Multicoin leads $1.75M seed in Hyperliquid-based Trasia

Multicoin Capital provided $1.75 million as the sole seed investor in Trasia, a new perpetual futures trading platform built on the Hyperliquid protocol. The investment is Multicoin’s first direct equity stake in a project within the Hyperliquid ecosystem. The seed round closed last month after Trasia began fundraising in May.

Trasia was co-founded this May by Mable Jiang and Edison Chen. Jiang is a former Multicoin partner who most recently left a web3 studio in May 2025. Chen has been an active builder in web3 since 2017. The company declined to disclose its valuation and would not confirm whether Multicoin took a board or observer seat. Trasia's team currently includes about 10 employees based mainly in Hong Kong, Taiwan and Tokyo.

The platform has launched a web trading interface in Chinese and English and plans a native mobile app in August. At launch Trasia will offer Hyperliquid’s native perpetual markets and intends to add its own contracts later in the year. Product priorities will respond to market demand, and the team has not finalized which new contracts will come first.

Ahead of its market debut, Trasia reports more than $35 million in combined HYPE token and USDC commitments tied to the launch of a HIP-3 Asian equity perpetuals market. Company leadership said the funds will support multiple objectives related to launch and market operations.

Hyperliquid supports third-party perpetual exchanges through its HIP-3 framework. Developers who launch a HIP-3 exchange must post a 500,000 HYPE staking bond. Several applications have launched under HIP-3; Trade.xyz is currently the largest by trading volume.

Trasia is positioning itself for Asian users who are not currently active on Hyperliquid or other HIP-3 platforms. The company plans a mobile-first experience, regional distribution channels and local networks to reach traders who may be new to onchain perpetuals. Trasia will run an invite-only rewards program called Asia Points for early users.

Multicoin has been an active investor at the token level in Hyperliquid and published an investment thesis on the protocol earlier this year. The firm disclosed that it began building a large HYPE position earlier in the year and has continued to add to it, with HYPE among the largest holdings in its liquid fund. Tushar Jain, Multicoin’s managing partner and chief investment officer, described the firm as long the Hyperliquid ecosystem and said it expects Trasia to capture market share.

Trasia said its initial product focus will be Asian equity perpetuals, prioritizing companies tied to AI infrastructure that are drawing investor interest or nearing public listings in the region. The firm emphasized product flexibility and plans to adjust offerings based on changing market signals.