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Following
ETH MNX Exchange launches AI private lab valuation futures contracts
On Tuesday, the cryptocurrency exchange MNX began trading futures contracts based on valuations provided by OpenAI, Anthropic, and other private AI laboratories. These contracts will expire at the end of 2027.
Key points: MNX offers futures contracts with a fixed expiration date for four private AI laboratories, with leverage ratios reaching up to three times.
Details about OpenAI and Anthropic futures contracts
MNX, an exchange created by former executives of Manifold, has launched contracts linked to OpenAI, Anthropic, DeepSeek, and Moonshot. The exchange operates on the MegaETH layer-2 network of Ethereum (ETH). It currently does not serve customers in the United States, but plans to obtain the necessary licenses. It is reported that the platform also includes contracts that track revenues from OpenAI and Anthropic.
While larger competitors like OKX and Bitget allow traders to speculate on private AI companies without holding shares, using perpetual contracts without an expiration date, MNX’s contracts expire in 2027. They do not charge periodic funding fees and allow for up to three times the leverage ratio.
The prices are derived from transaction data on MN X, rather than from external data sources. If a company remains private at the time of expiration, the exchange will use information from financing rounds, investment funds, or public valuations from secondary markets to determine the settlement price. As a last resort, MNX can set prices through its own approved review process.
The pricing mechanism and market perspectives
Stephen Grugett, co-founder of Manifold, said that for companies like OpenAI and Anthropic, which have very limited trading volume and difficult-to-estimate valuations, structured contracts with fixed terms are more appropriate. “Permanent contracts with insufficient liquidity and rigid prices are meaningless,” he added. Such products can lead to manipulation and may result in unpredictable funding rates.
However, alternative settlement rules still pose risks to traders. Contracts settled based on private valuations may have different final prices from the actual value of the shares purchased by investors. Leverage can amplify both gains and losses.
Max Killberg of Village Global pointed out that although the financial infrastructure surrounding AI is not yet fully developed, AI is driving one of the largest investment cycles in history.
MNX’s financing history
It has only taken four months since MNX launched its contracts after raising $6.4 million in seed funding, which was led by Village Global. At that time, Grugett stated that the company’s valuation was around $40 million.
At that time, the exchange was in the private testing phase, targeting institutional partners. It operated on the MegaETH test network, and plans were underway to eventually add services such as computing power management, stock trading, and predictive market analysis. Grugett stated that liquidity remained the biggest challenge for any new exchange.
