Katana Buys Veteran DEX Builder IDEX

Katana, a DeFi blockchain that came out of Polygon Labs, has bought IDEX—the decentralized exchange that's been around since 2017 and built a reputation for fast on-chain trading. The deal, announced March 23, 2026, lets Katana plug IDEX's technology directly into its ecosystem and launch Katana Perps, a perpetual futures platform. By owning this piece of its stack rather than relying on outside apps, Katana can keep more of the trading revenue for itself. Acquire.Fi, a Web3 M&A advisory firm, brokered the deal and advised IDEX.

The companies didn't disclose financial terms. IDEX brings nearly a decade of experience building hybrid-liquidity DEX infrastructure, including a matching engine with low-latency execution and advanced order types. The IDEX team now works under the Katana Perps name, with the platform live at perps.katana.network. Matthew Fisher, who previously worked at Polygon Labs and the Diem Association, is now CEO of Katana and will oversee the integration.

The strategy here: build a single DeFi chain with spot trading through Sushi, lending via Morpho, token launches on Kensei, and now derivatives powered by IDEX. Katana's governance token holders can use vKAT voting to steer incentives toward perps markets and collect the fees. Fisher said the goal is for Katana to "own more of its stack and the revenues attached to it," with a focus on building venues that work for professional traders.

| Detail | Information | |---------------------|--------------------------------------------------| | Project | IDEX | | Sector/Category | Decentralized Exchange (DEX) & Derivatives | | Round Stage | M&A (Acquisition) | | Amount Raised | Undisclosed | | Valuation | Undisclosed | | Acquirer | Katana | | Advisor | Acquire.Fi | | Announcement Date | March 23, 2026 | | Key Integration | Launch of Katana Perps |

Perps Volumes Keep Climbing

The timing makes sense given how fast decentralized perps trading has grown. Volumes hit $739 billion in January 2026, with 30-day rolling totals at $671 billion by mid-March and daily averages above $18 billion. Trading is moving to venues that stay open around the clock—when the recent Iran oil shock hit during off-hours, Hyperliquid processed $7.3 billion in oil futures while traditional exchanges were closed.

Katana Perps launches with market maker support from GSR, Selini Capital, and Auros. Features include one-click onboarding, gas-free transactions, and millisecond latency. The platform is non-custodial with transparent settlement, aimed at both institutions and crypto-native traders. Polygon Labs CEO Marc Boiron called this "the next phase" for Katana, which now controls four main pieces of its ecosystem.

• Acquire.Fi handled the deal from start to finish—one of the bigger DeFi infrastructure acquisitions this quarter.
• IDEX's tech delivers CEX-level performance on-chain: chart trading, stop-loss orders, and API support.
• The acquisition fits Katana's plan to combine spot and derivatives liquidity, which could improve spreads and capital efficiency.
• No word yet on what happens to IDEX's native token—updates should come through official channels.
• Katana Perps has a Season 1 Points Program to attract traders and liquidity providers, though U.S. users can't participate.

This comes as on-chain derivatives change how prices get discovered, with more crypto trading happening outside traditional market hours. Katana's move into perps builds on IDEX's history—it was once the top Ethereum DEX by volume back in 2019. By bringing this infrastructure in-house, Katana can feed perps revenue into its flywheel alongside spot and lending fees. The deal has nothing to do with Ronin Chain's separate Katana DEX; this is all within Polygon's ecosystem.

Verdict: Katana strengthens its position in DeFi derivatives as trading volumes stay elevated.