Hyperliquid-based perpetual trading platform TradeXYZ on Friday launched Pre-IPO Perpetuals (IPOP), a new contract type designed to allow companies continuous price discovery in the weeks leading up to listing.
According to platform documentation, the IPOP market is a cash-settled, perpetual market that refers to a company’s expected public equity, trades at stock price rather than market capitalization, and is expected to convert to a standard externally priced PERP once the underlying company goes public and there is sufficient market data to support oracle pricing.
The first IPOP market is Cerebras (CBRS). The company is a wafer-scale AI chip maker that filed for a public S-1 with the SEC on April 17 and is aiming for a Nasdaq debut in mid-May. The CBRS contract begins today, with an external release date of May 30th and a 60-day settlement period ending July 30th. If Cerebras goes public by May 30, the market will convert to a standard CBRSPERP. Otherwise, settlement defaults to the time-weighted average of IPOP prices over the entire life of the market.
TradeXYZ said these contracts are not shares, IPO allocations, or tokenized shares and do not confer ownership, voting or dividend rights. Pricing uses a Hyperp-style mechanism that replaces an external oracle with a market-derived reference price, with fund calculations based on a 30-minute exponentially weighted moving average of the previous day’s minute mark prices.
With this launch, TradeXYZ expands its commitment to on-chain real world assets (RWA) exposure. The platform secured a license from S&P Dow Jones Indices in March and launched the first officially sanctioned S&P 500 permanent stock.
In a separate disclaimer, TradeXYZ pointed to risks specific to the IPOP market, including the possibility of gradual changes in the mark price upon conversion that could cause the liquidation of positions close to maintenance margin, alternative settlement methods in the event of an acquisition or material adverse event, and the possibility that a foreign listing or business combination could be treated as a trigger for conversion or settlement.
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