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WazirX Is Back In Business
On May 13, 2026, India’s most controversial crypto exchange launched perpetual futures trading.
The fees are the lowest in the Indian market.
The product settles directly in rupees, no stablecoin conversion required.
On paper, it is the best deal any retail Indian trader has ever been offered.
The catch lies in everything around the product.
WazirX is the same exchange that was hacked, resulting in a $235 million loss, in July 2024. Trading was frozen for 16 months.
Approximately 85% of affected funds have been returned.
The remaining 15% remains locked in non-tradable Recovery Tokens.
So the fair Question for every Indian crypto user is simple: Is the new futures product a comeback story, or a fresh layer of risk on top of an old one?
Here is a clear look at both sides.
What WazirX Actually Launched
The product is an INR-settled perpetual futures contract.
Perpetual futures let traders bet on the price of a crypto asset without owning it.
There is no expiry date.
Positions can be held as long as margin requirements are met.
INR-settled means everything is denominated and settled in Indian Rupees.
Users deposit, trade, and withdraw in rupees; no USDT conversion is needed.
The launch pairs are BTC/INR and ETH/INR.
Maximum leverage is 10x.
Maker fees are 0.02%.
Taker fees are 0.04%.
There are no volume thresholds.
For comparison:
- CoinDCX charges approximately 0.025% for makers and 0.07% for takers (with VIP tiers that can go lower).
- Other platforms like Giottus and Delta Exchange offer competitive but higher base rates or USDT settlement.
WazirX has positioned itself as the cheapest base-tier option in India.
One notable consumer-protection feature: Users must pass a mandatory knowledge test on leverage, margin, and liquidation risk before trading futures.
This is a step that few Indian exchanges have implemented.
For experienced traders, this is genuinely attractive.
For everyone else, the bigger story is the company behind it.
The $235 Million Question
WazirX cannot be discussed without the hack.
In July 2024, the North Korea-linked Lazarus Group drained approximately $235 million from a WazirX multisignature wallet, nearly 45% of the exchange’s total reserves at the time.
Over 4.4 million users had their funds frozen overnight.
The exchange remained offline for 16 months.
A court-approved restructuring in Singapore led to trading resuming on October 24, 2025.
Users received about 85% of their pre-hack balances.
The remaining 15% was converted into non-tradable, non-withdrawable Recovery Tokens in January 2026.
These tokens sit in user accounts and cannot be sold, transferred, or cashed out.
Their value depends entirely on WazirX generating at least $10 million in recoverable value per quarter through profits or asset recovery.
WazirX has pledged to direct profits from the new futures product toward Recovery Token buybacks.
The pitch is clear: Trade with us, generate fees, and help recover what was lost.
Some users see this as fair.
Others see it as placing the burden back on customers.
Both reactions are understandable.
Why The Shardeum Connection Matters
Nischal Shetty, founder of WazirX, is also the co-founder of Shardeum, a Layer-1 blockchain.
In February 2026, WazirX listed SHM and ran a 52.9 million SHM trading contest titled “Highest Trader Kaun.”
In March 2026, it partnered with sikka.fun, a memecoin launchpad built on the Shardeum network.
The pattern is clear: WazirX (exchange), Shardeum (blockchain), and Sikka.fun (launchpad) all trace back to the same founder.
When users trade Shardeum-based tokens, the founder benefits across multiple layers: exchange fees, blockchain activity, and launchpad growth.
This is not illegal, but it represents a clear conflict of interest.
Indian retail traders deserve full transparency, especially those still holding Recovery Tokens.
SHM has lost over 99% from its all-time high, with thin trading volume.
Many users chasing airdrops and contests are also waiting on recoveries.
A Quick Comparison Of Indian Futures Exchanges
| Exchange | Maker Fee | Taker Fee | Max Leverage | Settlement | Status |
|---|---|---|---|---|---|
| WazirX | 0.02% | 0.04% | 10x | INR | Recovering from $235M hack |
| CoinDCX | 0.025% | 0.07% | 100x | INR/USDT | Recovering from the earlier breach |
| Giottus | Variable | Variable | Up to 25x | INR | Operational |
| Delta Exchange | 0.02% | 0.05% | 100x | USDT | Derivatives-focused |
WazirX wins on fees and INR simplicity for retail traders.
CoinDCX and Delta offer higher leverage for advanced users.
No platform has a perfect track record in the past 24 months.
What This Means For Indian Crypto Users
Honest takeaways:
- Experienced traders: The fee structure is genuinely competitive. You can save meaningfully on high-frequency trades.
- For casual or new users, 10x leverage is high risk. Liquidations can happen in minutes. The knowledge test is helpful but not a substitute for experience.
- Recovery Token holders: Futures trading offers a non-zero chance of faster buybacks, but nothing is guaranteed.
- Trust-focused users: WazirX is not the default choice. Alternatives like CoinDCX, Delta Exchange, or others may feel safer depending on your priorities.
India still taxes crypto profits at a flat 30% with 1% TDS on every trade, yet provides no clear legal status for cryptocurrency, four years after the 2022 Union Budget.
Final Thoughts
The WazirX futures launch is the most aggressive product move by any Indian crypto exchange in 2026.
The fees are real.
The INR settlement is real.
The knowledge test is smart.
None of that erases the $235 million hole from 2024.
None of it changes the reality that millions of Indians are still waiting for the final 15% of their funds.
Moreover, none of it resolves questions about the founder’s overlapping ventures.
WazirX is asking Indian traders for a second chance. Some will give it. Some will not.
Both decisions are reasonable.
This article is based on official WazirX announcements, court documents, and verified reports as of May 20, 2026.
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