MNX’s reported futures track private AI valuations

In a report published October 13, 2026, CoinDesk reported that MNX had gone live on a Tuesday with futures tied to the valuations of OpenAI, Anthropic, DeepSeek and Moonshot. These are derivatives linked to valuation outcomes, not shares in those companies. MNX’s Terms of Service, last updated October 12, 2026, list the United States as a restricted jurisdiction and bar U.S. persons from using the interface, with limited wind-down access for certain existing positions or balances.

What MNX’s futures track

CoinDesk reported that the futures were set to expire at the end of 2027, carried no recurring funding fees and offered leverage of up to 3× available funds. It also reported that contract prices are determined by trading on MNX rather than an external price feed.

If a company remains private when a contract expires, CoinDesk said settlement may draw on publicly available valuations from funding rounds, investment funds or secondary markets. As a last resort, MNX may determine a value itself under a published review process. The resulting settlement value may differ from the price paid in an actual private-share transaction.

The funding-fee description applies to recurring funding payments. MNX’s terms direct users to a separate fee schedule in its Exchange Documentation.

How orders and settlement work

MNX’s terms describe a system in which a company-operated, off-chain service collects and matches orders in periodic batch auctions. Orders matched in each batch receive a uniform clearing price; the batch is then submitted to smart contracts on MegaEth mainnet for validation and on-chain settlement.

Users must connect a compatible non-custodial wallet, and MNX Markets says it does not hold users’ assets. Positions are margined and settled in the protocol’s specified collateral asset, currently USDM.

That leverage and settlement structure carries substantial risk. MNX’s terms warn that positions can be liquidated automatically without notice when margin requirements are not met, potentially wiping out the collateral allocated to a position. They also warn of thin or volatile markets, slippage, orders that do not execute, oracle problems, smart-contract vulnerabilities and auto-deleveraging. Once a transaction is confirmed on MegaEth, it cannot be reversed.