# Welcome to Ventuals {% hint style="info" %} As of June 15, 2026, Ventuals is sunsetting. Please see our [Sunset Page](https://app.ventuals.com/sunset) and [Sunset Guide](https://docs.ventuals.com/sunset-guide) for details. {% endhint %} ## Ventuals brings you markets for frontier technology. Ventuals brings the power of perps to the most innovative companies in the world. On Ventuals, you can trade: * Private companies (e.g. SpaceX, OpenAI, and Anthropic) * Thematic indices of public companies (e.g. nuclear, semiconductors, and robotics) From private AI labs to public platforms, to the hardware and automation ecosystems beneath them, Ventuals provides one unified trading venue for the markets that are defining our future. ### Perpetual futures on Hyperliquid Ventuals is built on top of Hyperliquid's proven perps orderbook infrastructure, using the [HIP-3 standard](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals). Perpetual futures allow traders to go long or short with leverage on Ventuals markets. ### Trade with up to 20x leverage You can go long or short with up to 20x leverage on Ventuals markets. Higher leverage = higher risk, because even small price moves can push you into liquidation territory. Trade accordingly. ### Cash out in dollars Ventuals perpetuals are linear valuation contracts margined and settled in USDH, a US dollar-pegged stablecoin. PnL is cash-settled in USDH with no USDH/USD conversion. ## Quick links {% content-ref url="/pages/199HxDwfHGlHiy5xQULG" %} [Why Ventuals?](/overview/why-ventuals) {% endcontent-ref %} {% content-ref url="/pages/odyrMqwRIjz8DrZgd6ZC" %} [Markets](/overview/markets) {% endcontent-ref %} ## Market types Learn more about our two types of perps — private companies and public stock indices. {% content-ref url="/pages/lgGU86ns7SORvtmAO7NH" %} [Private Companies](/perp-specifications/private-companies) {% endcontent-ref %} {% content-ref url="/pages/GIuK1gPr73FsqK5b1acU" %} [Indices](/perp-specifications/indices) {% endcontent-ref %} ## Ventuals points Learn more about how to earn Ventuals points. {% content-ref url="/pages/Uk1Xi974Xp7iTv0lUXa3" %} [Maker Points](/liquidity/maker-points) {% endcontent-ref %} {% content-ref url="/pages/gjHD0reHeBmrGAHwyeUd" %} [vHYPE](/vhype/vhype) {% endcontent-ref %} # Sunset Guide ## Market settlement ### Pre-IPO markets Effective 9:30am ET 06-15-2026, the mark prices for the OPENAI and ANTHROPIC markets have been frozen at their respective 24-hour TWAPs, calculated using mark price samples taken every 5 minutes, and funding rates have been set to 0. This is the fairest settlement mechanic considering that these markets do not have a realtime external reference price. The OPENAI market will be halted for trading at 10:30am ET 06-15-2026. The OPENAI mark price TWAP from the last 24 hours (9:30am ET 06-14-2026 — 9:30am ET 06-15-2026) is $1,341.80. This is the mark price that will be used for market settlement once trading is halted. The ANTHROPIC market will be halted for trading at 11:30am ET 06-15-2026. The ANTHROPIC mark price TWAP from the last 24 hours (9:30am ET 06-14-2026 — 9:30am ET 06-15-2026) is $1,618.90. This is the mark price that will be used for market settlement once trading is halted. Once trading is halted, PNL from all open positions will be settled automatically using the mark price TWAP from the last 24 hours. No action is required from traders. Traders may close their positions early before the market halt time, but **this is not recommended for pre-IPO markets**, as liquidity may be thin and the orderbook price may deviate from the mark price TWAP from the last 24 hours. ### Commodity markets Commodity markets will be settled shortly after the end of the regular trading session on Thursday, June 18 at 2:20pm ET, to give market participants time to close any hedged positions. This includes the WHEAT and SOY markets. Effective immediately, commodity markets have entered a **settlement period**, in which the mark and oracle prices follow the latest available external price from regular trading hours. This prevents drastic mark price fluctuations and liquidations in potential low liquidity conditions. At the end of regular commodity trading hours (2:20pm ET on Thursday, June 18), the mark and oracle prices will **freeze** to the latest available external price based on CME data, and funding rates will be set to 0. After all commodity markets are frozen, each market will be halted and all positions will be settled at their respective frozen mark price. Here is the market halt schedule for commodity markets: | Market | Market halt date and time | | ------ | ------------------------- | | SOY | June 18, 2:30pm ET | | WHEAT | June 18, 3:30pm ET | Once trading is halted, PNL from all open positions will be settled automatically using the last available external price from the regular trading session, which will be the CME price at 2:20pm ET on June 18. Traders do not need to take any action for their positions to be settled, but may choose to close their positions early before the market halt time. ### Index markets Index markets will be settled shortly after the end of the regular trading session on Thursday, June 18 at 4:00pm ET, to give market participants time to close any hedged positions. This includes the MAG7, SEMIS, ROBOT, INFOTECH, NUCLEAR, DEFENSE, ENERGY, and BIOTECH markets. Effective immediately, index markets have entered a **settlement period**, in which the mark and oracle prices follow the latest available external price from regular trading hours. This prevents drastic mark price fluctuations and liquidations in potential low liquidity conditions. At the end of regular trading hours (4pm ET on Thursday, June 18), the mark and oracle prices will **freeze** to the latest available external price based on relevant exchange data, and funding rates will be set to 0. After all index markets are frozen, each market will be halted and all positions will be settled at their respective frozen mark price. Here is the market halt schedule for index markets: | Market | Market halt date and time | | -------- | ------------------------- | | INFOTECH | June 18, 4:30pm ET | | DEFENSE | June 18, 5:30pm ET | | NUCLEAR | June 18, 6:30pm ET | | ROBOT | June 18, 7:30pm ET | | BIOTECH | June 18, 8:30pm ET | | ENERGY | June 18, 9:30pm ET | | SEMIS | June 18, 10:30pm ET | | MAG7 | June 18, 11:30pm ET | Once trading is halted, PNL from all open positions will be settled automatically using the last available external price from the regular trading session, which will be the external price at 4:00pm ET on June 18. Traders do not need to take any action for their positions to be settled, but may choose to close their positions early before the market halt time. ## vHYPE After all markets are halted per the schedule above, 100% of vHYPE holders will be able to withdraw their deposited HYPE. Users can expect to get their HYPE back 1:1, plus any accrued native staking yield since their deposit. You may initiate your withdrawal [here](https://app.ventuals.com/vhype). Effective immediately, the Ventuals frontend will no longer support new vHYPE deposits. All initiated withdrawals will be batch processed starting at 10am ET on June 19, and will be continuously processed in batch once every 24-72 hours thereafter. Once your withdrawal is processed, it will become claimable after 7.5 days (the standard 7 day Hyperliquid native unstaking period, plus a 12 hour cooldown period). This means that if you initiate a withdrawal before 10am ET on June 19, you can expect to receive your native HYPE back by 10pm ET on June 26. Your HYPE will be transferred to your HyperCore spot account (not your HyperEVM wallet). While we encourage you to withdraw promptly, there is no benefit for withdrawing earlier than others besides getting your native HYPE back sooner. As a reminder, Ventuals has never earned any fees on vHYPE. Since inception, there have been no deposit fees, no withdrawal fees, nor any cut taken from the native HYPE staking yield from depositors. We thank all vHYPE holders for their early support in helping us launch Ventuals on mainnet. ## Points Effective immediately, the Ventuals points program has been discontinued. Ventuals points do not have monetary value and will not be redeemable for cash, equity, tokens, or any other consideration. There will be no Ventuals token. From the beginning, we believed that a token should only be launched if it could sustainably accrue real economic value. Because Ventuals is winding down, there is no longer a viable path to launching a value-accruing token. ## Referrals Effective immediately, the Ventuals Referrals program has been discontinued. Since launch, referral rewards have been paid weekly in stablecoins based on a percentage of trading fees generated by referred users trading through the ventuals.com frontend. The final Referral Rewards disbursement has been completed. As before, no action or claim is required from users. ## USDH →USDC conversion Users should redeem their Ventuals USDH collateral for USDC using one of the following methods:
* The HyperCore [USDH/USDC order book](https://app.hyperliquid.xyz/trade/USDH/USDC) * Using the 1:1, zero-fee HyperEVM USDH -> HyperCore USDC bridge, via [Across Protocol](https://across.to/?from=hyperevm\&inputToken=USDH\&to=hypercore\&outputToken=USDC-PERPS) View the official [USDH sunset information](https://usdh.com/migration) ## FAQs We have created a [sunset page](https://app.ventuals.com/sunset) with resources to help users wind down their Ventuals accounts, including instructions for withdrawing vHYPE, exporting Privy wallets for users who signed up with email, and answers to frequently asked