# Table of Contents - [Welcome to Ventuals | Ventuals](#welcome-to-ventuals-ventuals) - [Audits | Ventuals](#audits-ventuals) - [Bug Bounty | Ventuals](#bug-bounty-ventuals) - [Contracts | Ventuals](#contracts-ventuals) - [Order Types | Ventuals](#order-types-ventuals) - [Maker Points | Ventuals](#maker-points-ventuals) - [Liquidations | Ventuals](#liquidations-ventuals) - [Accessing Ventuals | Ventuals](#accessing-ventuals-ventuals) - [Margining | Ventuals](#margining-ventuals) - [Mark Price | Ventuals](#mark-price-ventuals) - [Points | Ventuals](#points-ventuals) - [Fees | Ventuals](#fees-ventuals) - [Markets | Ventuals](#markets-ventuals) - [Why Ventuals? | Ventuals](#why-ventuals-ventuals) - [Spot Inventory | Ventuals](#spot-inventory-ventuals) - [vHYPE | Ventuals](#vhype-ventuals) - [Public Baskets | Ventuals](#public-baskets-ventuals) - [Brand Kit | Ventuals](#brand-kit-ventuals) - [Links | Ventuals](#links-ventuals) - [FAQs | Ventuals](#faqs-ventuals) - [API | Ventuals](#api-ventuals) - [Private Companies | Ventuals](#private-companies-ventuals) - [Email Protection | Cloudflare](#email-protection-cloudflare) - [Accessing Ventuals | Ventuals](#accessing-ventuals-ventuals) - [Why Ventuals? | Ventuals](#why-ventuals-ventuals) - [Private Companies | Ventuals](#private-companies-ventuals) - [Order Types | Ventuals](#order-types-ventuals) - [Links | Ventuals](#links-ventuals) - [FAQs | Ventuals](#faqs-ventuals) - [API | Ventuals](#api-ventuals) --- # Welcome to Ventuals | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/#ventuals-brings-you-markets-for-frontier-technology) 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 baskets of public companies (e.g. MAG7, 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. ### [](https://docs.ventuals.com/#perpetual-futures-on-hyperliquid) 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. ### [](https://docs.ventuals.com/#trade-with-up-to-10x-leverage) Trade with up to 10x leverage You can go long or short with up to 10x leverage on Ventuals markets. Higher leverage = higher risk, because even small price moves can push you into liquidation territory. Trade accordingly. ### [](https://docs.ventuals.com/#cash-out-in-dollars) 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. [](https://docs.ventuals.com/#quick-links) Quick links ----------------------------------------------------------- [Why Ventuals?](https://docs.ventuals.com/overview/why-ventuals) [Markets](https://docs.ventuals.com/overview/markets) [](https://docs.ventuals.com/#market-types) Market types ------------------------------------------------------------- Learn more about our two types of perps — private companies and public thematic baskets. [Private Companies](https://docs.ventuals.com/perp-specifications/private-companies) [Public Baskets](https://docs.ventuals.com/perp-specifications/public-baskets) [](https://docs.ventuals.com/#ventuals-points) Ventuals points ------------------------------------------------------------------- Learn more about how to earn Ventuals points. [Maker Points](https://docs.ventuals.com/liquidity/maker-points) [vHYPE](https://docs.ventuals.com/vhype/vhype) [NextWhy Ventuals?](https://docs.ventuals.com/overview/why-ventuals) Last updated 24 days ago * [Ventuals brings you markets for frontier technology.](https://docs.ventuals.com/#ventuals-brings-you-markets-for-frontier-technology) * [Perpetual futures on Hyperliquid](https://docs.ventuals.com/#perpetual-futures-on-hyperliquid) * [Trade with up to 10x leverage](https://docs.ventuals.com/#trade-with-up-to-10x-leverage) * [Cash out in dollars](https://docs.ventuals.com/#cash-out-in-dollars) * [Quick links](https://docs.ventuals.com/#quick-links) * [Market types](https://docs.ventuals.com/#market-types) * [Ventuals points](https://docs.ventuals.com/#ventuals-points) --- # Audits | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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) . [PreviousContracts](https://docs.ventuals.com/vhype/contracts) [NextBug Bounty](https://docs.ventuals.com/vhype/bug-bounty) Last updated 2 months ago --- # Bug Bounty | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send The vHYPE smart contracts have been [audited by Nethermind and Zenith](https://docs.ventuals.com/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. [PreviousAudits](https://docs.ventuals.com/vhype/audits) [NextLinks](https://docs.ventuals.com/community/links) Last updated 2 months ago --- # Contracts | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/vhype/contracts#mainnet-deployments) Mainnet deployments ------------------------------------------------------------------------------------------ Contract Address [VHYPE](https://hyperevmscan.io/address/0x8888888FdAAc0E7CF8C6523c8955bF7954c216fa) `0x8888888FdAAc0E7CF8C6523c8955bF7954c216fa` [StakingVaultManager](https://hyperevmscan.io/address/0x88888880793F89cE85777FF2e0e2d366bf05b20c) `0x88888880793F89cE85777FF2e0e2d366bf05b20c` [StakingVault](https://hyperevmscan.io/address/0x8888888192a4A0593c13532Ba48449FC24C3bEDA) `0x8888888192a4A0593c13532Ba48449FC24C3bEDA` [RoleRegistry](https://hyperevmscan.io/address/0x8888888F0651A534011D7AD277C302E7D2D77930) `0x8888888F0651A534011D7AD277C302E7D2D77930` [PreviousPoints](https://docs.ventuals.com/vhype/points) [NextAudits](https://docs.ventuals.com/vhype/audits) Last updated 2 months ago --- # Order Types | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/trading/order-types#order-types) Order Types ------------------------------------------------------------------------------ Ventuals supports several order types to give you flexibility in how you enter and exit trades: * **Market Order** Buys or sells immediately at the best available price. Fastest way to enter or exit a position. * **Limit Order** Lets you set the exact price you want to buy or sell. It only fills if the market hits that price or better. * **Stop Market Order** A market order that only triggers once the price hits a level you choose. Useful for setting stop-losses or breakout entries. * **Stop Limit Order** Similar to a stop market order, but instead of triggering a market order, it triggers a limit order at the price you choose. ### [](https://docs.ventuals.com/trading/order-types#order-options) Order Options * **Good Til Canceled (GTC)** Your order stays active until it gets filled or you cancel it. * **Reduce Only** Makes sure the order can only decrease your current position—not accidentally