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.

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.

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.

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.

Ventuals, a Hyperliquid ecosystem project that previously announced it would shut down, said its commodity and index markets have been frozen. All markets will pause trading for the rest of the day, while open-position PNL will be settled automatically at the final mark price.

Ventuals has announced that it will cease operations and join another building team in the Hyperliquid ecosystem. All HIP-3 markets deployed by Ventuals will be settled and closed as scheduled, while vHYPE holders may withdraw deposited HYPE at a 1:1 ratio after all markets close and receive accrued native staking rewards.