A key player at fast-growing derivatives exchange Hyperliquids is shutting down private-company trading, pointing to consolidation in one of the industry’s hottest new markets.
Ventuals, the project behind perpetual futures linked to OpenAI and Anthropic valuations, said on Monday that it is winding down and that its team will join another project building within the Hyperliquid ecosystem.
The move has halted trading on the OPENAI and ANTHROPIC markets, where all positions are settled automatically. Other markets will shut 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 the 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, stocks and private company valuations through blockchain-based markets.
Hyperliquid has become one of the leading venues for that trend. The exchange handled about $234 billion in uninterrupted futures volume over the past month, according to DefiLlama data.