questions. We plan to maintain this page at least until September 15, 2026. Please withdraw any remaining vHYPE and export your Privy wallet before that date. # Why Ventuals? ## We're creating markets for anyone to get exposure to innovation. Our mission is to align the public's interest in transformative technology with real, tradable markets. People see innovation happening all around them and want ways to get exposure. They don't want to get left behind — but today, it can be difficult to act on that interest. We’re changing that. Ventuals makes breakthrough technologies tradable — across private markets, emerging sectors, and thematic clusters — letting anyone position for the world they believe is coming. ### We started with private companies Our first markets were perps for pre-IPO company valuations, bringing price discovery, transparency, and tradability to a historically opaque and illiquid market. On Ventuals, you can go long or short the valuation of blue chip private companies, without waiting for an IPO. No accreditation, paperwork, or million-dollar checks needed. ### And expanded to thematic indices of public stocks Innovation and frontier technology starts at private companies, but it doesn't stop there. You can now trade indices of public companies on Ventuals. Indices are organized by themes, such as the nuclear, semiconductors, robotics, and more. This allows traders to easily get exposure to a diversified group of companies that best capture an investment thesis. ### Get started {% content-ref url="/pages/ENZTSSIr4QM2vI3ZaxEz" %} [Broken mention](broken://pages/ENZTSSIr4QM2vI3ZaxEz) {% endcontent-ref %} {% content-ref url="/pages/odyrMqwRIjz8DrZgd6ZC" %} [Markets](/overview/markets) {% endcontent-ref %} # Markets {% hint style="info" %} As of June 15, 2026, Ventuals is sunsetting. Please see our [Sunset Page](https://app.ventuals.com/sunset) and [Sunset Guide](https://docs.ventuals.com/sunset-guide) for details. {% endhint %} {% hint style="info" %} Coming from the Hyperliquid app and need help? Submit a support ticket here: \ Get support {% endhint %} ## Overview Ventuals offers multiple types of perpetual futures markets: 1. Valuation perps of private companies (denominated in billions). 2. Perps on public stock indices, based on a sector or theme. 3. Commodities, which may be based on spot prices or monthly futures contracts. ## Private companies ### Private markets, made public Ventuals allows you to trade the most innovative private technology companies in the world, spanning the AI, robotics, space, defense, and crypto industries. This is a fast-growing, trillion-dollar asset class that everyday investors have historically been locked out of. ### Trade valuations, not shares Instead of share prices, on Ventuals you trade on whether you think the total valuation of the company is going to go up or down. When you have a position in a company on Ventuals, you do not have any underlying economic ownership in the company – you're merely speculating on its valuation change. Company valuations are divided by 1 billion and represented as Valuation Units for easy readability. For example: if the valuation of SpaceX on Ventuals is at $420.69B, then the price of 1 SPACEX= $420.69. ### Markets | Market | Max Leverage | Open Interest Cap | | --------- | ------------ | ----------------- | | SPACEX | 3x | $10,000,000 | | OPENAI | 3x | $5,000,000 | | ANTHROPIC | 3x | $10,000,000 | ### Perp specifications For full specifications on private company perps (e.g. oracle, mark, funding), please visit this page: {% content-ref url="/pages/lgGU86ns7SORvtmAO7NH" %} [Private Companies](/perp-specifications/private-companies) {% endcontent-ref %} *** ## Thematic indices ### Public stocks, simplified Everyone sees technology like AI and robotics transforming the world — but most people don’t know how to get exposure easily. Each index tracks a curated set of public stocks driving that theme. ### Trade big ideas Individual stock picking is hard. Conviction in a theme is easy. If you think the sector is growing, you go long. If you think it's overheated, you can short it. One trade gives you diversified exposure. ### Markets | Market | What It Tracks | Max Leverage | Open Interest Cap | | -------- | -------------- | ------------ | ----------------- | | MAG7 | MAGS ETF | 20x | $10,000,000 | | SEMIS | SMH ETF | 20x | $10,000,000 | | ROBOT | BOTZ ETF | 20x | $10,000,000 | | INFOTECH | XLK ETF | 20x | $10,000,000 | | NUCLEAR | NLR ETF | 20x | $10,000,000 | | DEFENSE | SHLD ETF | 20x | $10,000,000 | | ENERGY | XLE ETF | 20x | $10,000,000 | | BIOTECH | XBI ETF | 20x | $10,000,000 | | GOLDJM | GDXJ ETF | 20x | $10,000,000 | | SILVERJM | SILJ ETF | 20x | $10,000,000 | #### Market descriptions
MarketDescription
MAG7MAG7 tracks the MAGS ETF, which offers equal weight exposure to the “Magnificent Seven” stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.
SEMISSEMIS tracks the SMH ETF, which offers exposure to the semiconductor industry — the backbone of modern computing. It focuses on the companies that design, manufacture, and distribute the chips powering everything from smartphones to AI data centers.
ROBOTROBOT tracks the BOTZ ETF, which offers exposure to the future of physical intelligence. It targets the AI and robotics revolution, investing in global leaders across industrial automation, surgical robotics, and autonomous vehicle technology.
INFOTECHINFOTECH tracks the XLK ETF, which offers exposure to companies in the S&P 500 technology sector, spanning enterprise software, cloud infrastructure, and world-class hardware manufacturing.
NUCLEARNUCLEAR tracks the NLR ETF, which offers total-market exposure to the nuclear renaissance. It captures the entire value chain, from uranium mining and fuel enrichment to nuclear plant construction and the utilities generating carbon-free baseload power.
DEFENSEDEFENSE tracks the SHLD ETF, which captures the tech-driven defense revolution. It offers targeted exposure to AI-powered cybersecurity, big data analytics, and next-gen hardware like autonomous robotics and advanced aerospace.
ENERGYENERGY tracks the XLE ETF, which offers exposure to the American energy machine. It focuses on the largest U.S. players in the oil, gas, and consumable fuel sectors, capturing the full spectrum of energy production, refining, and distribution.
BIOTECHBIOTECH tracks the XBI ETF, which represents the engine of medical innovation. It uses an equal-weighted approach to capture the biotechnology sector, providing high-growth exposure to smaller firms developing next-gen drugs and life-saving therapies.
GOLDJMGOLDJM tracks the GDXJ ETF, offering high-beta exposure to the gold sector. It targets the junior miners acting as the primary engine for new discoveries by deploying AI-driven drill targeting, satellite-based mineral detection, and autonomous, water-neutral processing. A high-volatility play on the tightening global gold supply and the modernization of resource extraction.
SILVERJMSILVERJM tracks the SILJ ETF, providing high-beta exposure to the silver sector. It focuses on junior miners who are essential to the AI hardware build-out and green energy transition, utilizing frontier technology to accelerate discovery and production. A high-volatility play on the structural silver deficit and the metal's critical role as a strategic industrial input.
### Perp specifications For full specification on public index perps (e.g. oracle, mark, funding), please visit this page: {% content-ref url="/pages/GIuK1gPr73FsqK5b1acU" %} [Indices](/perp-specifications/indices) {% endcontent-ref %} *** ## Commodities ### Markets | Market | Max Leverage | Open Interest Cap | | ------ | ------------ | ----------------- | | WHEAT | 10x | $10,000,000 | | SOY | 10x | $10,000,000 | #### Market descriptions
MarketDescription
WHEATWHEAT tracks the value of 1 bushel of Chicago Soft Red Winter (SRW) wheat, in cents. Chicago SRW wheat is the most actively traded wheat benchmark globally and is widely used as a reference price across international grain markets.
SOYSOY tracks the value of 1 bushel of soybeans, in cents. Soybeans are the most traded agricultural commodity globally by contract volume and serve as the primary benchmark for international oilseed pricing.
### Perp specifications For full specification on commodity perps (e.g. oracle, mark, funding), please visit this page: {% content-ref url="/pages/hiv3P4WxtZ68StwwiTV5" %} [Commodities](/perp-specifications/commodities) {% endcontent-ref %} *** ## Open interest caps Each market on Ventuals has a dedicated open interest cap. Once the open interest cap is reached, new positions cannot be opened until open interest falls below the specified limit; only existing positions may be reduced or closed. Open interest caps are subject to change and will likely be increased over time. ## Get help Have a question or need help with an issue? Submit a support ticket here: [app.ventuals.com/help](https://app.ventuals.com/help) # Accessing Ventuals The Ventuals app is a frontend interface to perpetual futures markets deployed on [Hyperliquid](https://hl.xyz). All trades execute on Hyperliquid's decentralized exchange infrastructure. ## Wallet Requirements You can connect to the Ventuals app with a self-custodial wallet. You control your wallet's private keys at all times – Ventuals never has access to your funds. #### Option 1: Create a Wallet with Privy using Email If you don't already have a wallet, Ventuals uses [Privy](https://privy.io) to let you create one instantly using your email. With Privy, your wallet keys are encrypted and stored securely, allowing you to sign trades without worrying about managing seed phrases yourself.
