First Access Exchange

First Access Exchange is building a market for perpetual futures on private companies. The most valuable companies now stay private for a decade or longer, and the returns of those years go to the few investors who can get an allocation. We want qualified traders to be able to take a view on these companies, long or short, with the tools they already use for public markets.

How it works

Each market is a perpetual futures contract on a single private company. Its price is anchored to an index of the company's valuation, built from priced funding rounds, tender offers and secondary transactions. Funding payments between longs and shorts keep the contract trading close to that index.

Contracts are cash-settled in USDC. No shares change hands: traders gain exposure to a company's valuation without owning or transferring its equity.

Status

We are building the exchange now. We are speaking with market makers, data providers and investors ahead of launch.

Contact

For partnerships, market making and investment, write to .