Decentralized exchange ApeX launched perpetual contract trading for CASHCAT with leverage up to 50x, the platform announced in a weekly update on July 20. The listing runs fully on-chain and requires no know-your-customer verification, continuing ApeX's push to capture speculative meme coin volume through its Omni trading platform. The move positions ApeX to compete for derivatives demand in a segment where Pump.fun and PumpSwap crossed $1 billion in combined daily volume on July 4 for the first time since April, and meme coins now account for over 20% of Solana's weekly trading volume according to CryptoSlate. ApeX operates on the Ethereum blockchain and uses a decentralized model in which users trade directly on-chain without intermediaries.
ApeX Adds Event Trade and Expands Fiat Deposits Without KYC
The July 20 update covered several changes beyond the CASHCAT listing. ApeX introduced Event Trade functionality to its mobile web interface, allowing users to access fiat deposits and trading directly from mobile browsers without downloading the native app. The exchange also temporarily delisted the KORUUSDT trading pair on July 15 following a stock split of the underlying asset, with new position openings for that pair suspended pending further notice according to Traders Union. Fiat deposit options were expanded and now operate without KYC requirements, lowering the barrier for new users to fund accounts and begin trading. ApeX maintains mobile apps for both Android and iOS alongside a proprietary web terminal.
Pump.fun and PumpSwap Crossed $1 Billion Combined Daily Volume on July 4
The CASHCAT listing reflects a broader competition among decentralized exchanges to attract meme coin traders, a segment that has driven significant volume growth on Solana-based platforms. Pump.fun and PumpSwap crossed $1 billion in combined daily volume on July 4 for the first time since April, CryptoSlate reported. Meme coins now account for over 20% of Solana's weekly trading volume. Galaxy Research noted that meme coins pull retail users into wallets, decentralized exchanges, and bridges faster than more conventional crypto products typically manage. By listing meme coin perpetuals with high leverage, ApeX is positioning itself to intercept that speculative demand at the derivatives layer rather than competing for spot volume.
ApeX Distributed $3.76 Million in Liquidation Fees Following July Event
ApeX's move to offer 50x leverage on meme coin perpetuals carries clear risk implications for its users. High-leverage meme coin derivatives amplify gains but also accelerate liquidation cascades in volatile conditions. In a previous weekly update, ApeX disclosed it distributed $3.76 million in liquidation fees to participants in its vault programs following a single large liquidation event earlier in July, according to Traders Union. That payout structure means the platform and its liquidity providers benefit directly when leveraged traders are liquidated, creating a built-in incentive to list highly volatile assets.
Vietnam Issued Decree 284/2026 on July 16 Targeting Unlicensed Platforms
ApeX's decision to offer both fiat on-ramps and high-leverage derivatives without identity verification positions the platform outside the compliance frameworks that regulated exchanges must follow. Jurisdictions from Vietnam to the European Union have recently tightened enforcement against unlicensed crypto platforms. Vietnam's Decree 284/2026, issued on July 16, imposes fines on traders who use unlicensed services. Binance lost European USDC volume after failing to secure a MiCA license. Whether the convenience of frictionless, KYC-free access can sustain user growth as global enforcement intensifies will be a defining question for ApeX's trajectory.
FAQ
What did ApeX launch on July 20?
ApeX launched perpetual contract trading for CASHCAT with leverage up to 50x on July 20, the platform announced in a weekly update. The listing runs fully on-chain and requires no know-your-customer verification.
How much did Pump.fun and PumpSwap trade on July 4?
Pump.fun and PumpSwap crossed $1 billion in combined daily volume on July 4 for the first time since April, CryptoSlate reported. Meme coins now account for over 20% of Solana's weekly trading volume.
What did Vietnam's Decree 284/2026 impose on July 16?
Vietnam's Decree 284/2026, issued on July 16, imposes fines on traders who use unlicensed crypto services. The decree is part of recent enforcement actions against unlicensed platforms across multiple jurisdictions.
