The decentralized exchange MNX, created by Manifold Markets founders Stephen Grugett and Ian Philips, launched valuation futures on October 13, 2026. The platform allows traders to take leveraged positions on the market capitalizations of OpenAI, Anthropic, DeepSeek, and Moonshot without holding equity.
Contracts expire on December 31, 2027. Settlement is based on post-IPO market capitalization if a company goes public, or the last qualifying private valuation if no listing occurs before 2028. The platform operates on the MegaETH blockchain using non-custodial wallets and batch auctions for order matching.
The exchange offers a maximum leverage of 3x, requiring an initial margin of 33.33%. Maker fees are 0%, while taker fees are set at 20 basis points. Positions are marked using an eight-hour exponential moving average. The project previously raised $6.4 million in a pre-seed round in June 2026 at a $40 million valuation.
During a beta phase in September 2026, the futures marked OpenAI’s valuation at approximately $1.64 trillion, which was 20% lower than the valuation of Anthropic at that time. The platform faces risks related to thin liquidity and the reliance on infrequent private valuation data for settlement.
