs listed
    • iOS / Android apps
    • Custodial wallet v1
  6. Q1 · 2026
    SHIPPED

    Multi-asset expansion

    Asset Expansion

    Forex, precious metals and energy contracts came online, taking coverage from crypto to five asset classes. Demo trading also launched.

    • Forex pairs added
    • Precious metals contracts
    • Energy contracts
    • Demo trading environment
  7. Q2 · 2026
    SHIPPED

    Series A + indices

    Series A + Indices

    Closed a $14M Series A. Added TradFi contracts on major global stock indices and shipped the mobile v2.4 release with an all-new visual system.

    • $14M Series A closed
    • Major global stock indices
    • Mobile v2.4 redesign
    • Team grew to 38 people
  8. Q3 · 2026
    IN PROGRESS

    Professional trading tools

    Pro Trader Tools

    A toolkit built for professional traders — cross-margin accounts, a public API, WebSocket market data and a strategy backtesting engine.

    • Cross-margin mode
    • Public REST + WS API
    • Strategy backtesting engine
    • Custom scripted indicators
  9. Q1 · 2027
    UNDER REVIEW

    Governance token outlook

    Governance Token Outlook

    There are no plans to issue a governance token in the near term; if one is launched in future it will draw on the HyperLiquid revenue-share model, and details will be announced separately.

    • Assessing a revenue-share token model
    • Community votes on parameter changes
    • Proposals for new instrument listings
    • Votes on treasury spending
  10. Q2 · 2027
    PLANNED

    Open ecosystem

    Open Ecosystem

    A third-party strategy marketplace, cross-chain bridges (bringing in BTC / ETH assets), partner SDKs and white-label offerings.

    • Third-party strategy marketplace
    • BTC / ETH bridges
    • Partner SDK
    • White-label solution
· SIGNALS

What the roadmap commits toOur Promise on the Roadmap.

/ 01

Transparent and traceable

SHIPPED ≠ SHELVED

Shipped features stay marked forever so our execution can be checked. We don't delete history.

/ 02

Quarterly updates

QUARTERLY CADENCE

We publish next quarter's plan at the start of each quarter and deliver by the end of it. A gap of more than 30% between plan and reality triggers a public review.

/ 03

No moonshots

NO MOONSHOTS

The roadmap only lists work we have reasonable confidence of delivering within six months. Longer-term research directions stay off the public roadmap.