According to @ai_9684xtpa, Coinbase Ventures’ perpetuals exposure includes Reya, a perp DEX positioned as an Ethereum L2 built on Arbitrum Orbit, with the team branding itself as “Reya is Ethereum for traders” (source: @ai_9684xtpa). RootData figures cited by the author indicate Coinbase Ventures has four investments under the “perpetual” category, with Aevo and DerivaDEX already tokenized, and Reya showing traction after appearing on wallchain’s Nov 11 Mindshare list (source: @ai_9684xtpa). The author reports Reya chose not to build a standalone L1—unlike Hyperliquid peers—favoring ETH composability via Arbitrum Orbit (source: @ai_9684xtpa). Funding totals $16M across seed and Series A led by Framework Ventures, with Wintermute, Amber Group, Robot Ventures, and angel Stani Kulechov participating (source: @ai_9684xtpa). Trading metrics shared by the author show $448M 24h perp volume and $37.23B 30d volume, ranking sixth among perp DEXs network-wide (source: @ai_9684xtpa). The author also notes exchanges are expanding beyond core CEX business, with Binance and Coinbase pushing “Alpha” products and Coinbase announcing a first launch for Monad, framing Reya as a Coinbase Ventures-linked venue to watch in the ETH/ARB L2 stack (source: @ai_9684xtpa).