How HedgerX makes money
HedgerX names four revenue sources: trading fees, project and platform services, liquidity and institutional partnerships, and ecosystem and asset services. It publishes no revenue, volume or reserve figures.
The four sources HedgerX names
| Source | What HedgerX lists under it |
|---|---|
| Trading fees | Spot trading and perpetual futures trading |
| Project and platform services | Asset integration, project services, market launch and operations |
| Liquidity and institutional partnerships | Market-making partnerships, professional trading, institutional business |
| Ecosystem and asset services | Ecosystem partnerships, application services, future asset services |
HedgerX says it is building a diversified revenue structure and does not rely on a single business line. The fees page lists the trading fees: 0.2% for spot on most pairs, 0.6% on BTC/USDT and HEX/USDT, and 0.02% for makers and 0.06% for takers on futures.
What it says it does with the money
The deck describes a loop. More users bring more assets and trading, and that brings more revenue. HedgerX then reinvests it in product development, security and risk control, liquidity, global markets, user service and ecosystem development.
The planned quantitative team
HedgerX plans an independent quantitative team to manage platform-owned funds and business revenue by risk level:
| Conservative | Low risk | Long term |
|---|---|---|
| Stable asset management, such as USDT | DeFi lending and yield scenarios such as AAVE, Curve and Compound | BTC, ETH and other mainstream digital assets |
For 2027 it also plans a Bitcoin Treasury: a recurring allocation of part of its PayFi and futures revenue to BTC and ETH, with holdings disclosed gradually. These are plans, not reported results.
What is not disclosed
- Revenue, profit, the platform’s total trading volume and its number of users.
- The size of customer assets and of platform-owned funds.
- Proof of reserves, which the deck lists among compliance work to improve gradually.
- Audited financial statements.
Without these figures, the claim that growth rests on real business revenue cannot be tested, so they are what to ask for. The roadmap shows which of them HedgerX says it will publish.
Frequently asked questions
How does HedgerX make money?
Mainly from trading fees on spot and perpetual futures, as it names them first. It also lists project services such as listings and market launches, market-making and institutional partnerships, and ecosystem and asset services.
Does HedgerX publish its revenue or volume?
Not in the documents we reviewed. Its deck says a growth team will prepare data reports on users, volume and assets, but no published report is available yet.
Does HedgerX invest customer deposits?
The deck speaks of platform-owned funds and business revenue, to be managed by a planned quantitative team. It does not say how customer deposits are handled beyond the 98% cold-storage claim, which we have not yet confirmed.