reverse it. * **Take Profit / Stop Loss (TP / SL)** Automatically close part or all of your position when a target price (TP) or safety net price (SL) is hit. These are commonly used to lock in gains or limit losses. [PreviousAccessing Ventuals](https://docs.ventuals.com/getting-started/accessing-ventuals) [NextMark Price](https://docs.ventuals.com/trading/mark-price) Last updated 24 days ago * [Order Types](https://docs.ventuals.com/trading/order-types#order-types) * [Order Options](https://docs.ventuals.com/trading/order-types#order-options) --- # Maker Points | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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. [](https://docs.ventuals.com/liquidity/maker-points#ventuals-maker-points) Ventuals maker points ----------------------------------------------------------------------------------------------------- Program start: Thursday, November 13 2025 Eligibility: Any wallet address that provides maker liquidity (limit orders) The weekly points allocation is subject to change depending on liquidity dynamics and needs. #### [](https://docs.ventuals.com/liquidity/maker-points#emissions) Emissions Weeks starting Points allocated weekly Nov 13 – Dec 4, 2025 200,000 Dec 11, 2025 – now 300,000 ### [](https://docs.ventuals.com/liquidity/maker-points#methodology) 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. [PreviousPublic Baskets](https://docs.ventuals.com/perp-specifications/public-baskets) [NextSpot Inventory](https://docs.ventuals.com/liquidity/spot-inventory) Last updated 18 days ago * [Ventuals maker points](https://docs.ventuals.com/liquidity/maker-points#ventuals-maker-points) * [Methodology](https://docs.ventuals.com/liquidity/maker-points#methodology) --- # Liquidations | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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. * * * [](https://docs.ventuals.com/trading/liquidations#when-do-liquidations-happen) **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% 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. [](https://docs.ventuals.com/trading/liquidations#how-to-avoid-liquidation) **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 [](https://docs.ventuals.com/trading/liquidations#how-liquidation-price-works) **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. [PreviousMargining](https://docs.ventuals.com/trading/margining) [NextFees](https://docs.ventuals.com/trading/fees) Last updated 24 days ago * [When do liquidations happen?](https://docs.ventuals.com/trading/liquidations#when-do-liquidations-happen) * [How to avoid liquidation](https://docs.ventuals.com/trading/liquidations#how-to-avoid-liquidation) * [How liquidation price works](https://docs.ventuals.com/trading/liquidations#how-liquidation-price-works) --- # Accessing Ventuals | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send Please read through these docs and understand the risks before trading. [](https://docs.ventuals.com/getting-started/accessing-ventuals#ventuals-is-in-mainnet-alpha) Ventuals is in mainnet alpha ------------------------------------------------------------------------------------------------------------------------------- Trade here: [https://app.hyperliquid.xyz/trade/vntl:SPACEX](https://app.hyperliquid.xyz/trade/vntl:SPACEX) ### [](https://docs.ventuals.com/getting-started/accessing-ventuals#during-the-mainnet-alpha-phase) During the mainnet alpha phase * Ventuals markets are live for trading using real funds * Markets parameters, such as open interest caps and max leverage, are set conservatively * Users can access Ventuals markets via the [Hyperliquid frontend](https://app.hyperliquid.xyz/trade/vntl:SPACEX) ### [](https://docs.ventuals.com/getting-started/accessing-ventuals#getting-usdh) Getting USDH The collateral asset for Ventuals markets is USDH, the native stablecoin that returns value back to Hyperliquid. It is fully backed by assets managed by BlackRock and Superstate and is GENIUS-ready. Get USDH for trading on Ventuals * On Hyperliquid: [https://app.hyperliquid.xyz/trade/USDH/USDC](https://app.hyperliquid.xyz/trade/USDH/USDC) * From other chains via [Relay](https://relay.link/bridge/hyperliquid?toCurrency=0x54e00a5988577cb0b0c9ab0cb6ef7f4b) or [Across](https://app.across.to/bridge-and-swap) [PreviousMarkets](https://docs.ventuals.com/overview/markets) [NextOrder Types](https://docs.ventuals.com/trading/order-types) Last updated 24 days ago * [Ventuals is in mainnet alpha](https://docs.ventuals.com/getting-started/accessing-ventuals#ventuals-is-in-mainnet-alpha) * [During the mainnet alpha phase](https://docs.ventuals.com/getting-started/accessing-ventuals#during-the-mainnet-alpha-phase) * [Getting USDH](https://docs.ventuals.com/getting-started/accessing-ventuals#getting-usdh) --- # Margining | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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: Margin Required\=Position Size×Mark PriceLeverage\\text{Margin Required} = \\frac{\\text{Position Size} \\times \\text{Mark Price}}{\\text{Leverage}} Margin Required\=LeveragePosition Size×Mark Price​ 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. [PreviousMark Price](https://docs.ventuals.com/trading/mark-price) [NextLiquidations](https://docs.ventuals.com/trading/liquidations) Last updated 24 days ago --- # Mark Price | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/trading/mark-price#overview) Overview ----------------------------------------------------------------------- Ventuals offers two types of perpetual futures markets: 1. Valuation perps of private companies (denominated in billions). 