Carbon is a decentralized perpetual futures exchange on Base. It lists perpetual markets on traditional assets such as stocks, commodities or FX alongside crypto.
Open interest$2.49M#42 of 91 · 0.0% share
Volume · 24h—not tracked by the source
Fees · 30d$1.55K+472.1% vs prior 30d
OI · 30d change+30.6%Daily average vs prior 30 days
KEY FACTS
Carbon at a glance
Launched
Not verified yet
Trading fees (base tier)
Not verified yet
Maximum leverage
75× source ↗crypto perps 'up to 75x' (docs; public API https://gw.carbon.inc/v1/markets/aggregated/42161 shows maxLeverage 75 on BTC/ETH). TradFi docs: forex up to 50x, stocks/indices/commodities up to 20x; API lists one TradFi forex market (AUDNZD) at 100x, conflicting with the 50x doc cap. Pair List doc page is stale (max 60x, plus an obvious 205x typo on OMG).
Perp markets
About 1072 · includes stocks, commodities or FX source ↗official public API (Arbitrum chainId 42161): 740 isValid markets in PERPS_HUB (crypto perps plus 24/7 stock/RWA perps) + 332 in NOXRWA (TradFi CFD-style: forex, stocks, indices, commodities) = 1072. Docs intro claims '950+ markets' (530+ crypto, 150+ 24/7 RWA, 282 TradFi).
Collateral
USDC (deposited on Arbitrum) source ↗'Currently, only USDC can be used as collateral on Carbon.'; deposit on Arbitrum per https://docs.carbon.inc/trading/getting-started.md; cross-margin account
KYC
Not required source ↗onboarding = wallet connect or Telegram/Google/Apple login, no KYC step; intro page mission mentions access 'from any wallet, without KYC'
Restricted regions
United States persons (perpetual contracts, per CFTC/Commodity Exchange Act), residents/citizens of countries under US/UK/EU embargo or sanctions (Restricted Territories), persons on US/UK/EU/UN sanctions lists source ↗terms also prohibit VPN use to bypass restrictions
Audits
Sherlock — SYMMIO-Core v0.8.5 trade settlement contracts used by Carbon (contest + two 2026-03-31 SYMMIO collaborative audit reports) source ↗audit is of the third-party SYMMIO protocol, not Carbon-specific code; terms describe Carbon as 'an informational site for the SYMMIO Protocol'
Incidents
None found in official sources
Points program
Live source ↗Season 2 started 6 Aug 2026, 250,000 points/week for max 12 weeks (so ends around end of Oct 2026); $CARBON token not yet live
Referral program
Yes. Benefit for the referred trader: “Referees get a 10% bonus on the points they earn.” source ↗referrers earn 20% of referees' points; benefit is points, not fee discount
From Carbon’s own documentation, terms, API or official posts, checked 08 Oct 2026. Terms change; confirm on the venue before trading. “Not verified yet” means we could not confirm it from an official source.
IS IT GROWING?
Carbon trend: Not enough data
No metric has enough comparable history on a sufficient base yet. The label counts metric directions; it is not a score and not investment advice.
Rank by open interest: #42 now · #41 30 days ago · #41 90 days ago (among venues reporting that day)
Metric
30 days
90 days
Coverage
Reading
Open interest
+30.6%
—
100%
Base too small for a reliable direction
User fees
+472.1%
+162,017%
100%
Base too small for a reliable direction
Trading volume
—
—
—
Not enough daily history yet
Thresholds: open interest ±25%, fees ±30%, volume ±40% over 30 days; the 90-day move must agree at half the threshold. Incentive campaigns can lift activity temporarily.
HISTORY
Activity over time
Open interest · daily
DefiLlama daily open interest · 138 days · 23 May 2026 – 07 Oct 2026
$2.49M
Gaps are not joined. The scale starts near the series minimum, not at zero.
User fees · daily
DefiLlama daily user fees, complete UTC days · 180 days · 11 Apr 2026 – 07 Oct 2026
$73.00
Gaps are not joined. The scale starts near the series minimum, not at zero.
Carbon had $2.49M of open interest according to DefiLlama on 08 Oct 2026 · 12:17 UTC, ranking #42 of 91 perp DEXs we track by open interest. That is 0.0% of the combined open interest of the tracked venues.
How much do traders pay in fees on Carbon?
Traders paid $1.55K in fees over the last 30 days according to DefiLlama, +472.1% compared with the previous 30 days.
Is Carbon growing?
Our current reading is “Not enough data”. Average open interest over the last 30 days changed +30.6% versus the prior 30 days. The reading updates daily and requires sufficient history and a minimum base.
Does Carbon have a token?
We have not verified a tradable Carbon token. Beware of look-alike tokens using the name.
What is the maximum leverage on Carbon?
Up to 75× on some markets, according to Carbon’s documentation. Most markets allow less.
Does Carbon require KYC?
Not required, based on Carbon’s terms and sign-up flow. Access rules can change by country.
Does Carbon have a referral program?
Yes. Benefit for the referred trader: “Referees get a 10% bonus on the points they earn.”.
DefiLlama oi history for listing “carbon.inc”, fetched 08 Oct 2026 · 12:17 UTC, SHA-256 2bcf76715a98b029…
DefiLlama fees history for listing “carbon.inc”, fetched 08 Oct 2026 · 12:17 UTC, SHA-256 953e4ef93d5a24ba…
Open interest and fees: DefiLlama, captured 08 Oct 2026 · 12:17 UTC. 24h volume: CoinGecko derivatives exchange data (rolling 24 hours, converted from BTC), captured 08 Oct 2026 · 12:16 UTC. Token prices and 30-day price change: CoinGecko, at the time shown on each venue page; a parent-project or chain token is labelled and is not evidence of a claim on exchange revenue. Changes compare the last 30 days with the previous 30 days (OI as a daily average, fees as a total) and need at least 95% daily coverage. A trend label needs the 30-day move to pass a threshold (OI ±25%, fees ±30%) on a minimum base (OI ≥ $5M, fees ≥ $100K per 30 days); with 90 days of history both horizons must agree. Venue-reported volume is not audited; ⚑ marks volume above 25× open interest. “—” means unavailable, never zero. Full method ↗