#### Option 2: Connect Your Own Wallet If you already use a wallet like Phantom, Rabby, MetaMask, you can connect it to the Ventuals app and start trading using your existing funds.
{% content-ref url="/pages/v7FR29S1IdEd94J8Qnh5" %} [Funding Your Account](/getting-started/funding-your-account) {% endcontent-ref %} # Funding Your Account ## Funding Your Wallet In order to start trading, you'll need to fund your wallet with stablecoins on Hyperliquid. There are several ways to fund a brand new wallet: 1. Click "Deposit" and choose to fund with: 1. Another crypto wallet you own 2. With a credit card (geo-restrictions may apply) 3. From an exchange brokerage account like Coinbase.com or Binance.com
2. If you already have stablecoins on Hyperliquid (HyperCore) on another wallet, you can simply transfer them to your new wallet. This is the fastest and cheapest way to fund your account. 1. Once you've transferred stablecoins in, you can swap between them (e.g. USDC/USDH)
# Start Trading ## Enable Trading To start trading, you'll first need to establish a trading connection, which allows you to place trades without signing each time.
You will also be asked to sign a builder code fee approval, which is a maximum of 5 bps. ## Ventuals uses USDH {% hint style="info" %} USDH is deployed through Stripe's stablecoin platform (Bridge), fully backed 1:1 by US Treasuries, cash, and cash equivalents managed by BlackRock. {% endhint %} Markets deployed by Ventuals use USDH as collateral, which is a US dollar-pegged stablecoin. Other markets which are accessible via the Ventuals app may use USDC as collateral. To trade USDC markets, you'll need a USDC balance. You can easily swap between USDC and USDH using the "Swap Stablecoins" feature.
# Referrals {% hint style="info" %} Trades must be placed from the Ventuals frontend ([ventuals.com](https://ventuals.com/)) to count towards your referral rewards. {% endhint %} Referrals allow you to earn fees generated from people that you refer to trade on Ventuals.
## Referral tiers The more vHYPE you hold, the higher your referral rebates and rewards are.
Referral TierStaked vHYPEReferral RebateReferral Rewards (L1 / L2 / L3)
0<10 HYPE10%10% / 0% / 0% (10% total)
1≥ 10 HYPE10%10.5% / 3% / 1.5% (15% total)
2≥ 100 HYPE10%14% / 4% / 2% (20% total)
3≥ 1,000 HYPE15%21% / 6% / 3% (30% total)
4≥ 10,000 HYPE20%28% / 8% / 4% (40% total)
5≥ 100,000 HYPE20%42% / 12% / 6% (60% total)
## Making referrals ### Rewards Referrers will receive a portion of the trading fees generated by their referrals. Referral reward tiers start at 10% and increase to 60% based on the amount of vHYPE you hold. Referral rewards apply up to three referral levels away (e.g. L1: your referral, L2: your referral’s referral, L3: your referral’s referral’s referral). | Referral L1 | Referral L2 | Referral L3 | | -------------------- | ------------------------ | ----------------------------------- | | Your direct referral | Your referral's referral | Your referral's referral's referral | Referrals rewards apply to both builder code and Ventuals deployer fees, for the referred user’s first $50M of volume traded through the Ventuals frontend app (tracked with builder codes). Users receive a referral code after they’ve done $10,000 or more in trading volume on the Ventuals frontend. Referral codes cannot be changed once generated. ## Using referrals ### Rebates When you sign up on Ventuals with someone else’s referral code, you’ll receive a trading fee rebate. Referral rebates start at 10% and increase to 20% based on the amount of vHYPE you hold. Referral rebates apply to both builder code and Ventuals deployer fees, on your first $10M of volume traded through the Ventuals frontend app (tracked with builder codes). Users are only eligible to use a referral code *before* they’ve done $10,000 in trading volume on the Ventuals frontend. # Order Types ## Order Types Ventuals supports multiple order types to help you enter, manage, and exit trades with precision. *** ### Basic Orders #### Market Order Executes immediately at the best available price. Fastest way to enter or exit a position. *** #### Limit Order Lets you choose the exact price you want. Fills only if the market reaches your price or better. *** ### Conditional Orders #### Stop Market Order Becomes a market order once price hits your chosen level. * Commonly used for stop losses or breakout entries * Long triggers must be **above** mid price * Short triggers must be **below** mid price *** #### Stop Limit Order Similar to stop market, but triggers a **limit order** instead of a market order. *** #### Take Market Order Triggers a market order when price reaches your target. * Long triggers must be **below** mid price * Short triggers must be **above** mid price *** #### Take Limit Order Triggers a limit order once your selected price is reached. *** ### Advanced Orders #### Scale Order Automatically places multiple limit orders across a price range. Useful for laddered entries or exits. *** #### TWAP (Time-Weighted Average Price) Splits a large order into smaller trades executed every 30 seconds. * Max 3% slippage per suborder * Attempts to stay on pace over time * May not fully fill in low-liquidity conditions *** ### Order Options #### Good Til Canceled (GTC) Order remains active until filled or canceled. *** #### Post Only (ALO) Adds the order to the book as a maker. Cancels if it would execute immediately. *** #### Immediate or Cancel (IOC) Attempts to fill instantly. Any unfilled portion is canceled. *** #### Reduce Only Ensures the order can only decrease an existing position. *** ### Take Profit / Stop Loss (TP / SL) Automatically close part or all of your position when a target (TP) or safety level (SL) is reached. * Default execution is market * Optional limit price supported * Can be applied to partial position sizes Used to lock in gains and manage downside risk. # Margining When you open a position on Ventuals, each position has its own margin allocation — independent from your other trades. This is Hyperliquid’s isolated-only margin system, which keeps risk compartmentalized so losses in one position cannot drain margin from another. You can choose your leverage (up to the asset’s max). Higher leverage requires less upfront margin. The formula is: $$ \text{Margin Required} = \frac{\text{Position Size} \times \text{Mark Price}}{\text{Leverage}} $$ As prices move, your unrealized PnL automatically updates the margin health of that specific position. If the margin in that position falls below its maintenance requirement, the position may be liquidated to prevent it from going negative. In isolated-only markets, margin is dedicated to that specific position. As you reduce or close size, margin — including any realized PnL — is released proportional to the amount closed. # Liquidations What happens if a trade goes bad? If a trade moves too far against you and you don’t have enough margin to support it, your position may be liquidated — meaning it gets force-closed to prevent losses from exceeding your available balance. *** ## **When do liquidations happen?** Every position has a minimum margin requirement, based on the leverage you use. The higher the leverage, the less margin is required — but the closer you are to liquidation. Here’s how much margin you need to maintain: * 1x leverage → minimum margin: 50% * 2x leverage → minimum margin: 25% * 3x leverage → minimum margin: 16.67% * 5x leverage → minimum margin: 10% * 10x leverage → minimum margin: 5% * 20x leverage → minimum margin: 2.5% If your account value (including unrealized PnL) falls below this level, Ventuals will automatically close your position at market. If there's any margin left after closing, it stays in your account. ## **How to avoid liquidation** To lower your chances of being liquidated: * Use lower leverage to give yourself more breathing room * Set stop-losses to manage downside risk * Monitor your liquidation price (shown in the UI) * Add more margin when you're getting close ## **How liquidation price works** When you open a trade, we calculate a liquidation price **—** the point at which your losses become too large to support your position. This price can move over time due to funding payments or changes in your other open trades. Higher leverage = higher risk, because even small price moves can push you into liquidation territory. Trade accordingly. # Fees ## Ventuals app The Ventuals frontend application charges a 1-5 bps fee on trades (i.e. builder code fee). ## Ventuals markets Traders benefit from two types of fee discounts on Ventuals markets: ### Growth mode Ventuals Indices markets have Growth Mode enabled, which reduces all-in fees by 90%. Ventuals Pre-IPO markets are on the Standard HIP-3 fee tier. See the tables below for details. ### USDH pairs Because Ventuals markets use USDH as the quote asset, traders enjoy additional benefits: 1. 20% lower taker fees 2. 50% better maker rebates 3. 20% more volume contribution toward fee tiers See the full details on aligned quote assets benefits [here](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets). ## Volume-based fee tiers For each user, there is one volume-based fee tier across all assets, including perps, HIP-3 perps, and spot. Normal trading fee discounts apply, including volume discounts, staking discounts, and referral rewards. ### HIP-3 Fee Tiers – Growth Mode Ventuals Indices markets have Growth Mode enabled, with the following fee schedule:
Tier14d weighted volume ($)TakerMaker
