The crypto-native operator landscape: perp DEX integrations, custody risk, payout rails, and the regulatory question marks that come with all three.
Crypto-native operators captured 9% of new funded accounts in Q1 2026 — a record high, and a signal that this sub-segment has moved from experimental to material.
Crypto-native prop firms differ structurally from FX/CFD or futures operators in three ways: they trade on perp DEXs rather than centralized broker venues, they custody trader funds on-chain, and they pay out in stablecoins.
Each of those design choices has regulatory implications that operators in this sub-segment are still actively working through.
Key Report Takeaways
- Crypto-native operators captured 9% of new funded accounts in Q1 2026.
- Perp DEX integrations are the dominant venue model.
- Stablecoin payouts simplify operations but create regulatory exposure.
- Custody design is the most consequential operator decision in this sub-segment.
- Sub-segment overview
- Venue & rails analysis
- Custody models
- Regulatory landscape
- Operator profiles
- Stablecoin payout mechanics
- On-chain risk monitoring
- 2026–2027 outlook
Venue & rails
Hyperliquid, dYdX, and a handful of Solana-based perp DEXs account for the majority of crypto-native operator volume. Each has different execution characteristics that materially affect challenge design.
Continue reading the full report.
Full charts, operator-level data tables, and the underlying dataset are available to CobraSight members.
