Ventuals, the perpetuals trading platform built on Hyperliquid that gave degens synthetic exposure to private companies like OpenAI and SpaceX, is pulling the plug. The protocol announced it will settle and halt all of its HIP-3 markets in the coming days, effectively ending operations.
The silver lining, if you can call it that: vHYPE token holders will be able to withdraw their deposited HYPE at a 1:1 ratio, plus any staking yield they’ve accrued.
What happened and what it means for depositors
Ventuals carved out a niche in DeFi by offering perpetual trading markets focused on pre-IPO and private market valuations. The platform let traders speculate on the implied value of companies like OpenAI, Anthropic, and SpaceX, firms that are otherwise nearly impossible for retail investors to access directly.
The protocol launched its vHYPE staking vault on October 16, 2025, with the goal of meeting the 500,000 HYPE minimum stake requirement needed for HIP-3 market deployment on Hyperliquid. It successfully raised that full amount, which at the time signaled genuine community interest in the concept.
