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Hyperhub/DEXes/vntl
15 live markets
DEX Profile

Ventuals

Trade pre-IPO companies — OpenAI, SpaceX, and more

24h Volume
$2.3M
Venue
Total OI
$18.7M
Open
Assets
15
Listed
Exclusive
14
Assets
Growth
10
Markets
Collateral
USDH
Margin
01 /

Live Markets

All active markets listed by Ventuals. Click column headers to sort by volume, open interest, or funding.

AssetCategoryPriceMax LevCrossTrade
WHEAT
WHEAT
Commodities$611.940$658.3K$2.0M0.0000%10xIsolated onlyTrade↗
SPACEX
SPACEX
Pre-IPOExclusive
$2,192.000$504.0K$2.5M+0.0044%3xIsolated onlyTrade↗
SOY
SOY
CommoditiesExclusive
$1,192.600$413.7K$151.0K0.0000%10xIsolated onlyTrade↗
MAG7
MAG7
IndicesExclusive
$71.021$269.7K$847.0K0.0000%20xIsolated onlyTrade↗
ANTHROPIC
ANTHROPIC
Pre-IPOExclusive
$1,496.200$201.1K$8.2M+0.0148%3xIsolated onlyTrade↗
OPENAI
OPENAI
Pre-IPOExclusive
$1,336.300$71.4K$3.4M+0.0055%3xIsolated onlyTrade↗
NUCLEAR
NUCLEAR
IndicesExclusive
$131.350$52.5K$167.6K0.0000%20xIsolated onlyTrade↗
BIOTECH
BIOTECH
IndicesExclusive
$136.800$39.0K$101.3K0.0000%20xIsolated onlyTrade↗
DEFENSE
DEFENSE
IndicesExclusive
$67.2710$20.7K$125.8K0.0000%20xIsolated onlyTrade↗
ENERGY
ENERGY
IndicesExclusive
$56.2110$18.3K$395.4K0.0000%20xIsolated onlyTrade↗
ROBOT
ROBOT
IndicesExclusive
$41.1270$18.2K$110.2K0.0000%20xIsolated onlyTrade↗
SEMIS
SEMIS
IndicesExclusive
$597.680$13.6K$282.6K0.0000%20xIsolated onlyTrade↗
INFOTECH
INFOTECH
IndicesExclusive
$191.260$289.08$401.1K0.0000%20xIsolated onlyTrade↗
GOLDJM
GOLDJM
CommoditiesExclusive
$124.00$0.00$0.000.0000%20xIsolated onlyTrade↗
SILVERJM
SILVERJM
CommoditiesExclusive
$31.5$0.00$0.000.0000%20xIsolated onlyTrade↗
02 /

About Ventuals

A structured walkthrough of asset coverage, architecture, pricing, risk, and fees.

01

Protocol Overview & Architecture

A unified venue for frontier technology exposure, from pre-IPO companies to public thematic baskets.

Ventuals is a decentralized perpetual exchange built on Hyperliquid's HIP-3 framework that focuses on making frontier technology and innovation tradable. The protocol offers a unified venue to trade emerging sectors, ranging from private pre-IPO companies to public thematic indices.

All perpetual contracts on Ventuals are linear, cash-settled, and fully margined in USDH. The Ventuals frontend interface acts as a non-custodial gateway and charges a small 1-5 bps builder fee on trades.

02

Markets & Asset Directory

Three market families spanning private companies, public themes, and select commodities.

  • Private Companies (Pre-IPO) — Traders can speculate on valuations of blue-chip private companies like SPACEX, OPENAI, and ANTHROPIC, with max 3x leverage. The contract price is simply the company's valuation divided by 1 billion, for example a $420.69B valuation equals $420.69 per contract.
    • Market Resolution — When a private company goes public, the perpetual contract resolves. Funding is set to zero, and open positions are settled at the stock market's closing price on the first day of trading.
  • Thematic Indices — Perpetual contracts tracking public ETFs focused on technology and innovation, such as MAG7, SEMIS, ROBOT, NUCLEAR, DEFENSE, and BIOTECH, with up to 20x leverage.
  • Commodities — Currently featuring WHEAT (CBOT Chicago SRW Wheat). To avoid price gaps when the underlying futures expire, Ventuals utilizes a deterministic 5-business-day roll schedule from the 6th to the 10th business day of the roll month.
03

Pricing & Oracle Mechanics

Tailored oracle approaches across private-company, index, and commodity markets.

