Unregistered securities will inevitably explode sooner or later? Better to profit first.

HYPE breaks above $50, up 5.1% in 24 hours, up 96.6% year-to-date. Hyperliquid's HIP-3 pre-IPO perpetual contract ecosystem trading volume exceeds $120 billion, with contracts related to SpaceX, Anthropic, OpenAI, and others launched. Cerebras perpetual price error is about 3%, significantly lower than the secondary market. The pre-IPO contract SPCX for SpaceX has an estimated valuation of approximately $1.78 trillion, with related financing and valuations mostly in the $1 trillion range. HIP-3 allows retail investors to participate in on-chain price discovery but may face U.S. regulatory scrutiny over unregistered securities exposure.