Another perpetual contract platform has collapsed. Pingu's 1.8 billion in trading volume over the past 18 months was shut down just like that. Moving to Monad didn't save it either; the competition in this space is too fierce.

BlockBeats News, June 2nd, according to official sources, on-chain perpetual contract platform Pingu Exchange announced it will cease operations permanently and officially shut down the platform on July 31, 2026. The team stated that Pingu launched on Arbitrum in January 2024, raising approximately $270k, and has always relied on platform revenue to sustain operations. Over the past 18 months, the platform's total trading volume approached $2.4 billion, distributing about $650k worth of ETH and USDC rewards to stakers, while also accumulating a certain amount of capital reserves.

Pingu claims that the company subsequently invested resources into the Monad ecosystem, hoping to achieve new growth, but the related strategy did not meet expectations. The project migrated to the Monad mainnet six months ago.