2. Perps on thematic baskets of public stocks, focused on the technology sector. [](https://docs.ventuals.com/trading/mark-price#mark-price) 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. ### [](https://docs.ventuals.com/trading/mark-price#private-companies) Private companies 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. For specifications on the mark price, oracle price, and funding for private company perps: [Private Companies](https://docs.ventuals.com/perp-specifications/private-companies) ### [](https://docs.ventuals.com/trading/mark-price#public-baskets) Public baskets For specifications on the mark price, oracle price, and funding for public basket perps: [Public Baskets](https://docs.ventuals.com/perp-specifications/public-baskets) [PreviousOrder Types](https://docs.ventuals.com/trading/order-types) [NextMargining](https://docs.ventuals.com/trading/margining) Last updated 23 days ago * [Overview](https://docs.ventuals.com/trading/mark-price#overview) * [Mark price](https://docs.ventuals.com/trading/mark-price#mark-price) * [Private companies](https://docs.ventuals.com/trading/mark-price#private-companies) * [Public baskets](https://docs.ventuals.com/trading/mark-price#public-baskets) --- # Points | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/vhype/points#ventuals-vhype-points) Ventuals vHYPE points ------------------------------------------------------------------------------------------- Program start: Thursday October 16, 15:00 UTC Snapshots: Every Thursday Distributions: Every Friday Emissions: 5M points allocated in the first week, 1M points per week in the following weeks Eligibility: Hold vHYPE, the LST for Ventuals * With extra boosts for VLP depositors, testnet traders, and Hypurr NFT holders Ventuals reserves the rights to change the points formulas and multiplier boosts 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) [](https://docs.ventuals.com/vhype/points#points-system) 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 [](https://docs.ventuals.com/vhype/points#deposit-tiers) Deposit tiers --------------------------------------------------------------------------- Deposit tiers Stake-hour multiplier Tier 1: 0-500K HYPE 10x Tier 2: 500K-600K HYPE 6x Tier 3: 600K-700K HYPE 5x Tier 4: 700K-800K HYPE 4x Tier 5: 800K-900K HYPE 3x Tier 6: 900K-1M HYPE 2x General Tier: 1M+ HYPE 1x **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 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. [](https://docs.ventuals.com/vhype/points#multiplier-boosts) Multiplier boosts ----------------------------------------------------------------------------------- The last points distribution that the boosts applied to is the week ending Nov 14, after the Ventuals mainnet alpha launch went live. Deposit tier multipliers remain the same and stay intact for future weeks. Boosts increase the multiplier applied to your vHYPE stake-hours, earning you more Ventuals points. * Testnet traders: +1x boost * Hyperbeat VLP depositors: +1x boost * Hypurr NFT holders: +1x boost For example: If you're in Tier 1, and are a VLP depositor and Hypurr holder, you'll receive a 10 + 1 + 1 = 12x boost on your vHYPE stake-hours. vHYPE must be held in the wallet address that qualifies for multiplier boosts, for multiplier boosts to apply. Multiplier boosts for vHYPE will conclude when Ventuals launches its first market on mainnet. [PreviousvHYPE](https://docs.ventuals.com/vhype/vhype) [NextContracts](https://docs.ventuals.com/vhype/contracts) Last updated 1 month ago * [Ventuals vHYPE points](https://docs.ventuals.com/vhype/points#ventuals-vhype-points) * [Points system](https://docs.ventuals.com/vhype/points#points-system) * [Deposit tiers](https://docs.ventuals.com/vhype/points#deposit-tiers) * [Multiplier boosts](https://docs.ventuals.com/vhype/points#multiplier-boosts) --- # Fees | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send Ventuals trading fees are 2x the usual fees on Hyperliquid's core exchange, like all other HIP-3 markets. Normal trading fee discounts apply, including volume discounts, staking discounts, and referral rewards. Volume-based fee tiers include volume from core perps, spot, and HIP-3 markets. See [Hyperliquid's fee tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) . [](https://docs.ventuals.com/trading/fees#ventuals-fee-tiers) Ventuals fee tiers ------------------------------------------------------------------------------------- Base rate Diamond Platinum Gold Silver Bronze Wood Tier 14d weighted volume ($) Taker Maker Taker Maker Taker Maker Taker Maker Taker Maker Taker Maker Taker Maker 0 0.090% 0.030% 0.0540% 0.0180% 0.0630% 0.0210% 0.0720% 0.0240% 0.0766% 0.0256% 0.0810% 0.0270% 0.0856% 0.0286% 1 \>5M 0.080% 0.024% 0.0480% 0.0144% 0.0560% 0.0168% 0.0640% 0.0192% 0.0680% 0.0204% 0.0720% 0.0216% 0.0760% 0.0228% 2 \>25M 0.070% 0.016% 0.0420% 0.0096% 0.0490% 0.0112% 0.0560% 0.0128% 0.0596% 0.0136% 0.0630% 0.0144% 0.0666% 0.0152% 3 \>100M 0.060% 0.008% 0.0360% 0.0048% 0.0420% 0.0056% 0.0480% 0.0064% 0.0510% 0.0068% 0.0540% 0.0072% 0.0570% 0.0076% 4 \>500M 0.056% 0.000% 0.0336% 0.0000% 0.0392% 0.0000% 0.0448% 0.0000% 0.0476% 0.0000% 0.0504% 0.0000% 0.0532% 0.0000% 5 \>2B 0.052% 0.000% 0.0312% 0.0000% 0.0364% 0.0000% 0.0416% 0.0000% 0.0442% 0.0000% 0.0468% 0.0000% 0.0494% 0.0000% 6 \>7B 0.048% 0.000% 0.0288% 0.0000% 0.0336% 0.0000% 0.0384% 0.0000% 0.0408% 0.0000% 0.0432% 0.0000% 0.0456% 0.0000% [](https://docs.ventuals.com/trading/fees#hyperliquid-staking-tiers) Hyperliquid staking tiers --------------------------------------------------------------------------------------------------- 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% [PreviousLiquidations](https://docs.ventuals.com/trading/liquidations) [NextPrivate Companies](https://docs.ventuals.com/perp-specifications/private-companies) Last updated 24 days ago * [Ventuals fee tiers](https://docs.ventuals.com/trading/fees#ventuals-fee-tiers) * [Hyperliquid staking tiers](https://docs.ventuals.com/trading/fees#hyperliquid-staking-tiers) --- # Markets | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/overview/markets#overview) Overview --------------------------------------------------------------------- Ventuals offers two types of perpetual futures markets: 1. Valuation perps of private companies (denominated in billions). 2. Perps on thematic baskets of public stocks, focused on the technology sector. [](https://docs.ventuals.com/overview/markets#private-companies) Private companies --------------------------------------------------------------------------------------- ### [](https://docs.ventuals.com/overview/markets#private-markets-made-public) 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. ### [](https://docs.ventuals.com/overview/markets#trade-valuations-not-shares) 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. ### [](https://docs.ventuals.com/overview/markets#markets) Markets Market Max Leverage Open Interest Cap SPACEX 3x $3,000,000 OPENAI 3x $3,000,000 ANTHROPIC 3x $3,000,000 Each market on Ventuals has a dedicated open interest cap. Once the cap is reached, new positions cannot be opened until open interest falls below the specified limit; only existing positions may be reduced or closed. OI caps are subject to change and will likely be increased over