Ventuals

Ventuals

On-chain perpetual futures for private valuations

Overview

Ventuals is a DeFi platform that lets users trade perpetual futures tied to the valuations of private, pre-IPO companies. It uses Valuation Units to represent a company’s total value, with futures margined and settled in USDH and prices set by a hybrid oracle that blends off-chain data and on-chain price. Built on the Hyperliquid Layer 1 with HIP-3, it can create custom markets without building an exchange, enabling long or short bets on valuations of names like SpaceX and OpenAI. Its goal is to open up illiquid private-market exposure by offering on-chain, valuation-based derivatives and sector-focused indices accessible to a broad range of investors.

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About Ventuals

Simplify's Rating
Why Ventuals is rated
D-
Rated D- on Competitive Edge
Rated D- on Growth Potential
Rated D- on Differentiation

Industries

Data & Analytics

Fintech

Crypto & Web3

Financial Services

Company Size

1-10

Company Stage

N/A

Total Funding

N/A

Headquarters

Decentralised

Founded

2025

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Simplify's Take

What believers are saying

  • By September 2, 2026, CoinGecko tracked 19 venues listing OpenAI and Anthropic perps.
  • Talos said Hyperliquid pre-IPO perps priced Cerebras within 1.3% of its Nasdaq open.
  • Cryptoast reported more than $50 million TVL after the November 13, 2025 mainnet alpha.

What critics are saying

  • Ventuals announced sunsetting on September 4, 2026, halting all HIP-3 markets.
  • Binance launched pre-IPO perps for SpaceX on May 21, 2026, crushing first-mover advantage.
  • SEC regulatory scrutiny around synthetic pre-IPO derivatives can force delistings or shutdowns within months.

What makes Ventuals unique

  • Ventuals pioneered valuation-denominated perps for private companies, not shares, on Hyperliquid.
  • Its HIP-3 launch used Hyperliquid's builder-deployed infrastructure, avoiding exchange bootstrap friction.
  • The product combined off-chain private-market data with on-chain trading for pricing.

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Benefits

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