# Markets

{% hint style="info" %}
Coming from the Hyperliquid app and need help? Submit a support ticket here:

\ <a href="https://app.ventuals.com/help" class="button primary">Get support</a>
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## Overview

Ventuals offers two 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.

## 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           | $5,000,000        |
| OPENAI    | 3x           | $5,000,000        |
| ANTHROPIC | 3x           | $3,000,000        |

### Perp specifications

For full specifications on private company perps (e.g. oracle, mark, funding), please visit this page:

{% content-ref url="../perp-specifications/private-companies" %}
[private-companies](https://docs.ventuals.com/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

<table><thead><tr><th width="126.8984375">Market</th><th>Description</th></tr></thead><tbody><tr><td>MAG7</td><td>MAG7 tracks the MAGS ETF, which offers equal weight exposure to the “Magnificent Seven” stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.</td></tr><tr><td>SEMIS</td><td>SEMIS 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.</td></tr><tr><td>ROBOT</td><td>ROBOT 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.</td></tr><tr><td>INFOTECH</td><td>INFOTECH tracks the XLK ETF, which offers exposure to companies in the S&#x26;P 500 technology sector, spanning enterprise software, cloud infrastructure, and world-class hardware manufacturing.</td></tr><tr><td>NUCLEAR</td><td>NUCLEAR 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.</td></tr><tr><td>DEFENSE</td><td>DEFENSE 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.</td></tr><tr><td>ENERGY</td><td>ENERGY 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.</td></tr><tr><td>BIOTECH</td><td>BIOTECH 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.</td></tr><tr><td>GOLDJM</td><td>GOLDJM 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.</td></tr><tr><td>SILVERJM</td><td>SILVERJM 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.</td></tr></tbody></table>

### Perp specifications

For full specification on public index perps (e.g. oracle, mark, funding), please visit this page:

{% content-ref url="../perp-specifications/indices" %}
[indices](https://docs.ventuals.com/perp-specifications/indices)
{% endcontent-ref %}

***

## Commodities

### Markets

| Market | Max Leverage | Open Interest Cap |
| ------ | ------------ | ----------------- |
| WHEAT  | 10x          | $10,000,000       |

#### Market descriptions

<table><thead><tr><th width="126.8984375">Market</th><th>Description</th></tr></thead><tbody><tr><td>WHEAT</td><td>WHEAT 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.</td></tr></tbody></table>

### Perp specifications

For full specification on commodity perps (e.g. oracle, mark, funding), please visit this page:

{% content-ref url="../perp-specifications/commodities" %}
[commodities](https://docs.ventuals.com/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)&#x20;
Market	Description
MAG7	MAG7 tracks the MAGS ETF, which offers equal weight exposure to the “Magnificent Seven” stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.
SEMIS	SEMIS 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.
ROBOT	ROBOT 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.
INFOTECH	INFOTECH 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.
NUCLEAR	NUCLEAR 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.
DEFENSE	DEFENSE 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.
ENERGY	ENERGY 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.
BIOTECH	BIOTECH 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.
GOLDJM	GOLDJM 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.
SILVERJM	SILVERJM 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.