Hyperliquid’s OpenAI and Anthropic Perpetual Markets Shut Down

Hyperliquid has lost two of its closely watched private-company perpetual markets after Ventuals, the project behind contracts tied to OpenAI and Anthropic valuations, said it is winding down. Trading in the OPENAI and ANTHROPIC markets has halted, and all positions were automatically settled.

The shutdown matters because these markets were part of a growing push to use crypto-native derivatives venues for exposure beyond traditional digital assets. On Hyperliquid, traders have been able to speculate around assets such as commodities, equities and private-company valuations through perpetual futures, including companies that are not publicly traded.

Ventuals said its team will join another project building within the Hyperliquid ecosystem. During its run, the project generated more than $650 million in trading volume and attracted over 500,000 HYPE in community support, according to the team.

The OpenAI and Anthropic contracts were launched through Hyperliquid’s HIP-3 framework, which lets third-party teams create and manage their own perpetual futures markets on the exchange. CoinDesk reported that Hyperliquid processed roughly $234 billion in perpetual futures volume over the past month, citing DefiLlama data.

The closure also points to consolidation among HIP-3 market operators. TradeXYZ, another Hyperliquid-native project, has become the dominant player in the category, accounting for nearly 97% of HIP-3 trading volume and offering markets linked to companies such as SpaceX before public trading.