Phantom Hires Ventuals Founders After US$650M Platform Shutdown

Phantom hired Ventuals co-founders Alvin Hsia and Emily Hsia, along with engineer Aris Samad, folding them into its trading and data teams after Ventuals wound down in June. The acqui-hire brings hands-on expertise in perpetual futures to Phantom as the wallet races to become a trading hub. Ventuals previously ran perpetual futures markets on private-company valuations, including OpenAI and Anthropic, recording more than US$650 million in lifetime trading volume before shutting down. Phantom characterized the move as a talent hire rather than a product acquisition, advancing its push to become the largest distribution partner in the Hyperliquid ecosystem as wallets move deeper into derivatives.

Ventuals Recorded US$650 Million in Lifetime Volume Before June Shutdown

Ventuals operated perpetual futures markets tied to private, pre-IPO company valuations, with flagship contracts tracking artificial-intelligence firms OpenAI and Anthropic. Perpetual futures let traders speculate on price movements with leverage and no expiry date, and Ventuals extended that structure to assets that do not trade on any public exchange. The platform recorded more than US$650 million (AU$943 million) in lifetime trading volume before its founders opted to shut it down and move to Phantom. The trio previously held roles at Airbnb, Brex, and Paradigm before building Ventuals into one of the more sophisticated products running on Hyperliquid.

Phantom CEO Frames Hire as Open Markets Bet

"Open markets have become a major focus for us. We've gone deep on perps, and we intend to go deeper," Brandon Millman, Phantom's chief executive, stated. Millman added that "open networks will beat closed systems because builders, liquidity, and people can connect without permission," framing the expansion as a bet on onchain infrastructure.

FAQ

What did Phantom acquire from Ventuals?
Phantom hired Ventuals co-founders Alvin Hsia and Emily Hsia, plus engineer Aris Samad. The company characterized the move as a talent hire rather than a product acquisition — Ventuals shut down its platform in June.

How much trading volume did Ventuals generate before shutting down?
Ventuals recorded more than US$650 million (AU$943 million) in lifetime trading volume. The platform ran perpetual futures markets on private-company valuations, including OpenAI and Anthropic.