00.0081%0.0030%
1>5M0.0072%0.0024%
2>25M0.0063%0.0016%
3>100M0.0054%0.0008%
4>500M0.0050%0.0000%
5>2B0.0047%0.0000%
6>7B0.0043%0.0000%
### HIP-3 Fee Tiers – Standard Ventuals Pre-IPO markets are on Standard mode, with the following fee schedule:
Tier14d weighted volume ($)TakerMaker
00.081%0.030%
1>5M0.072%0.024%
2>25M0.063%0.016%
3>100M0.054%0.008%
4>500M0.050%0.000%
5>2B0.047%0.000%
6>7B0.043%0.000%
### HYPE staking tiers In addition, staking HYPE tokens unlocks more fee discounts on top of your volume tier: | Tier | HYPE staked | Trading fee discount | | -------- | ----------- | -------------------- | | Wood | >10 | 5% | | Bronze | >100 | 10% | | Silver | >1,000 | 15% | | Gold | >10,000 | 20% | | Platinum | >100,000 | 30% | | Diamond | >500,000 | 40% | # Points When you trade on Ventuals markets or on the Ventuals app, you earn points. ## Ventuals points Program start: Tuesday, February 3rd 2026. Points distributions: Fridays, starting on February 13th 2026. Eligibility: Any wallet address that has trading activity on: * Ventuals (`vntl`) markets through any frontend, or * Any market through the [Ventuals frontend](https://ventuals.com/) ### Emissions 500,000 Ventuals points allocated weekly. **Bonus pool (Feb 3 – Feb 17)** 1,000,000 bonus points allocated for the first $100M in trading volume * 500K points for trades on Ventuals (`vntl`) markets through the [Ventuals frontend](https://ventuals.com/) * 500K points + 5x TREAD points boost for trades on Ventuals (`vntl`) markets through [tread.fi](https://www.tread.fi/) Lasts until Feb 17, 2026 or up to $100M trading volume, whichever comes first. ### Methodology Points are awarded to users who exhibit genuine trading activity. The exact distribution methodology will not be disclosed, but includes the following factors: * Trading Ventuals (`vntl`) markets from any frontend application * Taker trading activity, maker trading activity, and holding open interest on Ventuals markets * Trading any Hyperliquid / HIP-3 market from the Ventuals frontend application ([ventuals.com](https://ventuals.com/)) ### Boosts Points boosts are awarded to users who hold [vHYPE](/vhype/vhype), the HYPE LST for Ventuals. The more vHYPE you hold, the greater your points boost (minimum of 100 vHYPE). *** *The prior* [*Maker Points program*](/liquidity/maker-points) *ran from Nov 13, 2025 – Feb 3, 2026, and has been deprecated in favor of this broader trading points program that includes more holistic trading activity.* *The* [*vHYPE points program*](/vhype/points) *is ongoing with a 1M weekly points allocation. The total weekly Ventuals points emissions = 1.5M (1M vHYPE + 500K trading).* *Ventuals reserves the rights to change the points formulas at any time, or modify past point distributions at its sole discretion.* # Private Companies {% hint style="info" %} For private companies on Ventuals, you trade valuations, not shares.\ \ The price of the perp contract is the company valuation divided by 1 billion for easy readability. For example: if the valuation of SpaceX on Ventuals is at $420.69B, then the price of 1 SPACEX= $420.69. {% endhint %} ## Oracle Price Price oracles are data feeds that provide a reliable reference price for a perp asset. Combined with funding rates, they serve to align the perp price with the reference price of the asset. Ventuals constructs and publishes oracle prices for each market using a weighted combination of: 1. The latest external valuation estimate based on industry-leading offchain data sources 1. Data comes from [Notice](https://notice.co/); you can read about their sources and methodology [here](https://learn.notice.co/en/articles/8338741-how-is-notice-price-determined) 2. The 2-hour incremental EMA of the mark price $$ P\_{\text{oracle}} = \frac{1}{3} \cdot P\_{\text{Notice}} + \frac{2}{3} \cdot \text{EMA}\_{2h}(\text{MarkPx}) $$ Notice data is polled at least once per minute and incorporates offchain valuation data, such as: secondary transactions, secondary bids and offers, official fundraising announcements, mutual fund marks, 409A valuations, and a group of relevant public companies. The combined value is pushed onchain as the oracle price, and used in funding rate calculations. Oracle prices are updated approximately every 3 seconds. ### Why the weighted oracle? Ventuals approaches the oracle price for pre-IPO companies differently than typical crypto perps. This is because unlike an asset like BTC, there are no highly liquid spot markets for pre-IPO companies. At the same time, there is some real information about the valuation of these companies offchain, from funding rounds and secondary markets. Our goal for the Ventuals price oracle is to incorporate information from offchain markets, while allowing room for some price discovery — this is a much needed mechanism for private markets, as shown by the “IPO pop” phenomenon of companies instantly trading multiples higher than secondary transactions once they've gone public. *** ## Mark Price Mark price is the fair price of a perpetual contract, and is used for margining, liquidations, stop/limit triggers, funding rates, and computing unrealized PnL. Mark prices, along with oracle prices, are updated approximately every 3 seconds. The mark price on Ventuals smooths short-term volatility while staying responsive to genuine market movements. It’s updated using a liquidity-weighted impact price and a dynamic coefficient `k`. $$ \text{MarkPx}*t = (1 - k) \cdot \text{MarkPx}*{t-1} + k \cdot \text{ImpactPx}\_t $$ Where: * ImpactPx = median(impactBidPx, impactAskPx) * k = dynamic adjustment coefficient **Dynamic Adjustment Coefficient (k)** The coefficient `k` controls how aggressively the mark price follows the impact price. It adapts based on the short-term deviation between the current impact price and its 1-minute EMA: | Δ (ImpactPx vs EMA) | k value | Max Δ MarkPx (per update) | | ------------------- | ------- | ------------------------- | | <0.25% | 0.5 | 0.125% | | \[0.25, 0.5)% | 0.4 | 0.2% | | \[0.5, 1)% | 0.2 | 0.2% | | \[1, 2)% | 0.1 | 0.2% | | ≥2% | 0 | 0% | This means that sudden impact price changes need to sustain for some time before the mark price follows accordingly. ### Mark price bands To protect against price manipulation during periods of thin liquidity, the mark price for each market is constrained to remain within a price band relative to its oracle price and an external price feed. $$ \text{Mark} \in \left\[ 0.8\cdot\text{Oracle},; 1.2\cdot\text{Oracle} \right] $$ This constraint is enforced directly at the Hyperliquid order and matching engine level. Precisely, the highest allowable long order is 20% above the oracle price, and the lowest allowable short order price is 20% below the oracle price. These limits effectively constrain the achievable mark price. Based on the price oracle definition, it follows that the mark price for each market is also constrained to a price band relative to the latest price from the external data feed provided by [Notice](https://notice.co/). $$ \text{Mark} \in \left\[ \frac{4}{7} \cdot\text{Notice},; 2\cdot\text{Notice} \right] $$ Therefore, the mark price band limits the possible mark price deviation relative to the Notice price. ### Mark price velocity limit Hyperliquid restricts mark price movements to a max 1% move every 3 second update. This prevents overly large price moves over a short period of time, further protecting against manipulation. *** ## Funding Rate Funding rates are a way to keep the price of a perp contract in line with the reference price of the asset. Every hour, traders on one side of the market (either longs or shorts) pay a small fee to the other side, depending on whether the contract is trading above or below the oracle price of the asset. If the perp is priced higher than the oracle price, longs pay shorts. If it’s lower, shorts pay longs. These payments go directly between traders (Ventuals doesn’t take a cut), and they help keep the market balanced by nudging prices back towards the reference price. ### How is the funding rate calculated? Ventuals pre-IPO markets have a dynamic multiplier applied to Hyperliquid's [funding rate formula](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding#overview). This funding rate multiplier is set based on the deviation between the average mark price (sampled every \~1s) and the oracle price. #### Low deviation (<5%) If the average mark-to-oracle deviation is within 5%, then the multiplier is set such that the annualized funding rate will be roughly 15%. #### Medium deviation (5-19%) If the average mark-to-oracle deviation is between 5-19%, then the multiplier follows an exponential curve. R is the average mark-to-oracle difference expressed as a fraction of a 19% range. For example, a 9.5% difference corresponds to R = 0.095 / 0.19 = 0.5. $$ R = \frac{\text{avg. mark-to-oracle difference}}{0.19} $$ The funding-rate multiplier is then computed as: $$ \text{Multiplier} = 0.003 \times \left(\frac{0.4}{0.003}\right)^{R^{20}} $$ As the