Following the success of Hyperliquid, its ecosystem is expanding, and a protocol that democratizes private markets is emerging: Ventuals. Launched on the alpha mainnet on November 13, 2025, with over $50 million in TVL and markets featuring companies like SpaceX and OpenAI, Ventuals transforms startup valuations into tradable assets. Discover the steps to follow to become eligible for a potential Ventuals airdrop.
What is Ventuals?
Ventuals is an innovative DeFi protocol built on Hyperliquid, a high-performance Layer 1 for derivatives, which opens the doors to private markets—valued at over $10 trillion—to all traders. Unlike opportunities traditionally reserved for accredited private investors.
Ventuals tokenizes the valuations of pre-IPO companies (such as SpaceX and OpenAI) into on-chain perpetual contracts, allowing users to go long or short on these assets with up to 10x leverage, executions in under a second, and zero gas fees.
At the heart of the system, a hybrid optimistic oracle merges off-chain data (fundraising, annualized revenue, secondary markets) with on-chain activity to provide real-time, manipulation-resistant, and verifiable prices. These perpetuals are deployed via Hyperliquid’s HIP-3 standard, which enables unlimited markets without centralized oracles. No purchase of physical shares: everything is synthetic, denominated in stablecoins, with a valuation unit of VU (1 VU = $1 billion). For example, vSPX for SpaceX at 200 VU, which equates to exposure to a $200 billion valuation.
Ventuals’ goal is to make speculation on tech innovation (AI, space, fintech) accessible, acting as a bridge between private CeFi and open DeFi. HIP-3 is an innovation from Hyperliquid designed to deploy customized perpetual markets without relying on external oracles. It enables protocols like Ventuals to create scalable order books (up to 100k orders/second), with native executions and liquidity backed by community vaults. Unlike traditional perpetuals, HIP-3 incorporates anti-manipulation mechanisms via on-chain consensus, ideal for illiquid assets such as pre-IPOs.
How to farm the Ventuals airdrop?
Useful links:
- Website
- X Account
- Discord Server
1/ Create or connect your wallet
Ventuals now interfaces directly with Hyperliquid’s native order book; traders open and manage their positions from Hyperliquid, while the Ventuals website primarily serves as a hub for tracking markets, points, and incentives. Once funds are deposited on Hyperliquid, you can open Ventuals markets (e.g., SPACEX‑USDH, OPENAI‑USDH) directly from the Hyperliquid interface.
Connecting the wallet on the main page
2. The Role of vHYPE
The core of the incentive system remains staking HYPE for vHYPE. Users purchase HYPE directly on Hyperliquid, then convert it on Ventual. From that point on, each token continuously generates points, hour after hour.
Point Multiplier
Multipliers vary by tier, which are determined by the total amount deposited in the pool: when HYPE’s TVL was still low (under 500k), early farmers benefited from a multiplier of up to 10x. Today, tiers evolve with the TVL, but staying in the higher tiers remains one of the most profitable strategies in the program.
vHYPE token dashboard on Ventuals
Once the minimum deposit is reached, the possibility of earning a high APY is no longer relevant; the available yield percentage is on par with what is most common. However, as explained above, missing out on this yield would be to overlook the impact it can have.
Indeed, with a weekly point distribution (usually on Friday following Thursday’s snapshot), regularly depositing funds (even a “small” amount) ensures that your point count grows steadily, allowing you to climb the ranks little by little.
3. Trading and Maker Points
As for trading, which has been live on mainnet since November 13, 2025, it is now possible to trade assets from OpenAI (OPENAI-USDH), SpaceX (SPACEX-USDH), MAG7 (MAG7-USDH), and Anthropic (ANTHROPIC-USDH) directly on the Hyperliquid interface. The most interesting new feature of the mainnet is Maker Points (distributed points), a program designed to reward liquidity posted in the order book.
Maker Points are awarded to users who place limit orders, as the distribution method values not only the size and proximity of orders (the larger your orders and the closer they are to the best price, the more you can earn), but also uptime (the duration during which your orders remain active), two-sidedness (the presence of orders on both sides of the order book), and execution quality (the volume actually traded at competitive prices).
Tradable assets on Ventuals
To prevent any manipulation, anti-gaming measures are in place: minimum order rest periods, cancellation rate limits, and penalties for auto-trades. Thanks to this system, those who act as true market makers and maintain useful, stable orders can accumulate a significant number of Maker Points, thereby boosting their score for the Ventuals airdrop.
The team adjusts the system weekly based on market needs. This mechanism encourages healthy market-making behavior and allows smaller portfolios to capture a portion of the 200,000 weekly points reserved for this category.
What are Bid and Ask?
On an order book, the bid represents the highest price a buyer is willing to pay right now, while the ask represents the lowest price a seller is willing to accept right now:
- Bid = buyer side → I want to buy at X;
- Ask = seller side → I want to sell at Y.
The difference between the two is called the spread. The closer the bid and ask are, the more liquid the market is.
In the context of Maker Points, maintaining limit orders close to the bid and ask helps provide balanced liquidity, which Ventuals highly values in its methodology (two-sidedness + proximity to the top of the book).
4. Boosts and Optimization via Discord
Finally, Ventuals places significant importance on community engagement. Its Discord, which already has over 10,000 members, automatically assigns roles to active users (testnet trader, vHYPE holder, early user), which can influence indirect boosts in certain campaigns.
Official Ventuals Discord image
Why is the Ventuals airdrop attracting so much attention?
Ventuals is establishing itself as one of the most promising airdrops of late 2025, driven by the Hyperliquid ecosystem and a pre-IPO narrative that has successfully gained traction among investors seeking new investment stories. Where many farming strategies require significant capital or risky interactions, Ventuals rewards organic engagement: trading, staking, or providing liquidity generates points, with no announced vesting or lock-up periods. Guides such as those from Airdrops.io estimate a 5-10x ROI for top farmers, given Hyperliquid’s track record (S2 airdrop at over $1 billion).
However, it is essential to remain vigilant; given the volatility of private valuations, regulatory challenges surrounding pre-IPO derivatives, and a heavy reliance on off-chain data, the protocol is not without risk. But with a rapidly growing HyperEVM ecosystem and an imminent launch, Ventuals checks all the boxes for a hit: solid tech, rapid adoption.
Risks to Be Aware Of
Although Ventuals opens the door to unprecedented access to valuations of unlisted startups, the model involves significant uncertainties. Notably, liquidity may be low in certain markets: if few people are trading a contract, exiting a position can result in significant slippage or a large and, above all, unpredictable price movement.
Furthermore, valuations of private companies are often opaque and infrequently updated; the system relies on a hybrid oracle combining off-chain estimates and on-chain market data, which means that if the data is outdated or questionable, the “official” price may be arbitrary.
Finally, as with any perpetual contract, the use of leverage (up to 10x) drastically increases the risk of liquidation in the event of an adverse price movement.
A protocol to watch
Ventuals is positioning itself as a DeFi game-changer, merging private, illiquid markets with scalable perps to speculate on the future of tech without barriers. From onboarding to hybrid oracles, passive yields, and a thriving HyperEVM ecosystem, the platform targets forward-thinking traders and institutions. Its mainnet alpha, featuring live markets like OpenAI and rising TVL, signals explosive adoption.
Key mechanics (staking, trading, LP) and a community Discord reinforce organic engagement, while aligning with HYPE S3. In a red-hot perps meta, where opportunities come at a high cost in capital and time, Ventuals shines with its simplicity: zero fees, controlled leverage, and market innovation.
