Multicoin Capital has invested in Trasia Labs, an Asia-focused perpetual futures trading platform team built on Hyperliquid, marking the venture firm’s first investment in the Hyperliquid ecosystem, a Multicoin spokesperson told The Block.
The investment comes shortly after Multicoin disclosed its investment in the Hyperliquid token itself, releasing a detailed investment thesis for the protocol late last month. At the time, Multicoin said it launched a large HYPE position earlier this year and has been accumulating since then, with HYPE now representing one of the largest positions in the liquid fund.
For Trasia, Multicoin was the sole investor in the seed round, investing $1.75 million in the startup, Trasia co-founder Mable Jiang told The Block.
Jiang is a former Partner at Multicoin Capital and most recently served as Chief Revenue Officer at Find Satoshi Lab (FSL), the web3 development studio behind the monetization app Stepn. Jiang said he left FSL in May 2025 and co-founded Trasia in May this year with Edison Chen, who has been building web3 since 2017.
Jiang said Trasia began raising funding in May and closed the round last month, declining to disclose the structure of the round, its valuation or whether Multicoin received a board or observer seat.
Jiang said Trasia intentionally raised only a small amount of external capital because it wanted to launch the product first and show traction before raising additional funds. She added that more than $35 million in HYPE and USDC were “spent” to launch Trasia’s HIP-3 Asian perpetual stock market. Asked whether the money would be used primarily for liquidity, Jiang said it would support “a variety of purposes.”
HIP-3, or Hyperliquid Enhancement Proposal 3, allows developers to create their own decentralized perpetual futures exchange on top of Hyperliquid’s infrastructure by posting 500,000 HYPE staking bonds. Currently, the largest HIP-3 application by trading volume is Trade.xyz.
How Trasia Plans to Stand Out
Like Trade.xyz, Trasia is building a Hyperliquid-based perpetual futures platform, but with a focus on Asian traders. Trasia has launched a web trading interface in Chinese and English, and plans to launch a native mobile app in August. Trasia will also launch Asia Points, an invitation-only trading rewards program for early adopters.
Trasia will first offer Hyperliquid’s native perpetual marketplace before launching its own marketplace later this year. Jiang said the platform has not yet decided which contracts it will launch first, as market conditions can change quickly. The initial focus will be on companies involved in AI infrastructure, particularly those that are about to go public or are already attracting significant investor interest across Asia.
When asked how Trasia differs from other HIP-3 platforms such as Hyperliquid and Trade.xyz, Jiang said the platform can reach users who do not yet trade on Hyperliquid or Trade.xyz.
“If all our trade flows today came from the same pool as Trade.xyz, that is, the same group of traders, we wouldn’t have any opportunity,” Jiang said. “A true moat is the unique users you can reach and own.”
Jiang said Trasia is targeting users who have never heard of Hyperliquid or Trade.xyz and, in many cases, are not yet familiar with on-chain transactions. She said the platform plans to reach these users through mobile-first experiences, regional distribution channels and local networks. “We also have team members with strong local ties,” she added.
Trasia currently has a team of 10 people, mainly spread across Hong Kong, Taiwan and Tokyo, Jiang said.
“We have been in the Hyperliquid ecosystem for a long time and expect Trasia to quickly gain meaningful market share and become a dominant force over the next few years,” said Tushar Jain, Managing Partner and CIO at Multicoin Capital.
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