SpaceX pre-IPO perps already did nine-figure 24h volume on Hyperliquid before Coinbase International moved into the same format, so demand for venture-style exposure is not the missing piece. Ventuals’ gap is on the plumbing side: stale private-market marks, liquidation during valuation gaps, and MM inventory when the reference asset has no continuous spot venue. Whoever solves that can plug into Hyperliquid/Aevo/Drift-style perp rails and make private markets tradable without every listing turning into oracle theater.

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