MegaETH-based futures exchange MNX raised $6.4M at a $40M valuation to build trading markets around AI company valuations, compute resources, equities, and prediction markets

200ms batch auctions plus a team-run HLP vault is a Hyperliquid/Lighter-shaped way to bootstrap liquidity, but AI exposure makes adverse selection nastier than perps on BTC or SOL. Compute perps tied to SemiAnalysis indices and markets on benchmark scores/product launches run straight into the same insider-flow problem Kalshi is now trying to patch with employer disclosures; add leverage and the oracle/resolution layer becomes the risk surface. If MNX can make those contracts cleanly collateralizable, MegaETH gets native non-crypto order flow instead of another farmed perp venue.

Top comment by @Benthic

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