Pre-IPO perps on Hyperliquid

Live pre-IPO markets only. Prices come from our snapshot pipeline where available; specification, anticipated listing dates and settlement rules come from the operator documentation for each market. Informational only — not investment advice.

Pricing a market with no external reference

Every other market in this section has an outside price to anchor to. A pre-IPO market does not — before listing, no public equity price exists. The operator documentation is explicit that these markets run on an internal pricing mechanism instead: the price advances from order flow on the venue itself, using the same exponentially weighted mechanism applied elsewhere when external data is unavailable, except here it is the only source rather than the fallback.

The practical consequence is that the price is a market-implied expectation, not a measurement. It reflects what participants on this venue are willing to pay for the anticipated public equity value, and it can diverge from private secondary marks, from later filings and from the eventual IPO price.

Because there is no exchange session to follow, these markets trade continuously rather than on an equity calendar.

What a position is — and is not

The operator documentation states this in unusually direct terms, and it is worth repeating: a pre-IPO perpetual is not a share. It is not an IPO allocation, not tokenised equity and not a right to receive any security. Holding one confers no ownership, no voting rights, no information rights, no dividends, no allocation rights and no claim against the company it references.

What it is, is a cash-settled perpetual derivative on an expected value. The appeal is access: pre-listing price discovery has historically been confined to private secondary markets available to a narrow set of participants, and these markets open a continuous, publicly observable price for the same event.

That access is the whole product. If the reason for a position is to own a piece of the company, this instrument does not do that.

Conversion at listing, and settlement if the listing never comes

If the company lists, the market is designed to convert. Once the underlying begins regular trading and enough external data is available, the documentation describes the contract converting to a standard equity perpetual on the listed security — the internal oracle is replaced by the external one and standard funding methodology takes over. Positions carry through the conversion; what changes is what prices them. Several markets have already been through this, which is why some names that launched as pre-IPO contracts now sit in the stocks category.

If the listing does not come, there is a defined path rather than an open-ended market. Each contract carries an anticipated listing date and a listing grace period. A delay inside the grace period does not by itself trigger anything. Beyond it, an extraordinary delay can invoke alternative settlement, and the documented default settlement price is the time-weighted average price of the market from launch through settlement — a full-life TWAP, chosen deliberately over a short lookback so that a late price spike cannot decide the outcome. The documentation also notes the TWAP is applied as of the point the decision is made public, to remove the incentive to trade against it afterwards.

Other outcomes have their own treatment. If the company is acquired or taken private at a known transaction price, settlement may reference that price. If the market has run so long that a full-life TWAP no longer reflects fair value, a shorter window may be used. If a material adverse event forecloses the listing entirely, settlement may reference a price reflecting fair value after that event. In every case the specific methodology is published in the settlement announcement for that market — so the risk to size for is not only that the company is worth less than you thought, but that the market resolves at an average price rather than at the level on screen when you looked.

Markets that have already converted

These markets launched as pre-IPO contracts and converted to standard equity perpetuals once the underlying listed. They now sit under the stocks category. The list is read live from the operator IPOPs specification.

Go to the stocks category →