mark-to-oracle difference increases, the funding multiplier increases exponentially from 0.003 to 0.4, increasing the incentive for traders on the other side to step in. #### High deviation (>19%) If the average mark-to-oracle deviation is greater than 19%, then the multiplier is set such that the hourly funding rate maxes out at \~1%. This quickly incentivizes traders on the other side to step in, before the 20% mark-to-oracle price bound is hit. ### Example funding chart The table below illustrates what the implied mark-to-notice difference and funding rates roughly would be, based on the average mark-to-oracle deviation. Note that the actual values seen in production may be different because the mark price used is an average of samples, and also the mark price EMA component of the price oracle (i.e. the mark price needs to persist for some time in order for the Mark-to-Notice difference to hold true). | Mark-to-Oracle Diff | Mark-to-Notice Diff | Hourly FR | Annualized FR | | ------------------- | ------------------- | --------- | ------------- | | 0% | 0.00% | 0.00171% | 15.00% | | 1% | 3.06% | 0.00171% | 15.00% | | 2% | 6.25% | 0.00171% | 15.00% | | 3% | 9.57% | 0.00171% | 15.00% | | 4% | 13.04% | 0.00171% | 15.00% | | 5% | 16.67% | 0.00186% | 16.26% | | 6% | 20.45% | 0.00223% | 19.55% | | 7% | 24.42% | 0.00261% | 22.83% | | 8% | 28.57% | 0.00298% | 26.12% | | 9% | 32.93% | 0.00336% | 29.40% | | 10% | 37.50% | 0.00373% | 32.69% | | 11% | 42.31% | 0.00411% | 35.97% | | 12% | 47.37% | 0.00448% | 39.28% | | 13% | 52.70% | 0.00487% | 42.68% | | 14% | 58.33% | 0.00529% | 46.33% | | 15% | 64.29% | 0.00585% | 51.28% | | 16% | 70.59% | 0.00700% | 61.32% | | 17% | 77.27% | 0.01079% | 94.50% | | 18% | 84.38% | 0.03538% | 309.92% | | 19% | 91.94% | 0.94750% | 8300.10% | | 20% | 100.00% | 0.99750% | 8738.10% | *** ## Market Resolution When a company goes public, Ventuals pre-IPO markets resolve. The resolution price is the company's total valuation, based on the number of basic shares outstanding multiplied by the market close price at the end of the first day of trading on the relevant stock exchange. Once the stock market opens on the first day of trading (9:30am ET): * Funding rates are set to 0 * The oracle price is always set to the mark price * The valuation implied by the live stock price is included in `externalPerpPxs`, which limits the price that orders can be placed at to ![](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==)±20% away from `externalPerpPxs` When the stock market closes on the first day of trading (4:00pm ET): * The Ventuals mark price is overriden to the valuation implied by the stock market close price * Once the Ventuals mark price is set – `haltTrading` is called, settling all open positions at the final mark price Settlement or conversion may occur at a price that differs materially from the market price at which you entered a position, from your expected value, from public valuations or offering prices associated with the referenced issuer, or from any subsequent public market price for the referenced issuer's securities. If no reliable public reference price becomes available, if extraordinary circumstances affect the referenced issuer or listing event, or if circumstances arise that prevent Ventuals from maintain the deployment of the market, trading in the market may be halted and settled or closed. # Indices ## Oracle Price Price oracles are data feeds that provide a reliable reference price for a perp asset. Combined with funding rates, they serve to align the perp price with the reference price of the asset. ### External pricing Ventuals uses Pyth data feeds as the price oracle for index perps, which can provide external pricing with up to 24 hour coverage on normal weekdays. Pyth data feeds source executable quotes from institutional liquidity providers during US trading sessions. For overnight sessions when traditional markets are closed, Pyth sources price data from Alternative Trading Systems (ATS). When fresh external pricing data is available, it is used directly as the oracle price. | Session | Days | Hours | | ------------------ | ----------------- | --------------- | | Pre-market hours | Monday – Friday | 4am – 9:30am ET | | Normal hours | Monday – Friday | 9:30am – 4pm ET | | After-market hours | Monday – Friday | 4pm – 8pm ET | | Overnight | Sunday – Thursday | 8pm – 4am ET | {% hint style="info" %} For some markets, Pyth may not have pre-market, post-market, or overnight price feeds live. In these cases, the price oracle will switch to Internal Pricing (detailed below). {% endhint %} ### Internal pricing When external pricing is unavailable, the oracle switches to an internal pricing mechanism which initializes on the last available external price. The switchover to internal pricing happens when external pricing is unavailable for more than 30 seconds; for example weekends, or weekday overnight trading hours for markets without an overnight Pyth feed. | Session | Session Start | Session End | | ------- | ------------- | ------------- | | Weekend | Friday 8pm ET | Sunday 8pm ET | #### Internal oracle price formula The oracle for internal pricing initializes on the last available external price, and is defined as: $$ \text{Oracle}*t = (1 - k) \cdot \text{Oracle}*{t-1} + k \cdot \text{ImpactPx}\_t $$ Where: * ImpactPx = median(impactBidPx, impactAskPx) * k = dynamic adjustment coefficient **Dynamic Adjustment Coefficient (k)** The coefficient `k` controls the sensitivity at which impact price adjusts the oracle price. It adapts based on the short-term deviation between the current impact price and its 1-hour EMA: | Δ (ImpactPx vs EMA) | k value | | ------------------- | ------- | | <0.02% | 0.7 | | \[0.02, 0.05)% | 0.5 | | \[0.05, 0.1)% | 0.3 | | \[0.1, 0.2)% | 0.2 | | \[0.2, 0.4)% | 0.1 | | ≥0.4% | 0.0 | Using this dynamic coefficient increases manipulation resistance during internal pricing regimes (e.g. weekends and holidays). When external pricing resumes, the oracle snaps to the external pricing mechanism on the next tick. ### Oracle data feed External pricing data is sourced from Pyth price feeds, for all trading sessions (pre-market, normal market, after-market, and overnight trading). | Ticker | Data Feeds | | -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | MAG7 |

MAGS / USD
MAGS / USD PRE MARKET
MAGS / USD POST MARKET
MAGS / USD OVERNIGHT

| | SEMIS |

SMH / USD
SMH / USD PRE MARKET
SMH / USD POST MARKET
SMH / USD OVERNIGHT

| | ROBOT |

BOTZ / USD
BOTZ / USD PRE MARKET
BOTZ / USD POST MARKET
BOTZ / USD OVERNIGHT

| | INFOTECH | [XLK / USD](https://insights.pyth.network/price-feeds/Equity.US.XLK%2FUSD) | | NUCLEAR |

NLR / USD
NLR / USD PRE MARKET
NLR / USD POST MARKET
NLR / USD OVERNIGHT

| | DEFENSE |

SHLD / USD
SHLD / USD PRE MARKET
SHLD / USD POST MARKET
SHLD / USD OVERNIGHT

| | ENERGY | [XLE / USD](https://insights.pyth.network/price-feeds/Equity.US.XLE%2FUSD) | | BIOTECH |

XBI / USD
XBI / USD PRE MARKET
XBI / USD POST MARKET
XBI / USD OVERNIGHT

| *** ## Mark Price Mark price is the fair price of a perpetual contract, and is used for margining, liquidations, stop/limit triggers, funding rates, and computing unrealized PnL. Mark prices, along with oracle prices, are updated approximately every 3 seconds. Ventuals calculates the mark price as the median of: 1. Oracle price 2. Oracle price + 150s EMA of difference between oracle price and the perp's mid-price 3. The median of best bid, best ask, last trade on Hyperliquid ### Mark price bands To protect against price manipulation during periods of thin liquidity, the mark price for each market is constrained to remain within a price band relative to its oracle price. This mark price band is defined as ±(1 / max\_leverage) of the last external-pricing oracle price, and this band is in effect during all trading sessions (e.g. both external pricing and internal pricing). For example, if the MAG7 oracle price is $70 from the last external price on Friday, then the mark price is range bound between ($63, $77) until external pricing resumes on Sunday evening ET. *** ## Velocity limit Mark and oracle price movements are limited to a max 0.50% move every 3 second update. This prevents overly large price moves over a short period of time, further protecting against manipulation. *** ## Funding rate For Ventuals indices markets, a multiplier of `0.5` is applied to Hyperliquid's [funding rate formula](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding). This results in a baseline funding rate of \~5.5% annualized, which brings borrow rates closer to industry standards for traditional asset classes. The exact formula is `Funding Rate Ventuals (F) = 0.5 [Average Premium Index (P) + clamp (interest rate - Premium Index (P), -0.0005, 0.0005)]`. # Commodities ## Commodities ### Overview Ventuals commodity perps provide synthetic exposure to physical commodity futures benchmarks. Unlike equity index perps which track ETF spot prices, commodity perps reference designated futures contracts on major exchanges and implement a deterministic roll schedule to maintain continuous exposure. The perp tracks a rolling futures benchmark — not a physical delivery price, not a generic spot price, and not all grades or varieties