KEY FACTS: On September 26, 2025, LeoDex launched its decentralized perpetual futures (perps) trading platform, LeoDex Perps, powered by the Rujira Network and THORChain, marking a significant advancement in the cryptocurrency trading landscape. This V1 Open Beta platform offers traders up to 4x leverage with a non-custodial approach, utilizing THORChain’s $1 billion+ total value locked and Rujira’s $8.6 million trading volume, aiming to democratize access to sophisticated financial tools. The launch taps into a global perps market exceeding $1 trillion in annual trading volume, positioning LeoDex to compete with platforms like Hyperliquid and AsterDEX, while directing interface fees to the sLEO staking contract, potentially boosting the $LEO token’s value amid a 500% surge since its inception.
Source: LeoDex
LeoDex Unveils Decentralized Perpetual Futures Platform Powered by Rujira and THORChain
LeoDex, a rising star in the cryptocurrency exchange space, has officially launched its highly anticipated perpetual futures (perps) trading platform. Dubbed "LeoDex Perps," this innovative offering is exclusively powered by the Rujira Network, an application layer built on top of the robust THORChain ecosystem. The launch, announced on Wednesday, September 26, 2025 by LeoDex on the X platform, positions the exchange as a frontrunner in delivering a fully on-chain, decentralized trading experience, tapping into a global perps market with an estimated trading volume exceeding $1 trillion annually.
Perpetual futures, or "perps," have emerged as a cornerstone of the current crypto cycle, offering traders the ability to leverage their positions with up to 4x margin to speculate on price movements without an expiration date. The rise of platforms like Hyperliquid and the recent debut of CZ-backed AsterDEX have intensified competition, with each vying to deliver the most user-friendly interface and robust trading infrastructure. However, LeoDex sets itself apart by prioritizing decentralization, leveraging THORChain’s deep cross-chain liquidity and its battle-tested node ecosystem to secure assets and facilitate trades.
The partnership with Rujira Network and THORChain helps LeoDex to build on a foundation that has operated flawlessly for years, ensuring that no exchange ever has access to users’ funds. This commitment to decentralization aligns with the broader DeFi trend, where trustless systems and user sovereignty are paramount, especially as centralized exchanges face increasing regulatory scrutiny in 2025.
Rujira Network is an app layer that enhances THORChain’s capabilities by introducing perpetual futures trading. THORChain, known for its cross-chain liquidity protocol, has recently surpassed $1 billion in total value locked (TVL), a proof to its growing influence in the DeFi space. Rujira Perps, integrated into this ecosystem, have already demonstrated significant traction, recording a cumulative trading volume of $8.6 million since inception, with a remarkable $430,000 traded in the last 24 hours alone. This exponential growth underscores the market’s appetite for decentralized leverage trading solutions.
LeoDex’s platform transforms the traditional trading experience by allowing users to deposit collateral, such as USDC, directly onto the THORChain network, where it is secured within their own wallets. This "secured USDC" serves as the margin for perps trading, with withdrawals available at any time, reinforcing the platform’s non-custodial nature. The use of THORChain’s node ecosystem, which has maintained network stability for years, further bolsters confidence in the platform’s security.
For traders eager to dive in, LeoDex provides a detailed guide to navigating its perps interface, which is currently in V1 Open Beta. The process begins with connecting a wallet—preferably Keplr or Keystore, known for their intuitive design and multichain compatibility. Users then deposit collateral, selecting a network (e.g., Ethereum for USDC) and securing their funds on THORChain, a process that takes 30-60 seconds to reflect on the frontend.
Once collateral is available, traders can open positions by selecting a market (e.g., XRP/USDC), setting a limit or market order, and choosing leverage up to 4x. For instance, a $100 trade with 4x leverage requires only $25 in collateral, amplifying both potential gains and risks. The platform displays key metrics such as funding rates (adjusted every eight hours based on peer-to-peer position sizing), liquidation prices, and unrealized profit and loss (PnL), empowering users with real-time insights.
Editing or closing positions is equally straightforward, with options to adjust collateral, leverage, take-profit (TP), or stop-loss (SL) levels. The decentralized nature of the platform means trades may take up to 60 seconds to process, a minor trade-off for the security and autonomy it offers.
LeoDex’s launch reflects its mission to democratize financial knowledge and access, particularly for retail users who have historically been excluded from sophisticated trading instruments like perps. LeoDex prides itself as the first interface to bring this experience to the masses through THORchain.
This initiative comes at a crucial time, as global crypto market volatility, driven by macroeconomic shifts in 2025, has fueled demand for leveraged trading tools. LeoDex is offering a CEX-like user experience on a decentralized backbone and aims to bridge the gap between institutional-grade trading and retail accessibility.
As a V1 Open Beta, LeoDex Perps invites users to experiment with small amounts and provide feedback via Discord to refine the platform. The team emphasizes caution, warning that perps trading carries significant risks due to its 4x leverage, which can lead to instant liquidation for inexperienced traders.
The early access phase also highlights the cutting-edge nature of the technology. Both the LeoDex frontend and the Rujira/THORChain backend represent some of the first fully on-chain, decentralized perps markets globally, placing LeoDex on the "bleeding edge" of financial innovation.
The launch could have significant implications for the LeoDex ecosystem, particularly for its native $LEO token. Interface fees generated from perps trading will be directed to the sLEO staking contract as USDC, to enhance the token’s value proposition. This move follows a stellar performance for LEO 2.0, which has surged over 500% since its launch, driven by superior tokenomics and growing adoption.
With the global perps market boasting trillions in trading volume, LeoDex is positioning itself to compete with established players. As the crypto industry evolves, LeoDex Perps represents a significant step toward mainstream adoption of decentralized trading. With plans to increase leverage caps and enhance the UI/UX based on community input, the platform is poised for growth. For now, traders can explore the offering at https://leodex.io/trade/perps/XRP_USDC.
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