A key player on the fast-growing derivatives exchange Hyperliquid’s private-company trading is shutting down, pointing to consolidation in one of the industry’s hottest new markets.
Ventuals, the project behind perpetual futures tied to OpenAI and Anthropic valuations, said Monday it is winding down and that its team will join another project building within the Hyperliquid ecosystem.
The move has halted trading in the OPENAI and ANTHROPIC markets, with all positions settled automatically. Other markets will be shutting down in the coming days. The team said it generated more than $650 million in trading volume and attracted over 500,000 HYPE in community support during its run.
The shutdown 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 markets.
Hyperliquid has become one of the leading venues for that trend. The exchange processed roughly $234 billion in perpetual futures volume over the past month, according to DefiLlama data.