Ventuals, a Hyperliquid-based perpetual trading platform, is shutting down its deployed HIP-3 markets and moving into a structured sunset process.
All Ventuals-deployed HIP-3 markets will be settled and halted for trading over the next few days. The platform is moving through settlement first, then withdrawals, with the process designed to close open markets before users recover deposited assets.
The shutdown affects Ventuals’ own deployed markets rather than Hyperliquid’s core exchange. HIP-3 builder-deployed perpetuals allow independent deployers to launch markets, manage parameters, operate market infrastructure and handle settlement actions. That structure gives builders more flexibility, but it also puts market-level responsibility on the deployer.
The move comes as Hyperliquid’s wider derivatives ecosystem continues to expand. The exchange recently reached a record 8.3% share of global perpetual open interest, showing how much perp activity has moved toward onchain order books.
After the markets are settled and halted, vHYPE holders will be able to withdraw their deposited HYPE. Users are expected to receive HYPE back 1:1, plus any accrued native staking yield.
That detail is central to the shutdown because vHYPE represents a claim on deposited HYPE and related staking yield. Ventuals used HYPE to support its HIP-3 deployment, while vHYPE gave users a transferable token tied to the underlying deposited asset.
In normal operations, that structure depended on the requirements of a live HIP-3 deployer. In the sunset process, the priority shifts from supporting active markets to settling positions, halting trading and returning HYPE to vHYPE holders.
Ventuals’ closure gives the HIP-3 model an early real-world stress test. Builder-deployed markets are a major part of Hyperliquid’s expansion because they let teams create specialized perpetual markets without waiting for a central listing process. The model can increase market variety, but each deployer still needs enough liquidity, trader activity, oracle reliability and revenue to sustain operations.
That builder layer has become a visible part of the HYPE ecosystem, with Hyperliquid builder revenue drawing more attention as new teams launch products around the exchange.
Ventuals’ shutdown does not directly affect Hyperliquid’s main perp venue. It does show that permissionless market creation carries business-model risk for individual builders. Launching a market is one step. Keeping it active requires demand, liquidity support, reliable settlement mechanics and enough user activity to justify the deployment.
For users, the immediate process is straightforward: Ventuals markets are moving toward settlement and halt, vHYPE withdrawals are expected after that process, and deposited HYPE should be returned 1:1 with accrued native staking yield.
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