Key Takeaways
- • MNX, a crypto exchange developed by Manifold Markets and built on the MegaETH blockchain, went live on Tuesday, October 13, 2026 with futures tied to the private valuations of OpenAI, Anthropic, DeepSeek and Moonshot.
- • MNX contracts expire at the end of 2027 and carry no recurring funding fees, a structural difference from the perpetual futures offered by Bitget and OKX, which have no expiration date.
- • Traders can use up to three times their available funds, and settlement prices are set by MNX trading activity, with fallback to funding-round, fund or secondary-market valuations, and ultimately an exchange-determined price subject to a published review process.
- • The platform raised $6.4 million from investors led by Village Global in June and does not currently serve U.S. customers, though it plans to obtain the necessary licenses.
- • Village Global and Manifold Markets frame the product as a bet that financial markets have not kept pace with AI investment flows, with plans to expand into markets on company revenue, employment, housing, the AI supply chain and computing capacity.
Summary
MNX, a cryptocurrency exchange developed by Manifold Markets, went live on Tuesday with futures contracts that allow investors to speculate on the valuations of private artificial intelligence companies, including OpenAI, Anthropic, DeepSeek and Moonshot, according to CoinDesk. The platform is built on the MegaETH blockchain and raised $6.4 million from investors led by Village Global in June.
Larger crypto exchanges, including OKX and Bitget, already offer contracts that let traders bet on the value of private AI companies without owning their shares. MNX differentiates itself through contract structure. Unlike Bitget's perpetual futures, which never expire, MNX contracts expire at the end of 2027 and carry no recurring funding fees. OKX also offers contracts without expiration dates but uses a different funding mechanism. Manifold Markets co-founder Stephen Gruggett told CoinDesk that this design better suits private companies whose shares trade infrequently. He argued that a perpetual contract based on an illiquid, stale price could be easy to manipulate and may carry a high and unpredictable funding rate.
Traders can use up to three times their available funds, which amplifies both potential gains and losses. Prices are set by trading activity on MNX rather than an external price feed. If a company remains private at contract expiry, the exchange relies on publicly available valuations from funding rounds, investment funds or secondary markets. As a last resort, MNX can set the settlement price itself, subject to a published review process. CoinDesk notes that traders could therefore settle at a price that differs from what investors might pay in a private transaction.
The exchange does not currently serve U.S. customers, although Gruggett said it plans to obtain the necessary licenses. MNX also intends to offer markets on the wider AI economy, including company revenue, employment, housing, the AI supply chain and computing capacity. Village Global's Max Killberg said the firm sees an opportunity to build financial markets around AI, rather than simply backing another prediction market. He said AI is driving one of the largest investment cycles in history, even as the surrounding financial infrastructure remains underdeveloped. CoinDesk cites Bitcoin Suisse's Crypto Wealth Management Report 2026, which projects that the largest U.S. hyperscalers will spend at least $800 billion this year and more than $1 trillion next year.
Larger crypto exchanges, including OKX and Bitget, already offer contracts that let traders bet on the value of private AI companies without owning their shares. MNX differentiates itself through contract structure. Unlike Bitget's perpetual futures, which never expire, MNX contracts expire at the end of 2027 and carry no recurring funding fees. OKX also offers contracts without expiration dates but uses a different funding mechanism. Manifold Markets co-founder Stephen Gruggett told CoinDesk that this design better suits private companies whose shares trade infrequently. He argued that a perpetual contract based on an illiquid, stale price could be easy to manipulate and may carry a high and unpredictable funding rate.
Traders can use up to three times their available funds, which amplifies both potential gains and losses. Prices are set by trading activity on MNX rather than an external price feed. If a company remains private at contract expiry, the exchange relies on publicly available valuations from funding rounds, investment funds or secondary markets. As a last resort, MNX can set the settlement price itself, subject to a published review process. CoinDesk notes that traders could therefore settle at a price that differs from what investors might pay in a private transaction.
The exchange does not currently serve U.S. customers, although Gruggett said it plans to obtain the necessary licenses. MNX also intends to offer markets on the wider AI economy, including company revenue, employment, housing, the AI supply chain and computing capacity. Village Global's Max Killberg said the firm sees an opportunity to build financial markets around AI, rather than simply backing another prediction market. He said AI is driving one of the largest investment cycles in history, even as the surrounding financial infrastructure remains underdeveloped. CoinDesk cites Bitcoin Suisse's Crypto Wealth Management Report 2026, which projects that the largest U.S. hyperscalers will spend at least $800 billion this year and more than $1 trillion next year.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.