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Ventuals Review 2026: Pre-IPO Perps, Now Sunsetting

Ventuals built perpetual futures on private-company valuations on top of Hyperliquid's HIP-3 framework. The project is now sunsetting, so this page is a record of what it did, not a recommendation to join.

Hyperliquid L1

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

3.0/10

Weak

Visit Ventuals

Our verdict on Ventuals

3.0/10

Ventuals was an interesting experiment: perpetual futures on private-company valuations, built on Hyperliquid's HIP-3. It is not a platform to start using now, because the homepage says it is sunsetting and some markets have reportedly closed. The only audience is existing users who need to withdraw vHYPE or export a Privy wallet before the wind-down page goes away. Its main caveat is that no audits, fees or team details are published, and leveraged valuation perps are high-risk products.

Score breakdown

How Ventuals scores

Security: n/a
Ease of use: n/a
Fees: n/a
Features: n/a

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Ventuals?

Ventuals is a decentralized trading protocol that created perpetual futures markets on private-company valuations. It used Hyperliquid's HIP-3 infrastructure. Public reporting shows markets on names such as SpaceX, OpenAI and Anthropic, plus a SEMIS market tracking the 25 largest public semiconductor firms.

The homepage now reads only "Ventuals is sunsetting". One search result reports that the OpenAI and Anthropic perpetual markets were shut, and that a sunset guide asked users to withdraw remaining vHYPE and export their Privy wallet, with the page kept up at least until 15 September 2026.

DefiLlama shows about $344K in locked value, no token and no listed audits. The project appeared on that tracker in May 2026, so its active life was short.

How Ventuals works

Ventuals created perpetual futures, which are derivative contracts with no expiry, that track the estimated value of private companies. Traders could go long or short with leverage without owning any shares. The price reference is an estimate of a company's valuation, since private firms have no live market quote.

The markets were deployed on Hyperliquid using HIP-3, a framework that lets third parties launch their own perpetual markets on Hyperliquid's chain. Matching, margin and settlement run on Hyperliquid, while the deployer chooses the market and its pricing setup. DefiLlama classes Ventuals as an interface-type project on the Hyperliquid chain.

Positions are backed by collateral posted by traders. Gains and losses are settled in the collateral asset, and funding payments between longs and shorts keep the perpetual price near its reference. With the sunset, this activity is being wound down.

5 features

Key features

Private-company perpetuals

Ventuals listed perpetual futures priced off the estimated valuations of private companies. Public reporting cite SpaceX, OpenAI and Anthropic.

Hyperliquid HIP-3 deployment

Markets were deployed through Hyperliquid's HIP-3 framework, so trading used Hyperliquid's infrastructure instead of a separate chain.

Index-style market

Public reporting shows Ventuals as the deployer of a SEMIS market tracking the 25 largest public semiconductor companies, offered with 10x leverage.

Self-custodial, non-KYC access

One search result says the product did not require KYC and was self-custodial. The project itself does not publish this.

vHYPE and Privy wallets

The sunset guide is reported to refer to vHYPE and Privy wallets, which suggests a liquid-staked HYPE asset and embedded wallets were part of the product.

Pros and cons

What we like

It offered a way to get price exposure to private-company valuations without owning shares.
It ran on Hyperliquid's existing HIP-3 infrastructure rather than a new chain.
One source describes it as self-custodial and non-KYC.
The team published a sunset guide with withdrawal and wallet export steps, according to public reporting.

Watch out for

The homepage says Ventuals is sunsetting, so new users have no reason to start.
Public reporting report that the OpenAI and Anthropic perpetual markets were shut down.
No audits are listed in the DefiLlama data.
Locked value is small at roughly $344K and fell about 16.8% over seven days.
Fees, team and legal status are not published.
Users who still hold vHYPE or use a Privy embedded wallet must act themselves before the wind-down page comes down.

Ventuals fees

Ventuals does not publish a fee schedule. Trading costs on a Hyperliquid-based perpetual market typically include trading fees and funding payments, and these would have been shown inside the trading interface.

Because the project is sunsetting, fees are mostly relevant for withdrawals. Users should check the official sunset notice and the network costs shown in their wallet before moving funds.

Is Ventuals safe?

The project says it is sunsetting, so the main risk now is users missing the withdrawal window. Anyone with funds in vHYPE or a Privy wallet should follow the official instructions and move assets out before the page is taken down.

No audits are listed in the DefiLlama data, and the project does not publish licensing or team details. Leveraged perpetual futures on estimated private valuations carry high risk of loss. Trading is for adults only (18+) and may be restricted where you live, so check local rules and trade only what you can afford to lose.

6 steps

How to get started with Ventuals

1
Read the sunsetting notice on the official Ventuals site first.
2
Do not open new positions. The project is winding down and some markets have been closed.
3
If you hold vHYPE, follow the official instructions to withdraw it before the stated date.
4
If you used a Privy embedded wallet, export it using the project's guide and store the key securely.
5
Check your wallet for any remaining positions or balances on Hyperliquid and move them to a wallet you control.
6
Confirm withdrawals completed before the wind-down page is removed.

Open Ventuals

Who Ventuals is for

This page is mainly for existing Ventuals users who need to know that the project is closing and that they should withdraw funds. It is also useful for readers who want to understand what pre-IPO perpetual futures on Hyperliquid were.

Ventuals FAQs

Is Ventuals shutting down?

No. The Ventuals homepage states that the project is sunsetting. Public reporting also report that its OpenAI and Anthropic perpetual markets were shut down.

What was Ventuals?

It was a trading protocol that listed perpetual futures tracking the valuations of private companies, including SpaceX and OpenAI according to public reporting. It ran on Hyperliquid using the HIP-3 market-deployment framework.

What should users still holding funds do?

A sunset guide is reported to say the page would stay up at least until 15 September 2026. It asked users to withdraw remaining vHYPE and export their Privy wallet. Users should read the instructions on the official site and act before that date.

Does Ventuals have a token?

No. DefiLlama data lists no token for Ventuals. Public reporting mentions prediction markets on a possible token valuation, but those are third-party speculation, not a confirmed token.

Did Ventuals require KYC?

One search result describes it as non-KYC and self-custodial. The project's own site does not publish terms, and since it is winding down, users should rely on the official sunset notice.

Are pre-IPO perpetual futures risky?

Perpetual futures are leveraged derivatives and can lose your whole position quickly. Prices for private companies are estimates, not live market quotes, and liquidity can be thin. Check that such products are legal where you live.

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