CoinDesk
MNX, a cryptocurrency exchange developed by Manifold Markets, has launched futures tied to the valuations of private AI companies including OpenAI, Anthropic, DeepSeek and Moonshot. Built on the MegaETH blockchain, the platform raised $6.4 million from investors led by Village Global and allows traders to use up to 3x leverage.
Unlike perpetual contracts offered by OKX and Bitget, MNX's contracts expire at the end of 2027 and carry no recurring funding fees. The exchange says the structure is better suited to private companies whose shares trade infrequently and are difficult to price.
Why it matters
MNX is targeting a gap between the enormous capital flowing into AI and the limited financial infrastructure available for private-company exposure. Village Global investor Max Killberg said AI is driving one of the largest investment cycles in history while markets around the sector remain underdeveloped.
Prices are set by trading activity on MNX rather than an external price feed. If a company remains private when a contract expires, settlement can rely on valuations from funding rounds, investment funds or secondary markets. MNX can determine the price as a last resort through a published review process.
Market impact
The model gives traders a liquid, leveraged way to express views on private AI valuations without owning private shares. It also creates a meaningful gap between a contract's settlement price and the price an investor might pay in an actual private transaction.
MNX does not currently serve U.S. customers, though it plans to pursue licenses. The exchange also intends to add markets covering AI revenue, employment, housing, supply chains and computing capacity, extending the platform beyond company valuation bets.
Frequently asked questions
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Which private AI companies are included in MNX futures?
MNX offers futures tied to OpenAI, Anthropic, DeepSeek and Moonshot valuations.
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How do MNX contracts differ from OKX and Bitget perpetuals?
MNX contracts expire at the end of 2027 and carry no recurring funding fees. OKX and Bitget offer contracts without the same fixed expiration structure.
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What leverage does MNX allow traders to use?
MNX allows traders to use up to 3x their available funds, which increases both potential profits and potential losses.
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How are MNX futures settled if an AI company stays private?
Settlement can use valuations from funding rounds, investment funds or secondary markets. MNX can determine the price through a published review process as a last resort.
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Can U.S. customers trade on MNX?
MNX does not currently serve U.S. customers. The exchange plans to pursue the licenses needed to expand access.
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