  • Indices & Commodities (External) — Indices use Pyth data feeds covering pre-market, normal, and overnight ATS sessions. Commodities rely on CBOT Globex futures settlement data.
  • Private Companies (Weighted Oracle) — Since pre-IPO companies lack liquid spot markets, the oracle combines off-chain valuation data from *Notice* with 1/3 weight and a 2-hour EMA of the mark price with 2/3 weight. This allows organic price discovery while anchoring to real-world funding-round and secondary-market data.
  • Internal Pricing (Off-Hours) — During weekends or exchange closures, the oracle uses an internal pricing mechanism driven by orderbook impact prices. It applies a dynamic adjustment coefficient (*k*) to resist manipulation during thin liquidity.
  • Mark Price Construction — For indices and commodities, the mark price is the median of (1) the oracle price, (2) the oracle price plus a 150s EMA of the basis, and (3) the orderbook median of best bid, best ask, and last trade.
04

Risk Controls & Protections

  • Mark Price Bands — To prevent scam wicks and manipulation, the mark price is strictly bound to ±(1 / max_leverage) of the last external oracle price, such as ±10% for a 10x market.
  • Private Company Bounds — Pre-IPO mark prices are structurally constrained to remain within 0.8x to 1.2x of the oracle price, and additionally bound by the external *Notice* data feed.
  • Velocity Limits — To stop sudden extreme spikes, index and commodity prices are hard-capped from moving more than 0.50% per 3-second update, while private companies are limited to a maximum 1% move per update.
  • Margining & Liquidations — All Ventuals markets utilize an isolated-only margin system, ensuring losses in one trade cannot drain collateral from another. If an isolated position drops below maintenance, the liquidation engine force-closes it at the current mark price.
05

Fees & Funding Rates

  • USDH Quote Asset Benefits — Because Ventuals uses USDH, traders automatically receive a 20% discount on taker fees, 50% better maker rebates, and a 20% boost to volume-tier contribution.
  • Fee Tiers & Growth Mode — Thematic index markets operate with Growth Mode enabled, reducing standard base fees by 90%. Pre-IPO markets operate on the standard HIP-3 fee tier.
  • Adjusted TradFi Funding (Indices / Commodities) — To align with traditional-finance borrow costs, Ventuals applies a 0.5x multiplier to Hyperliquid's standard funding formula, yielding a baseline annualized rate of ~5.5%.
  • Dynamic Funding for Pre-IPO — Private-company funding rates scale exponentially based on how far the mark price deviates from the oracle. At low deviations below 5%, annualized funding is roughly 15%. If the deviation exceeds 19%, hourly funding spikes to roughly 1% per hour, over 8000% APY, to aggressively incentivize traders to bring price back to fair value.
◆

Asset Coverage

Category distribution across Ventuals's listed perpetual markets.

Indices8
Commodities4
Pre-IPO3
✦
Cross Margin Note

How cross-margin is scoped on Ventuals.

Cross margin scope depends on your account mode. Standard Account: cross margin stays within the same HIP-3 DEX only. Unified Account / Portfolio Margin: DEXes sharing the same collateral (e.g. USDC or USDH) can cross-margin together. DEX Abstraction is not compatible with cross margin. Deployers enable cross margin per market — not every listing supports it.

Under Unified Account, USDH margin is shared with Kinetiq Markets, Felix Exchange. Under Standard Account, cross margin stays within this DEX only. Enablement is per market, so not every listing on Ventuals will necessarily support cross margin at launch.

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