Pi42 is an Indian exchange that only does derivatives: INR-margined perpetual futures and, since October 2025, INR options on Bitcoin and Ethereum. It launched in February 2024 and was co-founded by former ZebPay CEO Avinash Shekhar and WazirX founder Nischal Shetty.
A low-cost choice for experienced futures traders who want rupee margin and free INR transfers. It is not an investing app: there is no spot market, you cannot withdraw crypto, leverage goes very high and the platform has a short track record.
Pi42 ranks #9 of 12 in our best crypto app in India ranking for 2026. Just above it is Delta Exchange (7.2); just below is WazirX (7.0). Every app is scored on the same seven tests (how we score).
| What we score | Weight | Score |
|---|---|---|
| Regulation and recourse | 15% | 10/10 |
| Security and transparency | 25% | 7/10 |
| Rupee deposits and withdrawals | 15% | 10/10 |
| Trading costs | 15% | 9/10 |
| Products and coin range | 10% | 6/10 |
| Liquidity and scale | 10% | 5/10 |
| Crypto withdrawals | 10% | 0/10 |
| Overall | 100% | 7.2/10 |
| Best for | Experienced traders who want INR-margined futures |
|---|---|
| Founded / HQ | 2024 · Ahmedabad (Lightningnodes Technologies Pvt Ltd) |
| FIU-IND registered | Yes, registered with FIU-IND (ID VA00045558); no FIU penalty found |
| INR deposits | UPI, IMPS and bank transfer; deposits and withdrawals free |
| Spot trading fee | No spot market. INR futures 0.02% maker / 0.05% taker at the base tier, lower with volume; options 0.0127% / 0.0169% (capped at 7% of premium); plus 18% GST |
| Futures | Yes, INR- and USDT-margined perpetuals on hundreds of pairs (including gold, oil and US stock contracts) and INR options on BTC and ETH; leverage advertised up to 150x |
| SIP / recurring | No |
| Coins listed | Derivatives only (Pi42 says 500+ pairs) |
| Crypto withdrawals | Not allowed; you can deposit USDT but only withdraw INR |
| 1% TDS deducted | Pi42 says 1% TDS does not apply to futures; it deducts 1% when USDT is converted to INR. Profits are still taxable. |
| Security record | No hack found since its 2024 launch. No published proof of reserves found. |
| Official website | pi42.com |
Pi42 is a derivatives exchange. You deposit rupees and trade perpetual futures with INR margin, or with USDT margin if you deposit USDT. Its menu covers hundreds of contracts, from Bitcoin and Ethereum to meme coins, gold, silver, oil and US stocks. In October 2025 it added INR options on Bitcoin and Ethereum, with premiums from ₹10. There is no spot market, so you cannot simply buy and hold a coin, and there are no crypto withdrawals: you can deposit USDT, but money leaves only as rupees.
Pi42 publishes its fees: INR futures cost 0.02% maker and 0.05% taker at the base tier, falling with volume, and options cost 0.0127% maker and 0.0169% taker, capped at 7% of the premium. GST at 18% is added. INR deposits and withdrawals are free. Funding payments pass between traders every few hours; see what a funding rate is.
Pi42 takes the view that crypto futures are not virtual digital assets, so it does not deduct the 1% TDS on futures trades; it does deduct 1% when USDT is converted to INR. That is the company’s reading of the law, not a tax ruling, and your profits are still taxable. Read crypto futures in India: legal and tax and keep full records for a CA.
Pi42’s operator, Lightningnodes Technologies, is registered with FIU-IND. We found no hack since its 2024 launch, but also no published proof of reserves. Co-founder Nischal Shetty also founded WazirX, and after the 2024 WazirX hack some WazirX users publicly criticised that link. The bigger risk is the product itself: at 100x leverage a 1% move against you wipes out your margin. Size every trade by risk first, as explained in risk management and position sizing.
Experienced traders who want INR-margined futures or options at low fees. Anyone who wants to invest, run a SIP or hold coins should use a spot app such as CoinSwitch or CoinDCX. For options, compare it with Delta Exchange.
Yes. Pi42’s operator, Lightningnodes Technologies Pvt Ltd, is registered with FIU-IND. Crypto derivatives are not regulated by SEBI, so there is no investor protection scheme.
No. Pi42 offers only futures and options. It has no spot market and does not allow crypto withdrawals.
0.02% maker and 0.05% taker on INR futures at the base tier, 0.0127% / 0.0169% on options (capped at 7% of premium), plus 18% GST. INR deposits and withdrawals are free.
Pi42 says the 1% TDS does not apply to futures trades, but it deducts 1% when USDT is converted to INR. Profits are still taxable, so keep records and consult a CA.
