Ventuals Exit Costs Hyperliquid Two High-Profile AI Markets

Ventuals, the team behind OpenAI and Anthropic perpetual markets on Hyperliquid, is winding down. The shutdown freezes both pre-IPO markets and settles all open positions automatically using 24-hour average prices.

The team announced Monday that it will join another project building within the Hyperliquid ecosystem. Over the next few days, all of its remaining markets will settle and halt for trading.

What the Ventuals Shutdown Means for Hyperliquid

Ventuals built around a simple idea. It offered round-the-clock private markets so anyone could gain exposure to top technology firms before an IPO.

The project ran on Hyperliquid’s HIP-3 market framework, which lets outside teams create and manage their own perpetual futures markets. That model pushed the exchange well beyond cryptocurrencies.

Ventuals traded more than $650 million in volume and attracted over 500,000 HYPE, Hyperliquid’s native token, in community support. It charged no deposit, withdrawal, or management fees.

OpenAI and Anthropic Markets Settle at Frozen Prices

The OPENAI and ANTHROPIC contracts gave traders exposure to two top AI IPO candidates. Neither firm trades publicly, so users speculated on implied valuations rather than owning shares.

Ventuals priced those contracts in company valuation, where a mark of $1,300 signaled a $1.3 trillion firm. It froze both prices at their 24-hour averages and set funding rates to zero.

The OPENAI market settled at $1,341.80 and ANTHROPIC at $1,618.90, implying valuations near $1.34 trillion and $1.62 trillion. Trading halted Monday morning, with all positions settled automatically.

After settlement, vHYPE holders can withdraw their deposited HYPE one-to-one, plus any accrued staking yield.

TradeXYZ Tightens Its Grip on Pre-IPO Markets

The closure highlights fast consolidation among HIP-3 operators. TradeXYZ dominates pre-IPO trading on Hyperliquid.

It holds about 95% of the category’s $1.46 billion lifetime volume, a June 9 Talos report found. Open interest across those markets sits near $106 million.

TradeXYZ built that lead on an accurate pricing record. Its Cerebras (CBRS) contract traded within 1.3% of the chip maker’s $350 Nasdaq open in May. That sat well above the $185 IPO price.

The builder’s SpaceX pre-IPO market sent a similar signal. SPCX launched May 18 and held above the $135 offering price for weeks. SpaceX stock opened at $150 on its Nasdaq debut June 12 and closed up about 19%.

Hyperliquid’s HYPE token traded near $68, up almost 12% on the day. The rally held even as one of its marquee builders exited.

The wind-down leaves TradeXYZ with little competition in a young market.

Rivals emerging or one operator keeps control will shape Hyperliquid’s pre-IPO trading in the coming months.