of a commodity. *** ### Oracle Price #### External pricing Ventuals derives external prices for commodity perps from CBOT futures settlement data. External pricing is available during CBOT Globex trading hours, which differ from the near-continuous sessions available for energy or metals contracts. CBOT wheat and soy futures trade on CME Globex in two sessions with a multi-hour daily close: | Session | Days | Hours (ET) | | ------------------------------ | ------------- | ----------------- | | Evening | Sunday–Friday | 8:00 PM – 8:45 AM | | Day | Monday–Friday | 9:30 AM – 2:20 PM | | Daily close (no external data) | Monday–Friday | 2:20 PM – 8:00 PM | Total external coverage is approximately 17.5 hours per weekday. When fresh external pricing data is available, it is used directly as the oracle price. #### Internal pricing When external pricing is unavailable, the oracle switches to an internal pricing mechanism which initializes on the last available external price. The switchover to internal pricing happens when external pricing is unavailable for more than 30 seconds; for example during the daily CBOT close window, weekends, or holidays. | Session | Start | End | | ----------- | ------------------------ | ------------------------ | | Daily close | Monday–Friday 2:20 PM ET | Monday–Friday 8:00 PM ET | | Weekend | Friday 2:20 PM ET | Sunday 8:00 PM ET | The daily close gap is approximately 5.5 hours each weekday afternoon/evening. Traders should be aware that the oracle operates in internal pricing mode during this window. If external pricing becomes stale during active exchange hours (e.g., due to exchange price limits, data feed interruptions, or exchange outages), the oracle transitions to internal pricing using the same mechanism. When fresh external data resumes, the oracle snaps back to external pricing on the next tick. **Internal oracle price formula** The oracle for internal pricing initializes on the last available external price, and is defined as: ``` Oracle_t = (1 - k) · Oracle_{t-1} + k · ImpactPx_t ``` Where: * ImpactPx = median(impactBidPx, impactAskPx) * k = dynamic adjustment coefficient **Dynamic Adjustment Coefficient (k)** The coefficient k controls the sensitivity at which impact price adjusts the oracle price. It adapts based on the short-term deviation between the current impact price and its 1-hour EMA: | Δ (ImpactPx vs EMA) | k value | | ------------------- | ------- | | < 0.02% | 0.7 | | \[0.02, 0.05)% | 0.5 | | \[0.05, 0.1)% | 0.3 | | \[0.1, 0.2)% | 0.2 | | \[0.2, 0.4)% | 0.1 | | ≥ 0.4% | 0.0 | When external pricing resumes, the oracle snaps to the external pricing mechanism on the next tick. *** ### Futures Reference & Roll Schedule #### Designated contract schedule Commodity perps reference a specific futures contract at any given time. The following schedule defines the active (front) contract at the start of each calendar month: | Asset | Underlying | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | | ----- | --------------------------------------- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | WHEAT | 1 bushel of CBOT Chicago SRW Wheat (ZW) | H | H | K | K | N | N | U | U | Z | Z | Z | H | | SOY | 1 bushel of CBOT Soybeans (ZS) | H | H | K | K | N | N | X | X | X | X | F | F | Contract month codes: F = Jan, H = Mar, K = May, N = Jul, U = Sep, X = Nov, Z = Dec. Wheat has 5 contract months per year (Mar, May, Jul, Sep, Dec). Soy has 5 active contract months (Mar, May, Jul, Nov, Jan), skipping the less liquid August and September contracts. #### Roll mechanics The oracle transitions from the expiring front contract to the next contract over a deterministic 5-business-day roll period. The roll runs from the 6th to the 10th business day of each roll month, with the 5th business day being the last day of 100% front-contract pricing. Oracle transitions happen on roll days at 5:30 PM ET. | Business Day of Month | Front Contract Weight | Next Contract Weight | | --------------------- | --------------------- | -------------------- | | 5th (last pure front) | 100% | 0% | | 6th (roll begins) | 80% | 20% | | 7th | 60% | 40% | | 8th | 40% | 60% | | 9th | 20% | 80% | | 10th (roll complete) | 0% | 100% | During the roll window, the oracle price is computed as: ``` oracle = (front_weight × front_settlement) + (next_weight × next_settlement) ``` #### Roll calendar **WHEAT** Rolls occur 5 times per year, in the months preceding each contract's First Notice Day (FND). | Roll Month | From → To | Roll Period (BD) | First Notice Day | | ---------- | ------------------- | ---------------- | ---------------- | | February | H (Mar) → K (May) | BD 6 – BD 10 | Feb 27 | | April | K (May) → N (Jul) | BD 6 – BD 10 | Apr 30 | | June | N (Jul) → U (Sep) | BD 6 – BD 10 | Jun 30 | | August | U (Sep) → Z (Dec) | BD 6 – BD 10 | Aug 31 | | November | Z (Dec) → H (Mar+1) | BD 6 – BD 10 | Nov 30 | **SOY** Rolls occur 5 times per year. The June roll (N → X) spans a longer calendar period as the oracle transitions from the July contract directly to November, skipping the less liquid August and September contracts. | Roll Month | From → To | Roll Period (BD) | First Notice Day | | ---------- | --------------------- | ---------------- | ---------------- | | February | H (Mar) → K (May) | BD 6 – BD 10 | Feb 27 | | April | K (May) → N (Jul) | BD 6 – BD 10 | Apr 30 | | June | N (Jul) → X (Nov) | BD 6 – BD 10 | Jun 30 | | October | X (Nov) → F (Jan+1) | BD 6 – BD 10 | Oct 31 | | December | F (Jan+1) → H (Mar+1) | BD 6 – BD 10 | Dec 31 | *** ### Mark Price Mark price is the fair price of the perpetual contract, used for margining, liquidations, stop/limit triggers, funding rates, and computing unrealized PnL. Mark prices, along with oracle prices, are updated approximately every 3 seconds. Ventuals calculates the mark price as the median of: 1. Oracle price 2. Oracle price + 150s EMA of difference between oracle price and the perp's mid-price 3. The median of best bid, best ask, last trade on Hyperliquid #### Mark price bands The mark price is constrained to remain within a price band relative to its oracle price. This band is defined as ±(1 / max\_leverage) of the last external-pricing oracle price, and remains in effect during all trading sessions. *** ### Velocity Limit Mark and oracle price movements are limited to a max 0.50% move every 3 second update. This prevents overly large price moves over a short period of time. *** ### Funding Rate For Ventuals commodity markets, a multiplier of 0.5 is applied to Hyperliquid's funding rate formula. This results in a baseline funding rate of \~5.5% annualized, which brings borrow rates closer to industry standards for traditional asset classes. ``` Funding Rate (F) = 0.5 × [Average Premium Index (P) + clamp(interest rate - Premium Index (P), -0.0005, 0.0005)] ``` # Maker Points {% hint style="info" %} The maker points program ran from Nov 13, 2025 – Feb 3, 2026. It has evolved into a broader [trading points program](/trading/points) that includes both maker and taker activity on Ventuals markets. {% endhint %} Ventuals is built on top of Hyperliquid's permissionless blockchain network and orderbook infrastructure — anyone is welcome to market make on Ventuals with their own strategies. The Ventuals Maker Points program incentivizes healthy liquidity on Ventuals HIP-3 markets. ## Ventuals maker points Program start: Thursday, November 13 2025 Program end: Tuesday, February 3 2026 Last distribution: Friday, February 6 2026 Eligibility: Any wallet address that provides maker liquidity (limit orders) The weekly points allocation is subject to change depending on liquidity dynamics and needs. #### Emissions | Weeks starting | Points allocated weekly | | --------------------------- | ----------------------- | | Nov 13 – Dec 4, 2025 | 200,000 | | Dec 11, 2025 – Jan 29, 2026 | 300,000 | ### Methodology The exact distribution methodology will not be disclosed, but includes the following factors: * Size: how much liquidity a maker posts * Distance: whether orders are within a reasonable range to top-of-book; encouraging a smoother and more resilient orderbook instead of an overly-clustered top level * Uptime: how continuously a maker provides resting quotes throughout the week * Two-sidedness: how consistently active a maker is on both the bid and ask sides * Ask-weighted: asks are more heavily weighted than bids in the orderbook * Fill quality: how much fill volume is actually traded at competitive prices Anti-gaming measures are considered, such as minimum rest times, high cancel rates, and self-trades to ensure that maker points distribution is tied to genuine market-making behavior. Ventuals reserves the rights to change the points formulas at any time, or modify past point distributions at its sole discretion. # vHYPE {% hint style="info" %} As of June 15, 2026, Ventuals is sunsetting. Please see our [Sunset Page](https://app.ventuals.com/sunset) and [Sunset Guide](https://docs.ventuals.com/sunset-guide) for details. {% endhint %} ## Summary On October 16 at 15:00 UTC, Ventuals launched a HYPE LST called vHYPE for its mainnet HIP-3 exchange deployment. **LST:** HYPE depositors receive vHYPE, which retains rights to their principal and is fully transferable. **Yield:** vHYPE holders