American Perpetuals Exchange Corp.

American Perpetuals Exchange Corp. (APEC) is a regulated derivatives exchange platform building the first U.S.-licensed venue for perpetual futures on equities and stock indices. The company plans to seek a Designated Contract Market license from the CFTC along with a Derivatives Clearing Organization license, enabling it to offer perpetual futures contracts — derivatives that allow traders to speculate on asset prices without ownership and without a fixed expiration date — under joint CFTC and SEC oversight. APEC aims to bring perpetuals trading onshore from offshore unregulated venues into a compliant institutional framework. Founded by Theodore Gillibrand (Stanford graduate, former Paradigm fellow and a16z intern), the company raised $30M at a $300M valuation led by Lux Capital in 2026.