$266.7M
6.7% of all HIP-3
Pre-IPO perps on Hyperliquid
Perpetuals on private companies, priced as implied valuation rather than a share price. 9 markets, $266.7M open interest, $294.7M traded in 24h, leverage 5× to 20×.
Open interest
24h volume
$294.7M
notional
Longs paying
67%
of 9 markets with open interest
Markets
| Market | Deployer | Funding 8h | Mark | Open interest |
|---|---|---|---|---|
| SPCX SpaceX | XYZ | -0.0054% | $157.85 | $149.1M |
| ANTH Anthropic | EntropyIO | 0.0080% | $1,921 | $43.2M |
| CXMT CXMT | XYZ | 0.3209% | $6.30 | $30.6M |
| UNITREE Unitree Robotics | XYZ +1 | 0.0413% | $77.12 | $21.3M |
| ZHIPU Zhipu AI | XYZ | 0.0602% | $62.79 | $11.1M |
| OAI OpenAI | EntropyIO | 0.0026% | $1,513 | $7.1M |
| MINIMAX MiniMax | XYZ | 0.0417% | $22.28 | $2.8M |
| OURA Oura | XYZ | -0.0054% | $48.68 | $800K |
| SHEIN Shein | XYZ | -0.0327% | $4.68 | $746K |
Positive funding: longs pay shorts; hourly rate × 8. Markets without a link are below the $1M open-interest and volume gate.
Questions
- How do pre-ipo perps work on Hyperliquid?
- They are HIP-3 markets: a builder stakes 500,000 HYPE, deploys its own dex on Hyperliquid, defines the contracts and publishes the oracle prices. Positions are cash-settled in USDC and funding is paid every hour, like any Hyperliquid perp.
- Which deployers list them?
- XYZ, EntropyIO, Paragon. 2 of these assets are also listed on Lighter.
- What leverage is available?
- 5× to 20× depending on the market; the deployer sets the cap and whether cross margin is allowed.