receive native staking yield, plus additional points incentives. **Withdrawals:** vHYPE holders may withdraw their HYPE whenever they’d like, so long as there is enough HYPE remaining to cover the current HIP-3 minimum stake requirement (e.g. 500K HYPE). **Incentives:** vHYPE holders receive [Ventuals points](/vhype/points), based on how early their HYPE deposits were. Extra HYPE for redemption liquidity is incentivized through the points system. ## Deposit Deposit here: [vhype.ventuals.com](https://vhype.ventuals.com/) Deposits must be in native HYPE (no wrapped tokens or derivatives), and can be made from HyperCore or HyperEVM balances. ## Background HIP-3 deployers on Hyperliquid must maintain a minimum 500K HYPE stake to operate a subdex. Ventuals is creating its own HYPE LST (vHYPE) to raise the stake requirement. vHYPE is a fully transferable ERC20 token, and serves as the claim to the original HYPE plus accrued native staking yield. ## Yield vHYPE holders receive native Hyperliquid staking yield, less validator commissions. This means you get normal staking yield, plus additional Ventuals points incentives. vHYPE increases in value relative to HYPE as native staking yield accrues. The amount of vHYPE in your wallet remains constant, but its exchange rate against HYPE grows. This means native staking yield is accrued automatically from increased vHYPE to HYPE redemption value — you do not need to claim. ## Withdrawals vHYPE holders may withdraw their HYPE whenever they’d like, so long as there is enough HYPE remaining to cover the current HIP-3 minimum stake requirement. At launch, the minimum staking requirement is 500K HYPE for HIP-3 deployers. This is expected to decrease over time as the infrastructure matures, per the [Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals). Withdrawal liquidity is created in these ways: * A Ventuals incentivized withdrawal buffer of HYPE over the minimum stake requirement * When Ventuals purchases HYPE with fees and adds it to the withdrawal buffer * When the HIP-3 minimum stake requirement is reduced by Hyperliquid Withdrawals are processed on a first come first serve basis, and involve a \~7-8.5 day waiting period due to the lockup that Hyperliquid applies to transfers out of staking balances on HyperCore. Withdrawals happen in two steps: 1. **Request your withdrawal**: Your request is placed in the global withdrawal queue. Withdrawals are processed on a first-come, first-serve basis. While in the queue, your vHYPE continues to earn staking yield, but does not earn points. You may cancel your withdrawal at any time before it is processed. 2. **Claim your HYPE**: Once your withdrawal has been processed and the \~7-8.5-day waiting period is over, you’ll see it available to claim. Simply click “Claim” to receive your HYPE back. The HYPE will be transferred to your HyperCore spot account (not your HyperEVM wallet). Note: If the vault is at or below the minimum stake requirement (e.g. 500K HYPE), your withdrawal will be queued, but can only be processed once there is more HYPE than the minimum in the vault. There are no withdrawal fees. ## Ventuals points When you hold vHYPE, you earn Ventuals points. The earlier you deposit to vHYPE, and the longer you stay in, the more points you earn. See the page below for full details on the points system for vHYPE: {% content-ref url="/pages/813ZucQpkRlC9hkjcznw" %} [Points](/vhype/points) {% endcontent-ref %} *** ## FAQs #### What is this for? Ventuals is conducting a HYPE stake raise for its mainnet exchange deployment, per Hyperliquid’s [HIP-3 standard](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals) for builder deployed perpetuals. #### What is vHYPE? vHYPE is a token that represents your ownership of the underlying HYPE, and is fully transferrable. Users deposit HYPE, and receive vHYPE in return. vHYPE holders receive native staking yield, plus additional Ventuals points incentives based on how early their HYPE deposits were. #### How does yield work? vHYPE holders receive native Hyperliquid staking yield (less validator commissions) — so you get normal staking yield, plus additional Ventuals points incentives. vHYPE increases in value relative to HYPE as native staking yield accrues. The amount of vHYPE in your wallet remains constant, but its exchange rate against HYPE grows. This means native staking yield is accrued automatically from increased vHYPE to HYPE redemption value — you do not need to claim. #### When can I withdraw? vHYPE holders may withdraw their HYPE whenever they'd like, as long as there is enough HYPE remaining to cover the current HIP-3 minimum stake requirement.\ \ At launch, the minimum stake requirement is 500K HYPE, which is expected to decrease over time as the infrastructure matures, per the Hyperliquid [HIP-3 specifications](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals). It is important to know that if vHYPE reaches the minimum stake requirement threshold (e.g. 500K HYPE), then withdrawals will be paused for all users, until there is more HYPE than the minimum requirement. Withdrawals are processed on a first come first serve basis, and involve a \~7.5 day waiting period due to Hyperliquid’s native unstaking queue. There are no withdrawal fees. #### How do I withdraw? You can initiate a withdrawal by clicking “Withdraw” and entering the amount you’d like to redeem. Withdrawals happen in two steps: 1. Request your withdrawal – Your request is placed in the global withdrawal queue. Withdrawals are processed on a first-come, first-serve basis. While in the queue, your vHYPE continues to earn staking yield. You may cancel your withdrawal at any time before it is processed. 2. Claim your HYPE – Once your withdrawal has been processed and the \~7.5-day waiting period is over, you’ll see it available to claim. Simply click “Claim” to receive your HYPE back. The HYPE will be transferred to your HyperCore spot account (not your HyperEVM wallet). There are no withdrawal fees. Note: If the vault is at or below the minimum stake requirement (e.g. 500K HYPE), your withdrawal will be queued, but can only be processed once there is more HYPE than the minimum in the vault. #### Can I withdraw if vHYPE is at the minimum stake requirement? No — withdrawals are paused for all users if vHYPE is at the minimum stake requirement. This is to ensure the exchange doesn't wind down arbitrarily during operation. When this happens, HYPE can be made available for withdrawals through: * HYPE deposits from Ventuals, acquired with exchange revenue * HYPE deposits from users, who want to earn Ventuals incentives * Lowering of the minimum stake requirement by Hyperliquid Depositors into vHYPE take on liquidity risk, and earn Ventuals points in exchange. This is how we can give our earliest supporters exposure to Ventuals itself.\ \ If you’re a long-term HYPE holder, short-term illiquidity may not be an issue. You continue earning native staking yield, while gaining exposure to Ventuals. At the end of the day, you always retain rights to your HYPE, enforced by smart contracts, even in a wind down scenario. #### Why is my claim transaction failing? When you claim a withdrawal, the transaction transfers your HYPE to your HyperCore spot account (not your HyperEVM wallet). If the transaction fails, it’s likely because your HyperCore account hasn’t been activated yet. To resolve this, follow the instructions in the [Hyperliquid documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading) to activate your account via depositing to HyperCore. Once it’s active, you can try the claim transaction again. #### How do points work? The earlier you deposit to vHYPE, and the longer you stay in, the more points you will earn. A fixed number of points per week are allocated to vHYPE depositors. * 5M points allocated in the first week (Oct 16 – Oct 23) * 1M points per week allocated in following weeks During the week, you will earn 1 “stake-hour” per hour that you’ve had 1 HYPE staked. At the end of the week: 1. The total number of stake-hours accrued that week are calculated 2. Multipliers are applied to stake-hours based on deposit tier 3. Points are distributed proportionally based on multiplier adjusted stake-hours Multiplier tiers incentivize the earliest deposits, out of remaining deposits. When a redemption happens, the next earliest deposits are bumped up and may start earning a higher multiplier. For full details on the points program, please refer to [our docs](https://docs.ventuals.com/vhype/points). #### Is vHYPE audited? Yes. vHYPE is audited by Nethermind and Zenith, two top-tier auditing firms. We also have a $1M public bug bounty on [Cantina](https://cantina.xyz/bounties/d1c3592e-f335-4235-94ac-c6bf6cdb50a3) to further strengthen security. Audit reports and contract source code are [here](https://docs.ventuals.com/vhype/audits). #### What are the risks? All HYPE staked via vHYPE is subject to HIP-3’s standard slashing conditions, as specified by Hyperliquid. For details, see the [Hyperliquid documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals). As noted above, if vHYPE is below the minimum stake requirement (e.g. 500k HYPE), withdrawals will not be processed until there is more than the minimum requirement.




