Platform · Scalar Derivatives
Ventuals
Trade Perps on Anything, 24/7 · non-deliverable perpetual futures on pre-IPO company valuations
- Mechanism
- Scalar Derivatives
- Chain
- Hyperliquid L1
- Status
- Live (mainnet Oct 16, 2025)
- Founded
- 2025 (X account @ventuals created June 3, 2025; mainnet Oct 16, 2025)
- Market types
- Scalar · Perpetual futures
- Audience
- Power user · Quant · Crypto-native · Builder/infra · Institutional
- Website
- ventuals.com
- @ventuals
Pricing mechanism
Onchain CLOB (HIP-3) with hybrid oracle (1/3 Notice data + 2/3 EMA of mark over 2h)
Settlement
Perpetual roll with hybrid oracle anchor; at IPO settles to basic shares × first-day close
Strengths
- Paradigm incubation halo + sibling-founder pedigree (Shadow.xyz $9M seed validates execution)
- First flagship HIP-3 product on Hyperliquid · privileged distribution + co-marketing from the L1
- Real volume traction: >$520M cumulative as of Feb 2026, >$200M in first 17 days post-launch
- Hybrid oracle (1/3 Notice data + 2/3 EMA over 2h) addresses the obvious price-discovery objection for pre-IPO names
- Tradeable list · SpaceX, OpenAI, Anthropic · is exactly the pre-IPO names retail can't otherwise get exposure to
Weaknesses
- Perp shape has liquidations + funding · wipes out the long-vol distribution-curve trader Dekant targets
- USDH collateral transition (announced May 14, 2026 · moving to USDC) signals fragility in stablecoin stack
- Reliance on Notice + EMA oracle is opaque · actual private-company valuation arrival creates settlement risk
- Non-US only · US accredited pre-IPO buyers stay on Forge/EquityZen
About this mechanism
Perpetual swaps or banded options on scalar variables that look like PM topics (pre-IPO valuations, attention scores, FDV). NOT prediction markets · the trader takes a directional position with leverage and liquidation risk.