VENTUALS: MAKING PRIVATE MARKETS PUBLIC

Summary from the TLDR Crypto newsletter

Ventuals, built on Hyperliquid, will open a multi-trillion-dollar private markets asset class by letting anyone trade perpetual futures on pre-IPO company valuations with up to 10x leverage and low fees. Each market's price oracle pulls from secondary sale data to reflect real-world valuation, and traders can go long or short using Hyperliquid infrastructure. It is powered by HIP-3, Hyperliquid's protocol for enabling custom perp markets, and represents one of the first practical use cases of the standard. The Ventuals testnet will launch soon, making private startup exposure widely accessible beyond traditional VC circles.