Ventuals, the project behind OpenAI and Anthropic perpetual futures contracts on Hyperliquid, is winding down operations and joining another team within the ecosystem, halting trading in both markets with all positions settled automatically. The closure marks a notable contraction in the growing market for blockchain-based private-company valuation derivatives.

Market Context

Hyperliquid has emerged as one of the leading venues for crypto-native trading beyond traditional digital assets, processing roughly $234 billion in perpetual futures volume over the past month, according to DefiLlama data. The exchange's HIP-3 framework allows third-party teams to create and manage their own perpetual futures markets, expanding offerings into niche markets traditionally difficult to list on regulated exchanges.

Analysis

The shutdown of Ventuals' OpenAI and Anthropic contracts highlights growing consolidation among HIP-3 market operators. TradeXYZ has emerged as the dominant player in this category, accounting for nearly 97% of HIP-3 trading volume. The move signals that even within crypto-native trading venues, competition is pushing toward winner-take-most dynamics.

Ventuals had attracted significant community support during its run, with over 500,000 HYPE in backing, suggesting retail and institutional interest in gaining exposure to private AI companies through alternative mechanisms. OpenAI and Anthropic contracts gave traders speculative access to two of the world's most closely watched artificial intelligence firms despite neither being publicly traded.

The closure comes as crypto-native trading venues increasingly push beyond digital assets into markets traditionally associated with Wall Street. Traders can now use perpetual futures to speculate on commodities, equities and private-company valuations through blockchain-based protocols.

Key Numbers

-$234 billion in perpetual futures volume processed by Hyperliquid over the past month (DefiLlama)

-$650 million in trading volume generated by Ventuals during its operation

-500,000+ HYPE in community support attracted by Ventuals

-Nearly 97% of HIP-3 trading volume now controlled by TradeXYZ

What to Watch

TradeXYZ's expansion strategy following consolidation of the HIP-3 market category. The project's SpaceX (SPCX) market correctly anticipated the company's blockbuster IPO debut and stock opening above the $135 price tag, demonstrating the predictive power of these crypto-native valuation markets. Additional Ventuals markets are expected to shut down in the coming days, with positions settled automatically.

Future regulatory scrutiny as private-company perpetual markets grow, particularly given that traders can speculate on valuations without owning actual equity.