According to official sources, Pingu Exchange, an on chain perpetual contract platform, announced that it will permanently shut down on July 31, 2026. Pingu launched Arbitrarum in January 2024, raising approximately $270000 in total and generating $2.4 billion in trading volume. It distributed approximately $650000 in rewards to pledged users. After migrating to the Monad mainnet, the transaction volume was only about $80 million in 6 months, and the team stopped receiving salaries from February. The platform will enter the "reduction only" mode from June 3rd, complete settlement and close the application on July 31st. The team plans to use 64.46 ETH to provide exit liquidity for early Arbitrarum users and give up 57% of the treasury token equity to increase the community exit value.
