Ventuals

Hyperliquid

2026-08-31 00:07:11

Anthropic share frenzy offers a stress test for Hyperliquid’s HIP-3 perpetual markets

A surge in demand for Anthropic private shares has become a useful lens for examining Hyperliquid’s HIP-3 market for pre-IPO perpetuals. The piece traces how Jesse Leimgruber’s experience fielding buyers for his Anthropic stake fed into a broader discussion about synthetic exposure to private companies, especially on platforms such as Ventuals, trade.xyz, and Entropy. HIP-3 lets anyone launch a perpetual DEX on Hyperliquid, but only after posting $40 million in collateral, creating a high barrier for builders and a distinct fee-sharing model tied to HYPE buybacks. The report compares three pricing approaches that have emerged on HIP-3. Ventuals mixed private-market valuations with its own order book and later ran into severe funding-rate distortions. trade.xyz ignored outside marks and relied only on internal 30-minute average prices, later becoming the dominant source of HIP-3 volume. Entropy, backed by a $14 million round led by Ribbit Capital, uses a hybrid oracle for its ANTH market, which tracks Anthropic’s implied market capitalization rather than a per-share price. The article also looks at SanDisk contract data, the limits of pricing private companies without a live spot market, and signs that regulated institutions may be adapting HIP-3 infrastructure in more permissioned forms.

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Phantom

2026-07-01 02:12:16

Ventuals Core Team Joins Phantom to Bolster Hyperliquid Perpetual Futures Ecosystem

Phantom announced that Alvin Hsia, Emily Hsia, and Aris Samad, the three co-founders of Ventuals, have joined the company. Ventuals built one of the most sophisticated perpetual futures products on Hyperliquid, achieving over $1 billion in annualized trading volume. Their backgrounds include Airbnb, Brex, and Paradigm. This move accelerates Phantom's push into perpetual futures and its vision of connecting the world to open markets.

2080

Hyperliquid

2026-07-01 02:12:16

Three Core Members of Hyperliquid Perpetuals Project Ventuals Join Phantom, Accelerating Open Market Ambitions

Phantom wallet announced that Alvin Hsia, Emily Hsia, and Aris Samad — the core team behind Ventuals, a sophisticated perpetuals product on Hyperliquid with over $1B in annualized trading volume — have joined the company. Their backgrounds include Airbnb, Brex, and Paradigm. As the largest distribution partner in the Hyperliquid ecosystem, Phantom aims to deepen its perpetuals capabilities and redefine what a wallet can offer in open markets.

2260

Phantom

2026-07-01 02:01:20

Phantom Wallet Hires Ventuals Founding Team to Accelerate Hyperliquid Derivatives Trading

Phantom wallet has hired three core members of the Ventuals team—Alvin Hsia, Emily Hsia, and Aris Samad—to its trading and data division. Ventuals was a Hyperliquid-based decentralized perpetual contract platform that processed over $650 million in volume before shutting down in mid-June. Phantom's CEO Brandon Millman stated that the move aims to speed up product expansion in native derivatives trading and infrastructure, leveraging the team's deep experience in open markets. Phantom has become Hyperliquid's largest distribution partner over the past year.

2090

Phantom

2026-06-30 20:54:04

Phantom Acquires Ventuals Team to Build On-Chain Perpetual Trading Suite

Crypto wallet Phantom has acquired the full team of Ventuals, a private market perpetual contract platform that offered synthetic perpetuals on OpenAI and SpaceX valuations via Hyperliquid. Ventuals shut down on June 15 with over $650 million in cumulative volume. The team will help Phantom develop an on-chain trading suite allowing direct perpetual trading within the wallet without bridging. Phantom boasts 20M+ users and is Hyperliquid's largest distribution partner.

1970

Ventuals

2026-06-19 22:36:51

Ventuals Says HIP-3 DEX Fully Closed as vHYPE Withdrawals Begin

Ventuals said the HIP-3 DEX has been fully shut down and vHYPE withdrawals have started. Around 380,775 HYPE in the full withdrawal queue was processed at about 10:00 a.m. Eastern Time.

2220

Ventuals

2026-06-19 01:15:39

Ventuals Freezes Commodity and Index Markets, Urges vHYPE Holders to Withdraw

Ventuals, a Hyperliquid ecosystem project that had previously announced plans to shut down, said its commodity and index markets have been frozen. All markets will remain paused for the rest of the day, open positions will be settled automatically at final mark prices, and vHYPE withdrawals will begin batch processing at 10:00 a.m. ET on June 19.

2230

Ventuals

2026-06-19 01:15:39

Ventuals Freezes Commodity and Index Markets, Urges vHYPE Holders to Withdraw

Ventuals, a Hyperliquid ecosystem project that previously announced it would shut down, said its commodity and index markets have been frozen. All markets will remain paused for the rest of the day, open positions will be settled automatically at final mark prices, and vHYPE holders are advised to start withdrawals as soon as possible.

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