MNX is offering a different approach that allows investors to trade on the future valuations of private artificial intelligence companies, including OpenAI, Anthropic, and DeepSeek.
MNX is a cryptocurrency exchange developed by Manifold Markets, which offers futures contracts and allows investors to speculate on the valuations of private artificial intelligence companies such as OpenAI, Anthropic, DeepSeek, and Moonshot.
Unlike the perpetual futures of its competitors, the contracts of MNX will expire at the end of 2027, and no rolling fee is charged. However, the settlement price may differ from the price at which investors purchased the private shares.
The exchange allows traders to use leverage of up to three times their available funds. It currently does not serve customers in the United States and plans to expand into markets related to the broader artificial intelligence economy.
This new cryptocurrency exchange will allow investors to speculate on the valuations of private artificial intelligence giants such as OpenAI and Anthropic when they go public.
MNX, developed by Manifold Markets, was launched on Tuesday, offering futures contracts that are linked to OpenAI, Anthropic, DeepSeek, and Moonshot. The platform is built on the MegaETH blockchain and received an investment of 6.4 million US dollars in June led by Village Global.
Unlike the perpetual contract Bitget which never expires, the contract provided by MNX expires at the end of 2027, and no recurring funding fees are charged. OKX also offers contracts without an expiration date, but it uses a different funding mechanism.
Village Global indicates that this investment bet is that the financial markets have not yet kept up with the massive funds flowing into the field of artificial intelligence.
The Max Killberg of Village Global indicates that "artificial intelligence is driving one of the largest investment cycles in history, despite the fact that the financial infrastructure surrounding it is still quite imperfect." He stated that the company sees opportunities to develop financial markets around artificial intelligence, rather than just supporting another type of predictive market.
He said, "The secondary market liquidity of OpenAI and Anthropic is poor, and it is difficult to price them. Perpetual contracts based on poor liquidity and outdated prices are even worse than meaningless: they do not function as investors expect; they are easily manipulated; and their funding rates can be very high and unpredictable."
Traders can also use leverage of up to three times their available funds, which amplifies both potential profits and losses.
The price is determined by the trading activities on MNX, rather than external price sources. If a company has not gone public by the time of the contract expiration, the exchange will use publicly available financing round valuations, investment fund valuations, or secondary market prices. As a last resort, MNX may determine the settlement price on its own, but must follow the published review procedures.
The exchange currently does not serve US customers, however, Grugett indicates that the company plans to obtain the necessary licenses.
MNX also plans to launch markets surrounding the broader artificial intelligence economy, including corporate revenue, employment, housing, the artificial intelligence supply chain, and computing power, among others.
Artificial intelligence has become a huge "sponge" for attracting investment capital, although the demand for this wave of enthusiasm is concentrated among a few technology companies. According to Bitcoin Suisse's Crypto Wealth Management Report 2026, the largest hyperscale cloud service providers in the United States are expected to spend at least $800 billion this year and over $1 trillion next year.