time. ### [](https://docs.ventuals.com/overview/markets#perp-specifications) Perp specifications For full specifications on private company perps (e.g. oracle, mark), please visit this page: [Private Companies](https://docs.ventuals.com/perp-specifications/private-companies) * * * [](https://docs.ventuals.com/overview/markets#thematic-baskets) Thematic baskets ------------------------------------------------------------------------------------- ### [](https://docs.ventuals.com/overview/markets#public-stocks-simplified) 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 basket tracks a curated set of public stocks driving that theme. ### [](https://docs.ventuals.com/overview/markets#trade-big-ideas) 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. ### [](https://docs.ventuals.com/overview/markets#markets-1) Markets Market Max Leverage Open Interest Cap MAG7 15x $10,000,000 SEMIS (coming soon) 10x $10,000,000 ROBOT (coming soon) 10x $10,000,000 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. ### [](https://docs.ventuals.com/overview/markets#perp-specifications-1) Perp specifications For full specification on public basket perps (e.g. oracle, mark), please visit this page: [Public Baskets](https://docs.ventuals.com/perp-specifications/public-baskets) [PreviousWhy Ventuals?](https://docs.ventuals.com/overview/why-ventuals) [NextAccessing Ventuals](https://docs.ventuals.com/getting-started/accessing-ventuals) Last updated 15 days ago * [Overview](https://docs.ventuals.com/overview/markets#overview) * [Private companies](https://docs.ventuals.com/overview/markets#private-companies) * [Private markets, made public](https://docs.ventuals.com/overview/markets#private-markets-made-public) * [Trade valuations, not shares](https://docs.ventuals.com/overview/markets#trade-valuations-not-shares) * [Markets](https://docs.ventuals.com/overview/markets#markets) * [Perp specifications](https://docs.ventuals.com/overview/markets#perp-specifications) * [Thematic baskets](https://docs.ventuals.com/overview/markets#thematic-baskets) * [Public stocks, simplified](https://docs.ventuals.com/overview/markets#public-stocks-simplified) * [Trade big ideas](https://docs.ventuals.com/overview/markets#trade-big-ideas) * [Markets](https://docs.ventuals.com/overview/markets#markets-1) * [Perp specifications](https://docs.ventuals.com/overview/markets#perp-specifications-1) --- # Why Ventuals? | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/overview/why-ventuals#were-creating-markets-for-anyone-to-get-exposure-to-innovation) 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. ### [](https://docs.ventuals.com/overview/why-ventuals#we-started-with-private-companies) 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. ### [](https://docs.ventuals.com/overview/why-ventuals#and-expanded-to-thematic-baskets-of-public-stocks) And expanded to thematic baskets of public stocks Innovation and frontier technology starts at private companies, but it doesn't stop there. You can now trade baskets of public stock perps on Ventuals. Baskets are organized by themes, such as the Magnificent 7, semiconductors, robotics, and more. This allows traders to easily get exposure to a diversified group of companies that best capture an investment thesis. ### [](https://docs.ventuals.com/overview/why-ventuals#get-started) Get started [Accessing Ventuals](https://docs.ventuals.com/getting-started/accessing-ventuals) [Markets](https://docs.ventuals.com/overview/markets) [PreviousWelcome to Ventuals](https://docs.ventuals.com/) [NextMarkets](https://docs.ventuals.com/overview/markets) Last updated 24 days ago * [We're creating markets for anyone to get exposure to innovation.](https://docs.ventuals.com/overview/why-ventuals#were-creating-markets-for-anyone-to-get-exposure-to-innovation) * [We started with private companies](https://docs.ventuals.com/overview/why-ventuals#we-started-with-private-companies) * [And expanded to thematic baskets of public stocks](https://docs.ventuals.com/overview/why-ventuals#and-expanded-to-thematic-baskets-of-public-stocks) * [Get started](https://docs.ventuals.com/overview/why-ventuals#get-started) --- # Spot Inventory | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send To help with risk management, Ventuals can help market makers get access to underlying spot allocation of pre-IPO companies (e.g. SpaceX, OpenAI, Stripe) via forward contracts or 0/0 SPVs. Minimum allocation size is $1M. There are no additional fees. Acquiring private company allocations will require KYC/KYB with one of our broker partners. If you're interested in this, please email [\[email protected\]](https://docs.ventuals.com/cdn-cgi/l/email-protection) . [PreviousMaker Points](https://docs.ventuals.com/liquidity/maker-points) [NextvHYPE](https://docs.ventuals.com/vhype/vhype) Last updated 24 days ago --- # vHYPE | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/vhype/vhype#summary) 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](https://docs.ventuals.com/vhype/points) , based on how early their HYPE deposits were. Extra HYPE for redemption liquidity is incentivized through the points system. [](https://docs.ventuals.com/vhype/vhype#deposit) 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. [](https://docs.ventuals.com/vhype/vhype#background) 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. [](https://docs.ventuals.com/vhype/vhype#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. [](https://docs.ventuals.com/vhype/vhype#withdrawals) 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. [](https://docs.ventuals.com/vhype/vhype#ventuals-points) 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. vHYPE holders can also get boosts by being VLP depositors, testnet traders, or hold a Hypurr NFT. See the page below for full details on the points system for vHYPE: [Points](https://docs.ventuals.com/vhype/points) [](https://docs.ventuals.com/vhype/vhype#genesis-nft) Genesis NFT ---------------------------------------------------------------------- Users who deposit at least 100 HYPE as part of the first 500K HYPE ever deposited, will receive a commemorative Ventuals Genesis NFT. Ventuals Genesis NFTs have no planned utility. * * * [](https://docs.ventuals.com/vhype/vhype#faqs) FAQs -------------------------------------------------------- #### [](https://docs.ventuals.com/vhype/vhype#what-is-this-for) 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. #### [](https://docs.ventuals.com/vhype/vhype#what-is-vhype) 