• MNX went live on 13 October 2026 with futures tied to the valuations of OpenAI, Anthropic, DeepSeek and Moonshot, per CoinDesk.
• Prices come from trading on MNX itself rather than an external feed, and contracts expire at the end of 2027.
• If a company is still private at expiry, settlement uses public valuations from funding rounds, funds or secondary markets; MNX can set the price itself as a last resort, under a published review process.
• MNX reportedly raised $6.4 million in June in a round led by Village Global, and it does not serve U.S. customers today.
• Settlement prices may differ from what an investor would pay for private shares, and the contracts confer no equity.

MNX, a new crypto exchange built on MegaETH, went live on 13 October 2026 with futures tied to the valuations of OpenAI, Anthropic, DeepSeek and Moonshot, according to CoinDesk. The product is not new in kind, because OKX and Bitget already list contracts on private AI companies. What differs is the contract design: a fixed expiry at the end of 2027 and prices set by MNX's own trading, with no recurring funding fee.

What MNX is selling

MNX lists futures that track the valuations of four private AI companies, with up to 3x leverage on available funds, per CoinDesk. The contracts confer no ownership of the underlying shares. They are a cash-settled bet on a valuation figure. MNX says it plans further markets on AI company revenue, employment, housing, the AI supply chain and computing capacity, which would widen the venue from company valuations to the AI economy.

Settlement is the real design question

The contract's integrity depends on how it settles, because a private company has no continuous public price. CoinDesk reports that MNX takes prices from its own trading. If a company is still private at expiry, MNX uses public valuations from funding rounds, investment funds or secondary markets. As a last resort, MNX can set the settlement price itself under a published review process. That final step is a discretionary, operator-controlled fallback.

How it compares with OKX and Bitget

MNX differs from incumbents mainly on funding and expiry. CoinDesk reports that MNX charges no recurring funding fees, unlike Bitget's perpetual futures, and that OKX's contracts have no expiry but use a different funding mechanism. Decrypt has reported that OKX's contracts track reference prices linked to secondary-market activity and grant no equity or shareholder rights. A fixed 2027 expiry forces a single settlement judgment, where perpetuals defer that question indefinitely.

Funding and regulatory perimeter

MNX reportedly raised $6.4 million in June from investors led by Village Global, per CoinDesk. That is a small round, and the article gives no valuation. The exchange does not currently serve U.S. customers and says it plans to obtain the necessary licenses. CoinDesk gives no further detail on its licensing status elsewhere, so the regulatory perimeter around these contracts remains unconfirmed.

What to watch

The practical risk for traders is that settlement may differ from what an investor would pay for private shares, a caveat CoinDesk reports MNX itself acknowledges. Watch how thin early order flow on MNX anchors prices, whether the published review process is ever invoked, and whether any contract's underlying company raises or lists before 2027. Those events would show how much of the final value comes from the market and how much from the operator.