\

# Benefits Holding vHYPE and trading on Ventuals is the best way to participate in the project's success. ## vHYPE Benefits * Earn [points](/vhype/points) for simply holding vHYPE, while receiving native Hyperliquid staking yield as normal * Earn a boost on [points for trading activity](/trading/points): * On Ventuals markets through any frontend * On any market through the Ventuals frontend * Increased [referral reward rates](/referrals/referrals) (up to 60%) for friends who start trading on [ventuals.com](https://ventuals.com/) * Increased rebate rates (up to 20%) for your trading volume on [ventuals.com](https://ventuals.com/) # Points ## Ventuals vHYPE points Program start: Thursday October 16, 15:00 UTC Snapshots: Every Thursday Distributions: Every Friday Emissions: 1M points per week Eligibility: Hold vHYPE, the LST for Ventuals Ventuals reserves the rights to change the points formulas at any time, or modify past point distributions at its sole discretion. View your points here: [vhype.ventuals.com/points](https://vhype.ventuals.com/points) ## Points system TLDR: The earlier you deposit to vHYPE, and the longer you stay in, the more points you will earn. A fixed number of points per week are allocated to vHYPE depositors. * 5M points allocated in the first week (Oct 16 – Oct 23) * 1M points per week allocated in following weeks During the week, you will earn 1 “stake-hour” per hour that you’ve had 1 HYPE staked. At the end of the week: 1. The total number of stake-hours accrued that week are calculated 2. Multipliers are applied to stake-hours based on deposit tier 3. Points are distributed proportionally based on multiplier adjusted stake-hours ## Deposit tiers
Deposit tiersStake-hour multiplier
Tier 1: 0-500K HYPE10x
Tier 2: 500K-600K HYPE6x
Tier 3: 600K-700K HYPE5x
Tier 4: 700K-800K HYPE4x
Tier 5: 800K-900K HYPE3x
Tier 6: 900K-1M HYPE2x
General Tier: 1M+ HYPE1x
**Tier bumps:** Deposit tier multipliers incentivize the earliest deposits. When a withdrawal happens, other deposits are bumped up by deposit date, and start earning a higher multiplier. * E.g. if a depositor in Tier 1 withdraws 10K HYPE, the earliest 10K HYPE deposits in Tier 2 get bumped up to Tier 1, the earliest 10K HYPE deposits in Tier 3 get bumped up to Tier 2, etc. **Withdrawals:** Withdrawals are applied last-in-first-out (LIFO). This means that a user who has deposits spread across multiple tiers withdraws from the tier balance with the lowest multiplier first. * E.g. if a depositor has 1,000 HYPE in Tier 1 and 500 HYPE in Tier 4, and they withdraw 250 HYPE, that HYPE will come out of the Tier 4 balance. Queued withdrawals continue to earn native staking yield, but do not earn points. You may cancel your queued withdrawal at any time before it is processed. **Transfers:** Transferring vHYPE will bump it down to the lowest available deposit tier. This is important to consider when sending or swapping vHYPE to other wallets, vaults, and AMM pools. * E.g. if you have vHYPE in Tier 1, and there is currently 750K total HYPE in vHYPE, when you transfer your vHYPE to another wallet or contract, it will be bumped down to Tier 4.
# Contracts ## Mainnet deployments
ContractAddress
VHYPE0x8888888FdAAc0E7CF8C6523c8955bF7954c216fa
StakingVaultManager0x88888880793F89cE85777FF2e0e2d366bf05b20c
StakingVault0x8888888192a4A0593c13532Ba48449FC24C3bEDA
RoleRegistry0x8888888F0651A534011D7AD277C302E7D2D77930
# Audits Ventuals vHYPE [smart contracts](https://github.com/ventuals/ventuals-contracts?tab=readme-ov-file) are audited by Nethermind and Zenith, two top-tier auditing firms. We also have a $1M public bug bounty hosted on [Cantina](https://cantina.xyz/bounties/d1c3592e-f335-4235-94ac-c6bf6cdb50a3) to further strengthen security. All audit reports can be found in our [Github repo](https://github.com/ventuals/ventuals-contracts/tree/main/docs/audits). # Bug Bounty The vHYPE smart contracts have been [audited by Nethermind and Zenith](/vhype/audits). To further strengthen security, we have a public bug bounty program with $1M in incentives, hosted on Cantina. All submissions must be made directly through [Cantina](https://cantina.xyz/bounties/d1c3592e-f335-4235-94ac-c6bf6cdb50a3), where you can find full program details. We value the time and effort put into every submission — thank you for helping keep Ventuals and our users safe. # Links Website: [https://ventuals.com](https://ventuals.com/) X / Twitter: Discord: [https://discord.gg/ventuals](http://discord.gg/ventuals) # Brand Kit The name Ventuals is a play on words, combining "venture", "perpetual", and "event". The brand captures our focus on risk-taking, enterprise, and exploring new frontiers. Our ship logo evokes the roots of adventure capital, when explorers were financed to embark on highly uncertain – and often dangerous – journeys with the potential for outsized rewards.
## Ventuals logo {% file src="/files/xolI3cCHEU1L3GMjE5R4" %} {% file src="/files/R7Q03ps4nqYiPbECBWeL" %} {% file src="/files/HXFhrZF4xNpgb9ehaTOv" %} {% file src="/files/Qu86JKF4LYSH5UVZyUFW" %} {% file src="/files/399CVuNe4RWmo4dr9HxS" %} ## Ventuals wordmark {% file src="/files/05tzRyaHSqAhgx8ju6hd" %} {% file src="/files/6tr4BrFfx6tOqyWWpvEV" %} {% file src="/files/oQwyjdtQOHSeRYMdBShU" %} {% file src="/files/VW7Bjxw3u2pBCSqvF7KS" %} {% file src="/files/yWL4iEwGSZOkSpu4a7e9" %} ## Ventuals market icons {% file src="/files/zmBuwKhKDBl2c7cwSikn" %} {% file src="/files/IZadw4eZxrBwJ4rHyMuE" %} {% file src="/files/QCcUQmHcKV7RoMaXW3v2" %} {% file src="/files/2WwI2qGcTdg24a3Pfh4a" %} {% file src="/files/NykdlGm5x6xUN057RmX3" %} {% file src="/files/74jEn44CG7fsaQX2wKZ4" %} {% file src="/files/1j6bz7R483petlaYAyfS" %} {% file src="/files/OV5im8Xs8GkiD7Bayvuj" %} {% file src="/files/Rq4QwJAp8hseYhjPlY2p" %} {% file src="/files/TfBcZ29MgVw5dJi3Hwy8" %} {% file src="/files/HnYdIKpaj2UidBUbGPQO" %} # API Ventuals is built on Hyperliquid, so you can interact with any asset listed on Ventuals directly through the [Hyperliquid API](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api). All core functionality—market data, order placement, order management, account queries, and position tracking—is available via the Hyperliquid API. When interacting with Hyperliquid's API, you may need to specify `dex: "vntl"` in your queries, or filter for coins whose ticker symbols are prefixed with `vntl:` (e.g., `vntl:SPACEX`). The key steps are: 1. **Connect to the API** — Via HTTP or websockets 2. **Fetch data** — Use the `/info` endpoint to fetch information about markets and specific users. 3. **Place and manage orders** — Use the `/exchange` endpoint to place, cancel, and modify orders. 4. **Subscribe to real-time data streams** — Use the websocket endpoint to receive real-time updates about markets and specific users # FAQs ### Why do I need USDC / USDH for some markets? The Ventuals app lets you trade perpetual futures (perps) markets on Hyperliquid. Some markets are deployed by Ventuals, and others are deployed by different projects. Different market deployers may use different stablecoins (e.g. USDH or USDC). The market deployer is indicated next to the market's name. Ventuals markets are indicated by `vntl`. You can easily swap between stablecoins using the "Swap Stablecoins" feature. ### What is a perp? Perpetual futures are a type of derivative contract that enables traders to speculate on the price of an asset without needing to buy or own the underlying asset itself. Unlike traditional futures contracts, perpetual futures don’t have an expiration date, meaning traders can hold their positions indefinitely, as long as they maintain the required margin. ### How do perpetual futures work? Perpetual futures are designed to mirror the underlying reference price of an asset. To keep perp prices closely aligned with the reference price, perpetual futures use a funding rate mechanism – a unique feature that sets them apart from traditional futures. The funding rate is a small periodic payment that traders on one side of the contract (long or short) pay to the traders on the other side. This rate incentivizes traders to balance demand, ensuring that perpetual futures prices don’t deviate significantly from the asset’s underlying reference price. * **Positive funding rate:** When perpetual futures are priced higher than the reference price (indicating more demand for long positions), traders holding long positions pay a funding fee to those with short positions. * **Negative funding rate:** When perpetual futures are priced lower than the reference price, traders holding short positions pay the funding fee to those with long positions. The funding rate fluctuates based on market conditions, helping perpetual futures stay as close to the asset’s underlying reference price as possible.