GRVT Raises $19M to Challenge Hyperliquid with Private On-Chain Trading

Privacy-focused exchange GRVT has raised $19 million in a Series A round to take on Hyperliquid, the current leader in decentralized perpetual futures.

Key Takeaways:

• GRVT raised $19 million to challenge Hyperliquid with a privacy-first approach backed by ZKsync.
• The platform uses zero-knowledge tech to hide trade data and protect large positions from manipulation.
• Alongside privacy, GRVT targets yield-driven growth to attract both active traders and passive investors.

The round was led by ZKsync, which contributed $14 million, backing GRVT’s bid to bring institutional-grade privacy to on-chain trading, according to a report by Forbes.

While Hyperliquid dominates with a 70% market share and monthly volumes nearing $400 billion, its full-transparency model, where all positions, liquidation levels, and order data are visible, has become a double-edged sword.

For Big Traders, On-Chain Transparency Comes at a Cost

For large traders moving tens of millions, that visibility creates risks.

“We’ve seen those cases where they do get hunted,” said GRVT co-founder and CEO Hong Yea, describing how large positions become targets for manipulation.

GRVT’s solution is built on zero-knowledge (ZK) cryptography, allowing traders to operate without exposing sensitive data.

Using a “validium” chain, GRVT validates transactions without publishing underlying trading details, position size, entry price, or liquidation levels. This shields traders from front-running and “liquidation sniping,” problems institutional players cite as barriers to on-chain activity.

The platform’s privacy pitch is already resonating with large traders. “We’ve had multiple whale traders talking to us because of these privacy elements,” said Yea.

GRVT also offers incentives like negative maker fees and future token airdrops, aligning with liquidity providers.

But GRVT isn’t only selling privacy, it’s pushing a yield-first strategy. The platform offers products such as fixed-yield instruments, tokenized vaults managed by institutional partners like Ampersan, and tokenized versions of yield-generating assets that can double as trading collateral.

The model is designed to attract both active traders and passive investors, a dual-target approach rarely seen in decentralized exchanges.

GRVT holds regulatory licenses in Bermuda and has integrated with LTP and Coin Routes, signaling clear institutional ambitions.

It also secured support from Abu Dhabi-based Further Ventures, whose managing partner called GRVT’s use of ZK “a foundation for institutional-scale markets.”

GRVT Faces Uphill Battle as Hyperliquid Expands Its Lead

Still, GRVT faces a steep climb. Hyperliquid’s deep liquidity and network effects are powerful, and it’s not standing still—it recently launched vault products and its own stablecoin.

Other DEXs are also beginning to experiment with privacy layers and yield strategies, narrowing GRVT’s early-mover advantage.

As ZK technology becomes cheaper and more widespread, privacy may become standard rather than standout.

Earlier this week, Native Markets secured the USDH ticker for Hyperliquid’s native stablecoin, emerging as the winner in a heated governance vote that drew bids from heavyweights including Paxos and Ethena.

The decision, finalized Sunday, followed weeks of speculation and community debate, with Native Markets ultimately pulling ahead after validator commitments and prediction markets heavily favored the team.

Ethena, once seen as a top contender, exited the race on Thursday, citing community concerns about its non-native infrastructure.

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