MNX launches futures contracts on OpenAI and Anthropic valuations

Want a piece of OpenAI? Unless you’re a venture fund or an early employee, the cap table isn’t taking calls. MNX thinks it has a workaround. The decentralized futures exchange, built by the creators of Manifold Markets, launched valuation futures on October 13, 2026, covering OpenAI, Anthropic, DeepSeek, and Moonshot. Traders can now bet on where these companies’ market capitalizations end up without holding any equity. How the contracts work Every contract expires on December 31, 2027. If a company goes public, the contract settles mainly on its post-IPO market cap. If no listing happens before 2028, the contract falls back on the last qualifying public valuation. Prices are set through order-book trading, where buyers and sellers post bids and offers. Ahead of settlement, MNX marks positions internally using an eight-hour EMA, or exponential moving average. Leverage is tiered, with a maximum of 3x. That requires initial margin of 33⅓%, so a trader needs to post a third of the position’s value upfront. Maker fees are 0%, while taker fees come in at 20 basis points on notional value. If you post an order that sits on the book, you pay nothing. If you hit someone else’s order, you p...