Patrick Gruhn, the former head of FTX Europe, has launched a new AI trading platform called UpsideOnly that tells users they 'can't lose.' The platform uses a model trained on billions of trades from the collapsed exchange's European retail customers — data salvaged before the 2022 bankruptcy.
The 'no loss' pitch
UpsideOnly's core promise is straightforward: signal creators get half of any profits from simulated trades on oil, gold, equities, and crypto, and they face zero exposure when a trade loses. The company absorbs all losing positions on its own balance sheet. That 'no loss' label, Gruhn emphasizes, only applies to the user side — the firm itself eats the downside.
The platform's AI, called BayesShield, was trained on over 11 billion historical trades from FTX Europe's retail customer base. That data was pulled before the exchange imploded in late 2022.
How it works — and who executes
Users submit simulated trade ideas through UpsideOnly. Actual execution falls to Perpetuals.com, a Nasdaq-listed company that trades near a $22 million market capitalization. Perpetuals.com has posted consecutive periods of negative earnings. The parent firm runs the trades on its own books, meaning it takes the other side of each bet.
Gruhn has said publicly that he was unaware of the fraud happening at the parent FTX firm while he ran the European division. He left FTX Europe before the collapse.
Rollout timeline
UpsideOnly is live for pre-registration as of this week. A broader public rollout is planned for later in 2026. The timing isn't great for any product tied to FTX's legacy, but Gruhn is betting the 'can't lose' claim and the AI hook will win over a new set of users.