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. #### [](https://docs.ventuals.com/vhype/vhype#how-does-yield-work) 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. #### [](https://docs.ventuals.com/vhype/vhype#when-can-i-withdraw) 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. #### [](https://docs.ventuals.com/vhype/vhype#how-do-i-withdraw) 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. #### [](https://docs.ventuals.com/vhype/vhype#can-i-withdraw-if-vhype-is-at-the-minimum-stake-requirement) 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. #### [](https://docs.ventuals.com/vhype/vhype#why-is-my-claim-transaction-failing) 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. #### [](https://docs.ventuals.com/vhype/vhype#how-do-points-work) 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. There are also multiplier boosts awarded to special groups: Ventuals testnet traders, Hyperbeat VLP depositors, and Hypurr NFT holders. For full details on the points program, please refer to [our docs](https://docs.ventuals.com/vhype/points) . #### [](https://docs.ventuals.com/vhype/vhype#is-vhype-audited) 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) . #### [](https://docs.ventuals.com/vhype/vhype#what-are-the-risks) 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. [PreviousSpot Inventory](https://docs.ventuals.com/liquidity/spot-inventory) [NextPoints](https://docs.ventuals.com/vhype/points) Last updated 24 days ago * [Summary](https://docs.ventuals.com/vhype/vhype#summary) * [Deposit](https://docs.ventuals.com/vhype/vhype#deposit) * [Background](https://docs.ventuals.com/vhype/vhype#background) * [Yield](https://docs.ventuals.com/vhype/vhype#yield) * [Withdrawals](https://docs.ventuals.com/vhype/vhype#withdrawals) * [Ventuals points](https://docs.ventuals.com/vhype/vhype#ventuals-points) * [Genesis NFT](https://docs.ventuals.com/vhype/vhype#genesis-nft) * [FAQs](https://docs.ventuals.com/vhype/vhype#faqs) --- # Public Baskets | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/perp-specifications/public-baskets#oracle-price) 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. ### [](https://docs.ventuals.com/perp-specifications/public-baskets#external-pricing) External pricing Ventuals uses Pyth data feeds as the price oracle for public basket 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 ### [](https://docs.ventuals.com/perp-specifications/public-baskets#internal-pricing) Internal pricing When external pricing is unavailable, the oracle switches to an internal pricing mechanism which initializes on the last available external price. Oracle\=EMA1h ⁣(median(impact\_bid\_price, impact\_ask\_price))\\text{Oracle} = \\mathrm{EMA}\_{1\\text{h}}\\!\\left( \\mathrm{median}(\\text{impact\\\_bid\\\_price},\\, \\text{impact\\\_ask\\\_price}) \\right) Oracle\=EMA1h​(median(impact\_bid\_price,impact\_ask\_price)) When external pricing resumes, the oracle snaps to the external pricing mechanism on the next tick. Session Session Start Session End Weekend Friday 8pm ET Sunday 8pm ET ### [](https://docs.ventuals.com/perp-specifications/public-baskets#oracle-data-feed) 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 Feed MAG7 [MAGS / USD](https://insights.pyth.network/price-feeds/Equity.US.MAGS%2FUSD) * * * [](https://docs.ventuals.com/perp-specifications/public-baskets#mark-price) 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. For public basket perps, 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 prices, along with oracle prices, are updated approximately every 3 seconds. ### [](https://docs.ventuals.com/perp-specifications/public-baskets#mark-price-bands) 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. ### [](https://docs.ventuals.com/perp-specifications/public-baskets#mark-price-velocity-limit) Mark price velocity limit There is an additional limit to mark price movements of 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. [PreviousPrivate Companies](https://docs.ventuals.com/perp-specifications/private-companies) [NextMaker Points](https://docs.ventuals.com/liquidity/maker-points) Last updated 23 days ago * [Oracle Price](https://docs.ventuals.com/perp-specifications/public-baskets#oracle-price) * [External pricing](https://docs.ventuals.com/perp-specifications/public-baskets#external-pricing) * [Internal pricing](https://docs.ventuals.com/perp-specifications/public-baskets#internal-pricing) * [Oracle data feed](https://docs.ventuals.com/perp-specifications/public-baskets#oracle-data-feed) * [Mark Price](https://docs.ventuals.com/perp-specifications/public-baskets#mark-price) * [Mark price bands](https://docs.ventuals.com/perp-specifications/public-baskets#mark-price-bands) * [Mark price velocity limit](https://docs.ventuals.com/perp-specifications/public-baskets#mark-price-velocity-limit) --- # Brand Kit | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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. ![](https://docs.ventuals.com/~gitbook/image?url=https%3A%2F%2F3447241726-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FXPhlu9j2erMhOQJWJOsI%252Fuploads%252Fb2JSe5NZNeqFb6A1KiLX%252Fventuals%2520logos.png%3Falt%3Dmedia%26token%3D79521a66-003a-47ca-872f-4c8142f6401e&width=768&dpr=4&quality=100&sign=d94b0cce&sv=2) [](https://docs.ventuals.com/community/brand-kit#ventuals-logo) Ventuals logo ---------------------------------------------------------------------------------- 3KB [logo-white-bg.svg](https://3447241726-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FXPhlu9j2erMhOQJWJOsI%2Fuploads%2FYrhaRdITAbNUGNhLoYsW%2Flogo-white-bg.svg?alt=media&token=fe9eb2ae-6360-4504-86ca-f8705714a1fa) image 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[PreviousLinks](https://docs.ventuals.com/community/links) [NextAPI](https://docs.ventuals.com/developers/api) Last updated 2 months ago * [Ventuals logo](https://docs.ventuals.com/community/brand-kit#ventuals-logo) * [Ventuals wordmark](https://docs.ventuals.com/community/brand-kit#ventuals-wordmark) --- # Links | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send X / Twitter: [https://x.com/ventuals](https://x.com/ventuals) Discord: [https://discord.gg/ventuals](http://discord.gg/ventuals) [PreviousBug Bounty](https://docs.ventuals.com/vhype/bug-bounty) [NextBrand Kit](https://docs.ventuals.com/community/brand-kit) Last updated 24 days ago --- # FAQs | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send ### [](https://docs.ventuals.com/resources/faqs#how-can-i-access-ventuals-markets) How can I access Ventuals markets? While in mainnet alpha, users can access Ventuals markets via the Hyperliquid frontend, e.g. [https://app.hyperliquid.xyz/trade/vntl:SPACEX](https://app.hyperliquid.xyz/trade/vntl:SPACEX) . ### [](https://docs.ventuals.com/resources/faqs#what-is-the-mainnet-alpha-phase) What is the mainnet alpha phase? During the mainnet alpha phase: * Ventuals markets are live for trading using real funds * Markets parameters, such as open interest caps and max leverage, are set conservatively * Users can access Ventuals markets via the [Hyperliquid frontend](https://app.hyperliquid.xyz/trade/vntl:SPACEX) ### [](https://docs.ventuals.com/resources/faqs#what-is-a-perp) 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. ### [](https://docs.ventuals.com/resources/faqs#how-do-perpetual-futures-work) 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. [PreviousAPI](https://docs.ventuals.com/developers/api) Last updated 24 days ago * [How can I access Ventuals markets?](https://docs.ventuals.com/resources/faqs#how-can-i-access-ventuals-markets) * [What is the mainnet alpha phase?](https://docs.ventuals.com/resources/faqs#what-is-the-mainnet-alpha-phase) * [What is a perp?](https://docs.ventuals.com/resources/faqs#what-is-a-perp) * [How do perpetual futures work?](https://docs.ventuals.com/resources/faqs#how-do-perpetual-futures-work) --- # API | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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 [PreviousBrand Kit](https://docs.ventuals.com/community/brand-kit) [NextFAQs](https://docs.ventuals.com/resources/faqs) Last updated 1 month ago --- # Private Companies | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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. [](https://docs.ventuals.com/perp-specifications/private-companies#oracle-price) 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 Poracle\=13⋅PNotice+23⋅EMA2h(MarkPx)P\_{\\text{oracle}} = \\frac{1}{3} \\cdot P\_{\\text{Notice}} + \\frac{2}{3} \\cdot \\text{EMA}\_{2h}(\\text{MarkPx})Poracle​\=31​⋅PNotice​+32​⋅EMA2h​(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. ### [](https://docs.ventuals.com/perp-specifications/private-companies#why-the-weighted-oracle) 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. * * * [](https://docs.ventuals.com/perp-specifications/private-companies#mark-price) 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`. MarkPxt\=(1−k)⋅MarkPxt−1+k⋅ImpactPxt\\text{MarkPx}\_t = (1 - k) \\cdot \\text{MarkPx}\_{t-1} + k \\cdot \\text{ImpactPx}\_tMarkPxt​\=(1−k)⋅MarkPxt−1​+k⋅ImpactPxt​ 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.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#mark-price-bands)\ \ 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.\ \ Mark∈\[0.8⋅Oracle,  1.2⋅Oracle\]\\text{Mark} \\in \\left\[ 0.8\\cdot\\text{Oracle},\\; 1.2\\cdot\\text{Oracle} \\right\] Mark∈\[0.8⋅Oracle,1.2⋅Oracle\]\ \ 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/)\ .\ \ Mark∈\[47⋅Notice,  2⋅Notice\]\\text{Mark} \\in \\left\[ \\frac{4}{7} \\cdot\\text{Notice},\\; 2\\cdot\\text{Notice} \\right\] Mark∈\[74​⋅Notice,2⋅Notice\]\ \ Therefore, the mark price band limits the possible mark price deviation relative to the Notice price.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#mark-price-velocity-limit)\ \ 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.\ \ * * *\ \ [](https://docs.ventuals.com/perp-specifications/private-companies#funding-rate)\ \ 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.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#how-is-the-funding-rate-calculated)\ \ 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.\ \ #### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#low-deviation-less-than-5)\ \ 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%.\ \ #### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#medium-deviation-5-19)\ \ 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 mark-to-oracle difference expressed as a fraction of a 19% range. For example, a 9.5% mark-to-oracle difference corresponds to R = 0.095 / 0.19 = 0.5.\ \ R\=mark-to-oracle difference0.19R = \\frac{\\text{mark-to-oracle difference}}{0.19} R\=0.19mark-to-oracle difference​\ \ The funding-rate multiplier is then computed as:\ \ Multiplier\=0.003×(20.003)R20 \\text{Multiplier} = 0.003 \\times \\left(\\frac{2}{0.003}\\right)^{R^{20}} Multiplier\=0.003×(0.0032​)R20\ \ As the mark-to-oracle difference increases, the funding multiplier increases exponentially from 0.003 to 2.0, increasing the incentive for traders on the other side to step in.\ \ #### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#high-deviation-greater-than-19)\ \ High deviation (>19%)\ \ If the average mark-to-oracle deviation is greater than 19%, then the multiplier is set such that Hyperliquid's maximum hourly funding rate of 4% is reached. This quickly incentivizes traders on the other side to step in, before the 20% mark-to-oracle price bound is hit.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications/private-companies#example-funding-chart)\ \ 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%\ \ 0.00531%\ \ 46.49%\ \ 15%\ \ 64.29%\ \ 0.00594%\ \ 52.02%\ \ 16%\ \ 70.59%\ \ 0.00737%\ \ 64.58%\ \ 17%\ \ 77.27%\ \ 0.01284%\ \ 112.47%\ \ 18%\ \ 84.38%\ \ 0.06107%\ \ 534.93%\ \ 19%\ \ 91.94%\ \ 4.00000%\ \ 35,040%\ \ 20%\ \ 100.00%\ \ 4.00000%\ \ 35,040%\ \ * * *\ \ [](https://docs.ventuals.com/perp-specifications/private-companies#market-resolution)\ \ Market Resolution\ \ \ ------------------------------------------------------------------------------------------------------------\ \ In the future, Ventuals markets will convert into normal perps upon public listing. This resolution mechanism is intended to be temporary.\ \ When a company goes public, Ventuals pre-IPO markets resolve.