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Perpetuals.com Ltd is shifting from Japanese blockchain and business-software services toward financial technology after acquiring Perpetual Markets Ltd. Its new businesses have short operating histories; reported revenue still mainly reflects the legacy services, where companies pay for custom systems and help updating their digital operations. That revenue is concentrated among a few customers.
Its UpsideOnly platform lets users make market predictions with virtual capital rather than invest money. BayesShield AI evaluates those predictions and informs the company’s trading desk, which invests company capital. The company shares profits with users whose predictions contributed to successful trades, but bears the losses itself. It expects this activity to become a main revenue source. The model depends on useful user predictions, profitable trading after costs, and access to additional capital.
A second intended main revenue source is Kronos X, trading technology supplied to banks, brokers and fintech companies under their own brands. The PM MTF trading venue and other brokers pay fees linked to user numbers or transaction volume. Kronos X depends heavily on PM MTF, operated by PM MTF Ltd, and on that venue retaining its regulatory permissions and attracting trading activity.
The company treats UpsideOnly as a simulated data-analytics platform, not a service that invests users’ money. Regulators have not necessarily accepted that interpretation; a different classification could require licenses or changes to the platform, or force it to stop operating.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Perpetuals.com’s future results hinge on profits from trading its own capital using user signals and on PM MTF trading volumes, while privately held FTMO and TradingView also compete for its simulated-trading audience.
mF International Limited’s m-FINANCE competes with Perpetuals.com’s Kronos X to supply trading platforms to brokers and other financial institutions. Its platform-solutions revenue is the line to watch for competition in serving those customers, while Kronos X earns fees tied to customer users or trading volume.
Webull’s retail investor community and practice-trading tools compete with Perpetuals.com’s UpsideOnly for users who want to practice trading and analyze markets. Watch Webull’s community and market-analysis tools for that rivalry, rather than its main U.S. revenue stream: payments from market makers and exchange partners for sending them customer orders to execute.
Interactive Brokers competes for trading users with Perpetuals.com’s trading infrastructure and UpsideOnly through its multi-asset brokerage and practice-trading platform, serving individual and institutional customers. Watch its internally developed trading technology: it underpins its low-cost brokerage services, and the company generally does not rely on outside vendors to develop or maintain its software.
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