Flash Trade
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 48 → 76. Problems weighed by who is responsible: concerns that are not fraud −6.4, problems around the subject, caused by others −2.8; legitimacy credit long-running +6, audits +4; fact-check adjustments (−20) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6.4 |
| Problems around it, caused by others | -2.8 |
| Long-running | +6 |
| Audited | +4 |
| Sum | 66 |
Score: 76/100 (kept between 0 and 100)
How scoring works →Summary
Flash Trade (flash.trade) is a non-custodial, asset-backed perpetuals and spot exchange built on Solana, founded in early 2023 by Anas Khader and Zoheb Shahzan (previously of the Investin project). The protocol is bootstrapped, has undergone multiple third-party security audits, publishes an open-source reference implementation, and has processed over $20 billion in cumulative trading volume. No exploits, regulatory actions, or fraud allegations have been identified; primary risk factors are a modest TVL (~$10.7M), a low-cap governance token (FAF, ~$3.7M market cap), oracle dependency on Pyth Network, and limited public background on the founding team.
Connected Entities
5 entities · 60 linked investigations- FAFxVx…jFAF→mentioned with→Flash Trade(50%)
- Ethereum→mentioned with→Bitcoin(60%)
- Flash Trade→mentioned with→Bitcoin(60%)
- Flash Trade→mentioned with→Solana(80%)
- Flash Trade→mentioned with→Ethereum(70%)
- Solana→mentioned with→Ethereum(60%)
Timeline(10 events)
November 2022
FTX collapses. Flash Trade founders continued building on Solana while most projects halted operations.
The Flash Trade Origin Story — Flash Trade Docs3 April 2023
First Halborn security audit completed (seven-week engagement covering Solana smart contracts).
Flash Trade Audits — GitHubOctober 2023
Flash Trade presents at Solana Breakpoint 2023 on asset-backed perpetuals and composability.
Reviving DeFi on Solana — Solana Compass / Breakpoint 2023December 2023
Flash Beast NFT launch: 5,555 NFTs sold raising approximately $1.27 million for protocol development.
The Flash Trade Origin Story — Flash Trade Docs20 March 2024
Second Halborn security audit completed covering updated flash contracts.
Flash Trade Audits — GitHubSeptember 2024
Anas Khader presents at Breakpoint 2024. Protocol reports $11 billion in cumulative trading volume and $10M+ in fees, fully bootstrapped.
Breakpoint 2024: Product Keynote — Flash Trade — Solana Compass22 April 2025
Offside Labs security audit completed (engagement March–April 2025).
Flash Trade Audits — GitHubSeptember 2025
Anas Khader presents at Breakpoint 2025. Roadmap includes ephemeral rollup integration with MagicBlock, permissionless order books, and real-world asset trading.
Flash Trade Breakpoint 2025 — Solana Compass25 December 2025
Co-Founder Anas Khader appears on Solana Foundation's Sol Brothers podcast discussing Flash Trade's growth to become Solana's fastest and cheapest DEX.
Sol Brothers Podcast — Solana FoundationDecision Log
- slot 455370691 · hash EWsB89sySyy5TUp6QmzJ2qucA3u6aXieMnrTbc5Gg92R
- slot 425208283 · hash 5eJ7Wq7MjsJnjWP1bytNGJ5iR3pxoyCuWVXyWeMmu8B4
- slot 425208280 · hash G6tPTgemEdGtAm9SCdof5WPuckhY5DwSg5txhw7uqmX3
- slot 423649707 · hash F2VU8KQ6i2wHYoURD6b2qNq14EM6s9wjrGXxsk3HVnzj
- slot 423649703 · hash E6fWrBZxz8difbBEXSwPVBet96Dh3AfuvVAhVgX7CyFS
- slot 423509486 · hash F1c2f4RGVqaHPrbeu3F49SsRicLpDJP4rB5zV7eWTdqR
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 13 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/1/2026, 3:22:27 AM
last updated: 10/10/2026, 6:50:33 PM
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