Key Takeaways
- • MNX, a new crypto exchange built on the MegaETH blockchain by former Manifold executives, went live on Tuesday with futures tied to private AI firms OpenAI, Anthropic, DeepSeek and Moonshot.
- • MNX contracts expire at the end of 2027, carry no recurring funding fees, and allow traders to use up to three times their available funds.
- • Contract prices are set by trading activity on MNX rather than an outside feed; for private companies at expiry, MNX uses public valuations from funding rounds, investment funds or secondary markets, with the exchange able to set a price as a last resort.
- • OKX and Bitget already offer similar contracts, with Bitget using perpetuals that never expire and OKX using a different funding method.
- • MNX does not serve U.S. customers yet and says it plans to obtain the necessary licenses.
Summary
MNX, a new crypto exchange, launched futures contracts on Tuesday that give traders exposure to the value of private artificial intelligence companies without owning shares. The contracts cover OpenAI, Anthropic, DeepSeek and Moonshot. The platform was developed by former Manifold executives and is built on the MegaETH blockchain. According to the article, the exchange raised $6.4 million from investors in June, with Village Global leading the round.
The contracts expire at the end of 2027 and do not charge recurring funding fees. Prices are set by trading activity on MNX rather than an outside price feed. Traders can use up to three times their available funds, which amplifies both potential gains and losses. If a company is still private at expiry, MNX relies on public valuations drawn from funding rounds, investment funds or secondary markets. As a last resort, the exchange can set the price itself under a published review process. The article notes that settlement could therefore differ from what investors might pay for private shares.
The launch places MNX alongside OKX and Bitget, which already offer contracts tied to private AI companies. Bitget offers perpetual futures that never expire, while OKX has contracts with no expiration date but uses a different funding mechanism. Max Killberg of Village Global said AI is driving one of the largest investment cycles in history and that the surrounding financial infrastructure remains underdeveloped. Manifold Markets co-founder Stephen Grugett told CoinDesk that the approach suits private firms, whose OpenAI and Anthropic secondary shares are illiquid and hard to price. He cautioned that a perpetual contract based on a stale price may not behave as investors expect, and that such products can be easy to manipulate and may carry a high, unpredictable funding rate.
MNX does not currently serve U.S. customers, and Grugett said the exchange plans to obtain the licenses it needs. The company also plans markets tied to the wider AI economy, including company revenue, employment, housing, the AI supply chain and computing capacity. For context, Bitcoin Suisse's Crypto Wealth Management Report 2026 expects the largest U.S. hyperscalers to spend at least $800 billion this year, with spending expected to top $1 trillion next year.
The contracts expire at the end of 2027 and do not charge recurring funding fees. Prices are set by trading activity on MNX rather than an outside price feed. Traders can use up to three times their available funds, which amplifies both potential gains and losses. If a company is still private at expiry, MNX relies on public valuations drawn from funding rounds, investment funds or secondary markets. As a last resort, the exchange can set the price itself under a published review process. The article notes that settlement could therefore differ from what investors might pay for private shares.
The launch places MNX alongside OKX and Bitget, which already offer contracts tied to private AI companies. Bitget offers perpetual futures that never expire, while OKX has contracts with no expiration date but uses a different funding mechanism. Max Killberg of Village Global said AI is driving one of the largest investment cycles in history and that the surrounding financial infrastructure remains underdeveloped. Manifold Markets co-founder Stephen Grugett told CoinDesk that the approach suits private firms, whose OpenAI and Anthropic secondary shares are illiquid and hard to price. He cautioned that a perpetual contract based on a stale price may not behave as investors expect, and that such products can be easy to manipulate and may carry a high, unpredictable funding rate.
MNX does not currently serve U.S. customers, and Grugett said the exchange plans to obtain the licenses it needs. The company also plans markets tied to the wider AI economy, including company revenue, employment, housing, the AI supply chain and computing capacity. For context, Bitcoin Suisse's Crypto Wealth Management Report 2026 expects the largest U.S. hyperscalers to spend at least $800 billion this year, with spending expected to top $1 trillion next year.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.