Phantom has acquired the core team behind Ventuals, a platform known for creating synthetic perpetual markets on private company valuations using Hyperliquid’s HIP-3 framework. The platform, which allowed leveraged speculation on firms like OpenAI and SpaceX, ceased operations on June 15, 2026.
Before sunsetting, Ventuals recorded over $650 million in cumulative trading volume. Its HYPE staking vault, valued at $38 million, filled within minutes of its debut.
Ventuals CEO Alvin Hsia and CTO Emily Hsia are now joining Phantom. The move consolidates deep institutional knowledge of HIP-3 markets and perpetual liquidity design directly into the wallet’s ecosystem. Phantom already stands as Hyperliquid’s largest distribution partner, having processed over $37 billion in perpetual volume by mid-2026.
The integration aligns with Phantom’s strategy to offer wallet-native trading. For its 20-million-plus users, this eliminates the friction of bridging assets or trusting external custodians, keeping all activity where the funds already reside.