Ventuals, a protocol that allows users to trade tokenized exposure to private and pre-IPO companies, has surpassed $200 million in cumulative trading volume less than three months after launch, according to a Feb. 11 post from the platform’s co-founder Alvin Hsia.
The milestone was reached just 17 days after cumulative volume reached $100 million for the first time on January 24, a level that took the platform 73 days to reach, Hsia noted.
Ventuals trading volume over time. Source: Loris.Tools
On-chain data from LorisTools, which tracks the activity of Hyperliquid’s HIP-3 products, shows that cumulative volume on Ventuals has soared past $215 million at the time of writing. The platform has registered 5,342 unique traders and generated more than $70,000 in fees since going live in October 2025.
Built on the Hyperliquid blockchain, Ventuals allows traders to take synthetic leveraged positions tied to the valuations of private companies, including companies like Anthropic and OpenAI.
Volume per symbol on Ventuals. Source: LorisTools
The most actively traded product to date is MAG7 – a contract that tracks the so-called ‘Magnificent Seven’ US tech companies, including Amazon, Apple and Microsoft – which has seen trading volume of more than $4 million today, February 12, the data shows.
In addition to the surge in activity, Ventuals’ liquid staking token vHYPE, which represents a claim on the underlying HYPE, Hyperliquid’s native token, rose about 20% to $30, according to CoinGecko data.
vHYPE chart, January 23 – February 12. Source: CoinGecko