Hyperliquid’s HIP-3 permissionless perpetual markets hit their first monopoly: TradeXYZ now controls roughly 97% of HIP-3 trading volume after Ventuals, the only serious competitor, wound down its OpenAI and Anthropic markets on June 15, 2026.
TL;DR — Ventuals, the project behind perpetual futures tied to OpenAI and Anthropic valuations on Hyperliquid, announced it’s winding down June 15, 2026. All OPENAI and ANTHROPIC positions were auto-settled; remaining HIP-3 markets close in coming days. The team joins another Hyperliquid ecosystem project. TradeXYZ now controls ~97% of HIP-3 trading volume, including the SpaceX (SPCX) market that correctly priced the IPO debut. Private-company perpetuals just hit their first consolidation moment — if you’re trading these markets, your liquidity now lives in one operator’s order books.
What this means for you — Traders: SPCX funding rates are now the bellwether for IPO sentiment. Builders: HIP-3 framework works, but market-making thinly traded RWAs needs serious capital. Institutions: May’s divergence (RWA perps +10.4% MoM vs crypto perps -3.45%) signals real demand for 24/7 tradable real-world exposure.
The shakeup — what happened when Ventuals exited
On June 15, Ventuals announced it is winding down all operations, with the full team joining another team building in the Hyperliquid ecosystem. All OPENAI and ANTHROPIC positions auto-settled at mark price; remaining HIP-3 markets will be fully halted by June 19, 2026. The official sunset guide documents the settlement mechanics.
Ventuals confirmed on X that the shutdown is permanent and no token launch will proceed. The team’s points program was discontinued immediately, with points declared to have no monetary value.
Why this matters: Ventuals was the only competitor to TradeXYZ in Hyperliquid’s HIP-3 permissionless market framework. Its exit leaves TradeXYZ with ~97% market share. This is the first real consolidation in the private-company perpetuals niche — a test of whether HIP-3 produces sustainable markets or winner-take-most dynamics.
The framework: HIP-3 in plain terms
Hyperliquid’s HIP-3 (Hyperliquid Improvement Proposal 3) lets third-party teams spin up their own perpetual futures markets on the exchange — private company valuations, commodities, equities — without core team approval. The official HIP-3 specification describes it as a framework where “the protocol provides the order book, matching engine, and settlement; market creators provide pricing oracles, liquidity, and risk management.”
Ventuals used this to launch OPENAI and ANTHROPIC perpetuals. Per its own announcement, the platform facilitated over $650 million in trading volume and attracted over 500,000 HYPE in total community backing before winding down.
The numbers we verified
|| Metric | Value | Source |
|——–|——-|——–|
| Ventuals lifetime volume | $650M+ | Ventuals |
| Community HYPE support | 500,000+ | Ventuals |
| Hyperliquid monthly perp volume | ~$234B | DefiLlama |
| TradeXYZ HIP-3 market share | ~97% | Hyper Foundation |
| RWA perp volume change (May ’26) | +10.4% MoM | DefiLlama |
| Combined exchange volume (May ’26) | -3.45% to $4.41T | DefiLlama |
All figures USD. Positions auto-settled at mark price on announcement per Ventuals.
Why TradeXYZ won
TradeXYZ’s SpaceX (SPCX) market correctly anticipated the IPO debut and opening surge above $135, per Hyperliquid ecosystem data. That accuracy drew liquidity. Now they hold 97% of HIP-3 volume.
The pattern: permissionless framework → builders experiment → one operator proves they can price difficult assets → liquidity concentrates → long tail dies. Classic winner-take-most.
Not a HIP-3 failure. The framework worked — it attracted builders. Ventuals proved demand exists for private-company perps. But running a two-sided market for thinly traded, hard-to-price assets (private equity) is brutally capital-intensive. TradeXYZ has the balance sheet and infra; Ventuals didn’t.
Actionable insight: If you’re building on HIP-3, partner with an operator that has proven oracle infrastructure and balance sheet depth — or expect to warehouse risk yourself. Solo operators without deep liquidity will likely follow Ventuals’ path.
What comes next for HIP-3: The protocol is still young. If TradeXYZ’s dominance discourages new builders, Hyperliquid may need to revisit HIP-3 economics — perhaps through fee subsidies, diversity grants, or modified incentive structures — to preserve the permissionless promise.
RWA perps growing against the tide — the divergence
Real World Asset perpetual futures volumes hit all-time highs in May 2026 (+10.4% MoM) while combined exchange volumes fell 3.45% to $4.41T (lowest since Sept 2024), per DefiLlama.
This divergence is the story: institutions rotating into 24/7 tradable real-world exposure (private equity, commodities, equities) out of pure crypto speculation. Hyperliquid’s HIP-3 is one of the few venues where you can perp-trade SpaceX, OpenAI, Anthropic valuations 24/7. That niche is proving sticky even as the broader perp market contracts.
What to watch: If RWA perp volume sustains +10% MoM through Q3 2026, expect more TradFi firms to launch HIP-3 markets. The infrastructure is ready; the question is capital.
Watch the quarterly exchange reports closely. If RWA perp volume dips below +5% MoM in Q3, the institutional rotation thesis weakens and crypto perps may reclaim share.
Your move — decision matrix
|| If you’re… | The takeaway | Confidence | Next Action |
|————–|————–|————|————-|
| Trading private-company perps | Liquidity concentrating in TradeXYZ. SPCX is the bellwether; watch funding rates for IPO sentiment. | High | Monitor SPCX funding rate daily; set alerts for >0.05% deviations |
| Building on HIP-3 | Framework works. But market-making for illiquid RWAs needs serious infra. Partner or perish. | High | Audit operator oracle sources & balance sheet before committing |
| Tracking RWA adoption | May’s divergence (RWA perps up, crypto perps down) = clearest signal yet: institutions want 24/7 tradable real assets, not memecoins. | Medium | Track DefiLlama Hyperliquid RWA perp volume weekly |
| HYPE staker / Hyperliquid user | HIP-3 fee revenue consolidating to fewer operators. Could mean higher fees, or governance subsidizing diversity. | Medium | Vote on HIP-3 diversity proposals; monitor fee revenue share |
The risk nobody’s pricing — stated plainly
Private-company perpetuals are still experimental price discovery. Ventuals shut down because market-making OpenAI/ANTHROPIC thinly traded perps didn’t pencil out. TradeXYZ survives because they have the balance sheet to warehouse risk.
But if a major private valuation market (say, SpaceX pre-IPO) gets dislocated — wrong price, no exit — the reputational hit to all crypto RWA venues could be severe. We’ve seen this movie in TradFi: one blown pricing model cascades into systemic distrust.
What readers are asking
Is TradeXYZ now the only game in town?
Effectively — 97% share. But HIP-3 is permissionless; anyone can launch a new market tomorrow. Barrier is capital, not code.
Why are RWA perp volumes up while crypto perps are down?
Institutions rotating into 24/7 tradable real-world exposure (private equity, commodities) instead of pure crypto speculation. May 2026: RWA perps +10.4% MoM vs combined exchange -3.45%, per DefiLlama.
Can we trust DefiLlama’s Hyperliquid data?
DefiLlama aggregates on-chain data from Hyperliquid’s public APIs. It’s the industry standard for DeFi volume tracking, but always cross-check with primary sources for critical decisions.
What should I do if I have OPENAI/ANTHROPIC positions?
Positions already auto-settled at mark price per the June 15 announcement. No action needed — but if you were trading these markets, consider that liquidity has consolidated to TradeXYZ and adjust position sizing accordingly.
