Overview
Ventuals is a DeFi platform that lets users trade perpetual futures tied to the valuations of private, pre-IPO companies using Valuation Units. It runs on the Hyperliquid Layer 1, uses HIP-3 to create custom markets without building an exchange, and settles margined contracts in USDH while pricing with a hybrid oracle that blends off-chain data and on-chain price. Its approach differentiates it by providing on-chain exposure to illiquid private valuations, accessible without accreditation or large capital, and offering themed public-stock indices as additional exposure. The goal is to unlock trillions of dollars of illiquid private market value by making valuation-based derivatives easy to trade and tap into through synthetic exposure.
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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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