\ \ The resolution price is the company's total valuation, based on 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 live stock price is included as the `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 stock market close price\ \ * Once the Ventuals mark price is set – `haltTrading` is called, settling all open positions at the final mark price\ \ \ [PreviousFees](https://docs.ventuals.com/trading/fees)\ [NextPublic Baskets](https://docs.ventuals.com/perp-specifications/public-baskets)\ \ Last updated 15 days ago\ \ * [Oracle Price](https://docs.ventuals.com/perp-specifications/private-companies#oracle-price)\ \ * [Why the weighted oracle?](https://docs.ventuals.com/perp-specifications/private-companies#why-the-weighted-oracle)\ \ * [Mark Price](https://docs.ventuals.com/perp-specifications/private-companies#mark-price)\ \ * [Mark price bands](https://docs.ventuals.com/perp-specifications/private-companies#mark-price-bands)\ \ * [Mark price velocity limit](https://docs.ventuals.com/perp-specifications/private-companies#mark-price-velocity-limit)\ \ * [Funding Rate](https://docs.ventuals.com/perp-specifications/private-companies#funding-rate)\ \ * [How is the funding rate calculated?](https://docs.ventuals.com/perp-specifications/private-companies#how-is-the-funding-rate-calculated)\ \ * [Example funding chart](https://docs.ventuals.com/perp-specifications/private-companies#example-funding-chart)\ \ * [Market Resolution](https://docs.ventuals.com/perp-specifications/private-companies#market-resolution) --- # Email Protection | Cloudflare Please enable cookies. Email Protection ================ You are unable to access this email address docs.ventuals.com ------------------------------------------------------------- The website from which you got to this page is protected by Cloudflare. Email addresses on that page have been hidden in order to keep them from being accessed by malicious bots. **You must enable Javascript in your browser in order to decode the e-mail address**. If you have a website and are interested in protecting it in a similar way, you can [sign up for Cloudflare](https://www.cloudflare.com/sign-up?utm_source=email_protection) . * [How does Cloudflare protect email addresses on website from spammers?](https://developers.cloudflare.com/waf/tools/scrape-shield/email-address-obfuscation/) * [Can I sign up for Cloudflare?](https://developers.cloudflare.com/fundamentals/setup/account/create-account/) Cloudflare Ray ID: **9b80049b3b027af0** • Your IP: Click to reveal 54.237.218.47 • Performance & security by [Cloudflare](https://www.cloudflare.com/5xx-error-landing) --- # Accessing Ventuals | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send Please read through these docs and understand the risks before trading. [](https://docs.ventuals.com/getting-started#ventuals-is-in-mainnet-alpha) Ventuals is in mainnet alpha ------------------------------------------------------------------------------------------------------------ Trade here: [https://app.hyperliquid.xyz/trade/vntl:SPACEX](https://app.hyperliquid.xyz/trade/vntl:SPACEX) ### [](https://docs.ventuals.com/getting-started#during-the-mainnet-alpha-phase) During the mainnet alpha phase * Ventuals markets are live for trading using real funds * Markets parameters, such as open interest caps and max leverage, are set conservatively * Users can access Ventuals markets via the [Hyperliquid frontend](https://app.hyperliquid.xyz/trade/vntl:SPACEX) ### [](https://docs.ventuals.com/getting-started#getting-usdh) Getting USDH The collateral asset for Ventuals markets is USDH, the native stablecoin that returns value back to Hyperliquid. It is fully backed by assets managed by BlackRock and Superstate and is GENIUS-ready. Get USDH for trading on Ventuals * On Hyperliquid: [https://app.hyperliquid.xyz/trade/USDH/USDC](https://app.hyperliquid.xyz/trade/USDH/USDC) * From other chains via [Relay](https://relay.link/bridge/hyperliquid?toCurrency=0x54e00a5988577cb0b0c9ab0cb6ef7f4b) or [Across](https://app.across.to/bridge-and-swap) [PreviousMarkets](https://docs.ventuals.com/overview/markets) [NextOrder Types](https://docs.ventuals.com/trading/order-types) Last updated 24 days ago --- # Why Ventuals? | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/overview#were-creating-markets-for-anyone-to-get-exposure-to-innovation) 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. ### [](https://docs.ventuals.com/overview#we-started-with-private-companies) 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. ### [](https://docs.ventuals.com/overview#and-expanded-to-thematic-baskets-of-public-stocks) And expanded to thematic baskets of public stocks Innovation and frontier technology starts at private companies, but it doesn't stop there. You can now trade baskets of public stock perps on Ventuals. Baskets are organized by themes, such as the Magnificent 7, semiconductors, robotics, and more. This allows traders to easily get exposure to a diversified group of companies that best capture an investment thesis. ### [](https://docs.ventuals.com/overview#get-started) Get started [Accessing Ventuals](https://docs.ventuals.com/getting-started/accessing-ventuals) [Markets](https://docs.ventuals.com/overview/markets) [PreviousWelcome to Ventuals](https://docs.ventuals.com/) [NextMarkets](https://docs.ventuals.com/overview/markets) Last updated 24 days ago --- # Private Companies | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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. [](https://docs.ventuals.com/perp-specifications#oracle-price) 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 Poracle\=13⋅PNotice+23⋅EMA2h(MarkPx)P\_{\\text{oracle}} = \\frac{1}{3} \\cdot P\_{\\text{Notice}} + \\frac{2}{3} \\cdot \\text{EMA}\_{2h}(\\text{MarkPx})Poracle​\=31​⋅PNotice​+32​⋅EMA2h​(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. ### [](https://docs.ventuals.com/perp-specifications#why-the-weighted-oracle) 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. * * * [](https://docs.ventuals.com/perp-specifications#mark-price) 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`. MarkPxt\=(1−k)⋅MarkPxt−1+k⋅ImpactPxt\\text{MarkPx}\_t = (1 - k) \\cdot \\text{MarkPx}\_{t-1} + k \\cdot \\text{ImpactPx}\_tMarkPxt​\=(1−k)⋅MarkPxt−1​+k⋅ImpactPxt​ 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.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications#mark-price-bands)\ \ 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.\ \ Mark∈\[0.8⋅Oracle,  1.2⋅Oracle\]\\text{Mark} \\in \\left\[ 0.8\\cdot\\text{Oracle},\\; 1.2\\cdot\\text{Oracle} \\right\] Mark∈\[0.8⋅Oracle,1.2⋅Oracle\]\ \ 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/)\ .\ \ Mark∈\[47⋅Notice,  2⋅Notice\]\\text{Mark} \\in \\left\[ \\frac{4}{7} \\cdot\\text{Notice},\\; 2\\cdot\\text{Notice} \\right\] Mark∈\[74​⋅Notice,2⋅Notice\]\ \ Therefore, the mark price band limits the possible mark price deviation relative to the Notice price.