Axiom, a trading platform launched in early 2025 by UC San Diego graduates Henry Zhang and Preston Ellis, reported US$100 million in revenue within four months of its early-access debut in late January.

Backed by Y Combinator, Axiom allows users to trade Solana-based tokens, open perpetual futures on Hyperliquid, and earn yield from idle funds. Its revenue figures are verified by Dune Analytics and Token Terminal.

The platform incentivizes users by returning up to 43% of its fees as rewards.

Traders can progress through tiers, with top users enjoying reduced fees and increased rewards. Instead of a native token, Axiom offers “Axiom points” for trades and referrals.

Axiom plans to expand beyond Solana and Hyperliquid, though details are not yet disclosed.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Fee-sharing models represent a shift in crypto exchange competition

Axiom’s revenue-sharing approach, returning up to 43% of fees to traders through tiered rewards, exemplifies a broader shift in exchange competition strategies.

This approach contrasts sharply with the traditional exchange model where platforms simply collect trading fees and instead creates a stakeholder ecosystem that incentivizes active participation.

Back in 2018, exchanges began facing competitive pressure from platforms like Robinhood offering zero-fee trading, forcing adaptation in business models to maintain market share1.

Axiom’s reward structure (from “Wood” level at 0.95% fees with 0.05% SOL rewards up to “Champion” level with 0.75% fees and 0.25% SOL rewards) demonstrates how modern platforms are using innovative fee structures to drive volume.

By creating this financial alignment with users, Axiom appears to have accelerated adoption without relying on expensive marketing campaigns or token incentives that have characterized many crypto platform launches.

2️⃣ Multi-service integration drives next-generation crypto platforms

Axiom’s rapid growth demonstrates how combining multiple services in one interface has become essential in the competitive crypto exchange landscape.

Their integration of Solana token swapping, Hyperliquid perpetual futures trading, and yield generation from idle funds via MarginFi reflects the evolving user expectations for comprehensive trading platforms.