The prediction market space just got a new challenger with deep pockets and a very specific thesis. Pascal, a startup built around event contracts for professional traders, has closed a $9 million Series A round led by Union Square Ventures.
The goal is ambitious but straightforward: carve out a niche between Kalshi and Polymarket, two platforms that have collectively ballooned to a combined valuation north of $37 billion. Pascal’s bet is that neither incumbent is serving institutional money well enough.
What Pascal is actually building
Pascal is trying to fix that with perpetual futures-style mechanics layered on top of event contracts. Instead of buying a simple yes/no contract that expires when an event resolves, traders can take positions that function more like the perpetual contracts found on crypto derivatives exchanges. The platform is also promising reduced trading fees and enhanced liquidity solutions.
Pascal’s founding team brings credentials from both traditional finance and crypto. Key members reportedly come from backgrounds at Bridgewater Associates, the world’s largest hedge fund, and dYdX, one of the most established decentralized derivatives protocols.