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications#mark-price-velocity-limit)\ \ 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.\ \ * * *\ \ [](https://docs.ventuals.com/perp-specifications#funding-rate)\ \ 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.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications#how-is-the-funding-rate-calculated)\ \ 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.\ \ #### \ \ [](https://docs.ventuals.com/perp-specifications#low-deviation-less-than-5)\ \ 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%.\ \ #### \ \ [](https://docs.ventuals.com/perp-specifications#medium-deviation-5-19)\ \ 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 mark-to-oracle difference expressed as a fraction of a 19% range. For example, a 9.5% mark-to-oracle difference corresponds to R = 0.095 / 0.19 = 0.5.\ \ R\=mark-to-oracle difference0.19R = \\frac{\\text{mark-to-oracle difference}}{0.19} R\=0.19mark-to-oracle difference​\ \ The funding-rate multiplier is then computed as:\ \ Multiplier\=0.003×(20.003)R20 \\text{Multiplier} = 0.003 \\times \\left(\\frac{2}{0.003}\\right)^{R^{20}} Multiplier\=0.003×(0.0032​)R20\ \ As the mark-to-oracle difference increases, the funding multiplier increases exponentially from 0.003 to 2.0, increasing the incentive for traders on the other side to step in.\ \ #### \ \ [](https://docs.ventuals.com/perp-specifications#high-deviation-greater-than-19)\ \ High deviation (>19%)\ \ If the average mark-to-oracle deviation is greater than 19%, then the multiplier is set such that Hyperliquid's maximum hourly funding rate of 4% is reached. This quickly incentivizes traders on the other side to step in, before the 20% mark-to-oracle price bound is hit.\ \ ### \ \ [](https://docs.ventuals.com/perp-specifications#example-funding-chart)\ \ 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%\ \ 0.00531%\ \ 46.49%\ \ 15%\ \ 64.29%\ \ 0.00594%\ \ 52.02%\ \ 16%\ \ 70.59%\ \ 0.00737%\ \ 64.58%\ \ 17%\ \ 77.27%\ \ 0.01284%\ \ 112.47%\ \ 18%\ \ 84.38%\ \ 0.06107%\ \ 534.93%\ \ 19%\ \ 91.94%\ \ 4.00000%\ \ 35,040%\ \ 20%\ \ 100.00%\ \ 4.00000%\ \ 35,040%\ \ * * *\ \ [](https://docs.ventuals.com/perp-specifications#market-resolution)\ \ Market Resolution\ \ \ ------------------------------------------------------------------------------------------\ \ In the future, Ventuals markets will convert into normal perps upon public listing. This resolution mechanism is intended to be temporary.\ \ When a company goes public, Ventuals pre-IPO markets resolve.\ \ The resolution price is the company's total valuation, based on 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 live stock price is included as the `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 stock market close price\ \ * Once the Ventuals mark price is set – `haltTrading` is called, settling all open positions at the final mark price\ \ \ [PreviousFees](https://docs.ventuals.com/trading/fees)\ [NextPublic Baskets](https://docs.ventuals.com/perp-specifications/public-baskets)\ \ Last updated 15 days ago --- # Order Types | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send [](https://docs.ventuals.com/trading#order-types) Order Types ------------------------------------------------------------------ Ventuals supports several order types to give you flexibility in how you enter and exit trades: * **Market Order** Buys or sells immediately at the best available price. Fastest way to enter or exit a position. * **Limit Order** Lets you set the exact price you want to buy or sell. It only fills if the market hits that price or better. * **Stop Market Order** A market order that only triggers once the price hits a level you choose. Useful for setting stop-losses or breakout entries. * **Stop Limit Order** Similar to a stop market order, but instead of triggering a market order, it triggers a limit order at the price you choose. ### [](https://docs.ventuals.com/trading#order-options) Order Options * **Good Til Canceled (GTC)** Your order stays active until it gets filled or you cancel it. * **Reduce Only** Makes sure the order can only decrease your current position—not accidentally reverse it. * **Take Profit / Stop Loss (TP / SL)** Automatically close part or all of your position when a target price (TP) or safety net price (SL) is hit. These are commonly used to lock in gains or limit losses. [PreviousAccessing Ventuals](https://docs.ventuals.com/getting-started/accessing-ventuals) [NextMark Price](https://docs.ventuals.com/trading/mark-price) Last updated 24 days ago --- # Links | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send X / Twitter: [https://x.com/ventuals](https://x.com/ventuals) Discord: [https://discord.gg/ventuals](http://discord.gg/ventuals) [PreviousBug Bounty](https://docs.ventuals.com/vhype/bug-bounty) [NextBrand Kit](https://docs.ventuals.com/community/brand-kit) Last updated 24 days ago --- # FAQs | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send ### [](https://docs.ventuals.com/resources#how-can-i-access-ventuals-markets) How can I access Ventuals markets? While in mainnet alpha, users can access Ventuals markets via the Hyperliquid frontend, e.g. [https://app.hyperliquid.xyz/trade/vntl:SPACEX](https://app.hyperliquid.xyz/trade/vntl:SPACEX) . ### [](https://docs.ventuals.com/resources#what-is-the-mainnet-alpha-phase) What is the mainnet alpha phase? During the mainnet alpha phase: * Ventuals markets are live for trading using real funds * Markets parameters, such as open interest caps and max leverage, are set conservatively * Users can access Ventuals markets via the [Hyperliquid frontend](https://app.hyperliquid.xyz/trade/vntl:SPACEX) ### [](https://docs.ventuals.com/resources#what-is-a-perp) 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. ### [](https://docs.ventuals.com/resources#how-do-perpetual-futures-work) 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. [PreviousAPI](https://docs.ventuals.com/developers/api) Last updated 24 days ago --- # API | Ventuals GitBook Assistant GitBook Assistant Working...Thinking... GitBook Assistant ##### Good night I'm here to help you with the docs. What is this page about?What should I read next?Can you give an example? Ctrli AI Based on your context Send 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 [PreviousBrand Kit](https://docs.ventuals.com/community/brand-kit) [NextFAQs](https://docs.ventuals.com/resources/faqs) Last updated 1 month ago ---