Annanay Kapila is Founder and CEO of QFEX, a Y Combinator-backed 24/7 global stock exchange offering brokerless trading of US equities, commodities, and FX with perpetual futures contracts. QFEX raised $9.5M seed funding at a $95M valuation from General Catalyst, Y Combinator, Paul Graham, and other leading investors.

Annanay studied Mathematics at the University of Cambridge where he conducted Quantum Computing research and met co-founder Joshua Wharton. He worked as a Quantitative Trader at Flow Traders on their crypto team and later at Tower Research Capital in London.

Annanay publishes frontier market microstructure research on Substack and has deep expertise in perpetual futures, having spent a year researching why 24/7 trading works in crypto but not traditional markets. He is building QFEX as the exchange he always wished he had to trade on.

QFEX is the first exchange to offer Perpetual Futures in traditional assets, enabling 24/7 trading with up to 100x leverage without brokers or intermediaries. The platform targets replacing the $100 billion exchange and clearing industry with direct market access and volume-based fees.

QFEX pioneered perpetual futures for stocks, commodities, and FX, solving billions in rolling costs for institutional traders by eliminating expiration dates. The exchange provides retail traders with institutional-grade tools previously only available to firms like Jane Street.