Former FTX Europe Chief Launches UpsideOnly ‘No-Loss’ AI

Patrick Gruhn, the former head of FTX Europe, launched UpsideOnly, an AI-driven trading platform that markets a “no loss” user experience. UpsideOnly opened pre-registration today and plans a broader rollout in 2026.

Users submit simulated trade ideas across oil, gold, equities and cryptocurrencies. An AI model called BayesShield scores the submissions and Perpetuals.com, the Nasdaq-listed parent, executes the highest-ranked signals using its own balance sheet.

Signal creators are reported to receive half of any profits from trades that win. When a trade loses, Perpetuals.com absorbs the loss and users have no direct financial exposure on that position.

The BayesShield engine was trained on a dataset of more than 11 billion historical trades taken from FTX Europe’s retail customer base that was salvaged before the parent exchange collapsed in 2022.

Perpetuals.com is listed on Nasdaq and trades near a $22 million market capitalization. The company has reported consecutive periods of negative earnings. Critics note those figures when assessing how much risk the parent firm can absorb if losses accumulate. Observers also point to the origin of the model’s training data from the exchange that failed in 2022.

In a public post about UpsideOnly, 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.”

Perpetuals.com and Gruhn present UpsideOnly as a consumer product backed by a regulated entity. The company lists oil, gold, equities and crypto among supported asset classes and describes the user experience as submitting an idea, having the model score it, and sharing in profits when signals win.

Pre-registration is live now and the company says wider access will follow in 2026. Potential users will decide whether to sign up based on the product details and the parent company’s financial position.