The team behind one of Hyperliquid's highest-profile private-company trading projects has found a new home.
Crypto wallet Phantom said Tuesday it hired Alvin Hsia, Emily Hsia and Aris Samad, the creators of Ventuals, the project that shut down its OpenAI and Anthropic perpetual futures markets earlier this week.
The trio will join Phantom's trading and data teams, according to Phantom CEO Brandon Millman.
The move comes after Ventuals announced earlier this month it was winding down and joining another project within the Hyperliquid ecosystem, ending one of the exchange's most prominent experiments in trading private-company valuations onchain.
Perpetual futures have evolved from a crypto-native innovation into one of the industry's most important products. They are a type of derivative that allows investors to speculate on future price movements without putting an expiration date on that contract, allowing it to be held as long as the investor wants. Their around-the-clock trading, high liquidity and ability to track virtually any asset have made them a popular vehicle for everything from crypto speculation to bets on private companies and commodities.
The race is also spreading beyond crypto. Last month, prediction market operator Kalshi launched its own perpetual futures business after regulatory approval, joining exchanges betting that always-on derivatives will become a larger part of financial markets.
For Phantom, the hires are part of a broader push into trading.
Best known as one of crypto's largest self-custody wallets, Phantom has steadily expanded beyond asset storage into swaps, staking and derivatives as wallets increasingly compete to become full-service financial apps rather than simple interfaces for holding tokens.
The company said it has become the largest distribution partner in the Hyperliquid ecosystem and plans to deepen its focus on perpetual futures.
"Open markets have become a major focus for us," Millman wrote. "We've gone deep on perps, and we intend to go deeper."
Millman described Hyperliquid as "one of the best examples anywhere of what open markets make possible," pointing to its global liquidity and transparent onchain infrastructure.
Bringing on the Ventuals team will help Phantom accelerate its efforts to build trading products around the ecosystem, he said.
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