Pre-IPO perpetual contracts are a fierce move, pricing set weeks in advance, while traditional investment banks are still in roadshows.

CBRS was listed on Nasdaq, opening at $350—nearly doubling from its issuance price of $185. trade.xyz’s Pre-IPO perpetual contracts had priced CBRS weeks in advance. After 10 PM last night, trading volume for CBRS stock contracts surged, and the stock price jumped from $290 to $380; trading value nearly reached $100 million in a single hour. Over the past 24 hours, trading value was $280 million, with open interest of about $57.77 million, making it the platform’s fourth most active stock contract. These perpetual contracts enable continuous trading and real-time pricing, allowing ordinary investors to participate in new stock pricing early. Traditional IPO gray markets and roadshows are being disrupted by on-chain finance, and pricing power is gradually being eroded.