Ventuals

USDHShared USDH margin pool (Unified Account)Growth Mode · 9

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

24h Volume

$2.8M

Total OI

$13.0M

Assets

Exclusive

Growth Mode Assets

Protocol Deep Dive

About Ventuals

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

Protocol Overview & Architecture

Ventuals currently focuses on private-company and thematic-index perps.

Ventuals is a HIP-3 DEX on Hyperliquid focused on two product types: private-company valuation perps and public thematic-index perps.

All Ventuals markets are USDH-margined, and the current fees page says the Ventuals frontend charges a 1-5 bps builder-code fee on trades.

Markets & Asset Directory

Current official docs list two market families, not three.

Private companies — Currently SPACEX, OPENAI, and ANTHROPIC, each with 3x max leverage and market-specific OI caps.
Thematic indices — Currently MAG7, SEMIS, ROBOT, INFOTECH, NUCLEAR, DEFENSE, ENERGY, BIOTECH, GOLDJM, and SILVERJM, each documented with 20x max leverage and a $10M OI cap.
What changed — The previous version still described Ventuals as having a live commodity segment; current official docs do not.

Pricing & Oracle Mechanics

Private-company and index markets use different pricing models.

Private-company oracle — Ventuals builds oracle price from Notice valuation data and a 2-hour EMA of mark price, with the docs giving the formula as 1/3 Notice + 2/3 EMA(2h mark).
Private-company mark price — Private-company mark price follows a dynamic-`k` impact-price process rather than the standard three-input mark formula used by normal perps.
Index markets — For indices, Ventuals uses Pyth feeds, session-aware internal pricing when external data is unavailable, and the standard three-component mark-price median.

Risk Controls & Liquidations

Margin system — Ventuals uses Hyperliquid's isolated-only margin system.
Private-company bounds — For private-company markets, docs publish a 0.8x-1.2x oracle band, additional bounds relative to Notice data, and a 1% per 3-second mark-price velocity limit.
Index bounds — For indices, docs publish the standard +- (1 / max leverage) band and a 0.50% per 3-second velocity limit.
Market resolution — When a private company goes public, Ventuals documents a dedicated market-resolution process tied to the first day's stock-market close.

Fees & Funding Rates

Growth Mode split — Ventuals docs say indices run with Growth Mode enabled, while pre-IPO markets stay on the standard HIP-3 fee tier.
USDH benefits — Because all markets are quoted in USDH, traders also receive aligned-quote-asset benefits such as 20% lower taker fees, 50% better maker rebates, and 20% more tier volume.
Private-company funding — For private-company markets, Ventuals uses a dynamic funding multiplier that starts around 15% annualized at low deviation and can ramp to roughly 1% per hour once mark-to-oracle deviation exceeds the high-deviation threshold.

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Asset Coverage

Category distribution across Ventuals's listed perpetual markets.

Indices8

Pre-IPO3

Commodities3

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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.

Markets

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

Asset	Category	Price				Max Lev	Cross	Trade
DEFENSE DEFENSE	IndicesExclusive	$74.40	$418.1K	$211.4K	+0.0006%	20x	Isolated only	Trade↗
ANTHROPIC ANTHROPIC	Pre-IPOExclusive	$942.600	$339.9K	$4.4M	+0.0052%	3x	Isolated only	Trade↗
SEMIS SEMIS	IndicesExclusive	$451.470	$320.7K	$694.1K	+0.0006%	20x	Isolated only	Trade↗
NUCLEAR NUCLEAR	IndicesExclusive	$146.100	$291.0K	$322.7K	-0.0059%	20x	Isolated only	Trade↗
ENERGY ENERGY	IndicesExclusive	$55.801	$285.9K	$801.5K	+0.0006%	20x	Isolated only	Trade↗
INFOTECH INFOTECH	IndicesExclusive	$149.26	$211.1K	$335.0K	-0.0014%	20x	Isolated only	Trade↗
MAG7 MAG7	IndicesExclusive	$64.850	$204.0K	$1.2M	+0.0047%	20x	Isolated only	Trade↗
BIOTECH BIOTECH	IndicesExclusive	$135.02	$198.9K	$133.5K	+0.0006%	20x	Isolated only	Trade↗
ROBOT ROBOT	IndicesExclusive	$36.1530	$194.2K	$338.3K	-0.0860%	20x	Isolated only	Trade↗
OPENAI OPENAI	Pre-IPOExclusive	$827.620	$188.6K	$2.1M	-0.0029%	3x	Isolated only	Trade↗
WHEAT WHEAT	Commodities	$598.1	$94.2K	$364.0K	+0.0172%	10x	Isolated only	Trade↗
SPACEX SPACEX	Pre-IPOExclusive	$1,648.900	$40.3K	$2.1M	+0.0037%	3x	Isolated only	Trade↗
GOLDJM GOLDJM	CommoditiesExclusive	$124.00	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
SILVERJM SILVERJM	CommoditiesExclusive	$31.5	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