A key player in the fast-growing derivatives exchange, privately held Hyperliquid is shutting down, raising the prospect of consolidation in one of the industry’s hottest new markets.
Ventuals, the project behind valuation-linked perpetual futures OpenAI and Anthropic, announced on Monday that it is ending its operations and its team will join another project within the Hyperliquid ecosystem.
This decision halted trading on the OPENAI and ANTHROPIC markets, with all positions being settled automatically. Other markets will close their doors in the coming days. The team said it generated over $650 million in trading volume and attracted over 500,000 HYPEs of community support during its run.
The closure comes as crypto-native trading platforms increasingly move beyond digital assets into markets traditionally associated with Wall Street. Traders can now use perpetual futures contracts to speculate on commodities, stocks, and private company valuations via blockchain-based markets.
Hyperliquid has become one of the main places for this trend. The exchange processed approximately $234 billion in perpetual futures contract volume over the past month, according to data from DefiLlama.
