CoinDesk
Ventuals, the team behind perpetual futures tied to OpenAI and Anthropic valuations on Hyperliquid, is winding down and merging into another project within the ecosystem. Trading in the OPENAI and ANTHROPIC markets has been halted and all positions settled automatically, with remaining markets set to close in the coming days. During its run, Ventuals generated more than $650 million in cumulative trading volume and attracted over 500,000 HYPE in community support.
Why it matters
The closure signals consolidation in one of crypto's fastest-growing niches: perpetual futures markets tied to private-company valuations. Hyperliquid's HIP-3 framework lets third-party teams spin up and manage their own perp markets on the exchange, enabling traders to speculate 24/7 on assets — including unlisted AI giants like OpenAI and Anthropic — that would be impossible to list on traditional venues. The shutdown points to a natural shakeout as the category matures, with one dominant operator, TradeXYZ, now accounting for nearly 97% of HIP-3 trading volume.
Market impact
Hyperliquid itself processed roughly $234 billion in perpetual futures volume over the past month, underscoring that the platform's broader momentum is intact even as individual HIP-3 operators consolidate. TradeXYZ's SpaceX contract (SPCX) notably anticipated the company's IPO surge above the $135 opening price, illustrating the predictive potential — and speculative risk — of this market structure. Traders seeking exposure to private AI company valuations will need to migrate to surviving operators or wait for new entrants under the HIP-3 model.
Frequently asked questions
-
What happens to traders who held open positions in the OPENAI or ANTHROPIC markets on Hyperliquid?
All open positions in the OPENAI and ANTHROPIC perpetual markets were settled automatically when Ventuals halted trading. Traders do not need to manually close positions.
-
What is Hyperliquid's HIP-3 framework and why does Ventuals' closure matter for it?
HIP-3 allows third-party teams to create and manage their own perpetual futures markets on Hyperliquid, enabling contracts on assets like private companies. Ventuals' shutdown accelerates consolidation in this space, with TradeXYZ now commanding nearly 97% of HIP-3 trading volume.
-
Does Ventuals' shutdown signal weakness for Hyperliquid as a platform?
Not necessarily — Hyperliquid processed roughly $234 billion in perpetual futures volume over the past month, and RWA perpetual volumes hit a new all-time high in May. The closure reflects operator-level consolidation rather than a decline in the exchange's overall activity.
Crypto Rank News
TheBlock
CoinTelegraph
Glassnode