A new decentralized exchange wants to let you trade the AI boom the way crypto natives trade crypto: with perpetual contracts, up to 50x leverage, and no custodian holding your funds. MNX just raised $6.4 million to make that happen.
The platform, founded by Manifold Markets co-founder Stephen Grugett in early 2026, is laser-focused on AI-related financial instruments. Think prediction markets pegged to AI capability benchmarks, derivatives on AI company stocks like Anthropic, and perpetual contracts on the price of Nvidia’s H100 GPUs. It’s basically a Bloomberg terminal for the AI economy, except it runs on MegaETH and nobody’s asking for your passport.
What MNX is actually building
The exchange operates as a non-custodial futures platform. Users maintain control of their own funds while trading contracts that track AI-adjacent assets. The testnet already features perpetual contracts for H100 GPU prices, which makes sense given that GPU availability and pricing have become one of the most closely watched indicators in the AI industry.
The platform has no native token at all. By skipping the token launch, MNX sidesteps the reflexive price dynamics that plague most crypto projects, where the exchange’s success gets conflated with its token’s market cap.
