XYZ is launching a Pre-IPO perpetual contract.

- The documentation has been updated, but the specific assets and launch date have not been announced yet.
- After the perpetual listing of stocks, the trading volume of Hyperliquid and XYZ has proven one thing: on-chain users' demand for traditional assets is real.
This time, taking it a step further:
- From already listed mature assets to Pre-IPO valuation battles.
- The boundaries of the casino are expanding again — thinner liquidity, larger volatility, more room for speculation.
Rules to watch carefully:
- Pricing uses the Hyperp mechanism, with no external oracles; prices are fully matched by the market itself.
- The initial reference price comes from the latest funding valuation or IPO documents.
- Successful listing transitions to standard stock perpetuals. The switch may cause the mark price to jump instantly; increasing leverage could trigger liquidation directly.
- If listing is delayed or fails, settlement is based on the full lifecycle TWAP — not the final moment price, but the average price from market open to settlement.
The biggest risk of this type of product is not judging the direction, but judging the timing.
- The listing schedule can change at any time.
- Even if the direction is correct, if you can't withstand the time difference, the outcome will be just as ugly.