Ex-FTX Europe Chief Launches ‘No-Loss’ AI Trading Platform

Patrick Gruhn launched UpsideOnly, an AI trading platform that markets a “no-loss” proposition. The platform uses a model called BayesShield trained on more than 11 billion trades from FTX Europe. Nasdaq-listed Perpetuals.com, the platform’s parent company, says it will execute trades on its own balance sheet and absorb losing positions. UpsideOnly opened for pre-registration on launch day and plans a broader rollout later in 2026.

Users can submit simulated trade ideas across oil, gold, equities and cryptocurrencies. An internal ranking model scores those ideas and Perpetuals.com executes the highest-scoring trades with company capital. Creators of selected signals are reported to receive half of any profits generated while Perpetuals.com carries losing positions.

Perpetuals and UpsideOnly describe BayesShield as trained on a dataset compiled from retail customer trades that were preserved from FTX Europe before the parent exchange’s 2022 collapse. The company has not published detailed metrics on how much capital it will allocate to absorb losses, the expected volume of trades the system can handle, or how profit-sharing will be operationalized at scale.

Gruhn led FTX’s European operation prior to the parent company’s bankruptcy and has said he was not aware of fraud at the parent firm. He presented Perpetuals.com as the regulated commercial vehicle for the consumer-facing product. In a recent post explaining the platform’s technical rationale, Gruhn wrote, “People don’t just interact with markets, they react to them. And a lot of that isn’t about skill; it’s about how the system behaves underneath. That’s why we approached Perpetuals differently. We treated markets as systems that can be designed, tested, and improved. A lot of what gets labeled as risk is really just poor infrastructure.”

Perpetuals.com is listed on Nasdaq and trades near a $22 million market capitalization. Company filings show consecutive periods of negative earnings. Company documents and public disclosures indicate Perpetuals uses its own capital to fund executed trades.

Some market observers and potential users said they will weigh the platform’s no-loss promise against the provenance of the training data and Perpetuals’ financial position. Critics have questioned how durable the company’s guarantee will be if losses accumulate given the firm’s modest market capitalization and recent negative earnings.