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FollowingPre-IPO Perpetual Contract: Creates early price signals for U.S. investors
IPOP contracts allow U.S. traders to gain price exposure to companies planning to list without providing equity or voting rights.
Five IPOP markets completed on Hyperliquid show that their prices are highly consistent with subsequent open market opening prices.
The proposal calls for leverage restrictions, information disclosure mechanisms, and prevention of market manipulation, conflicts of interest, and the use of material non-public information transactions.
The Hyperliquid Policy Center and trade[XYZ] have jointly submitted a comment letter to the U.S. Securities and Exchange Commission proposing to launch pre-IPO perpetual contracts for U.S. investors. The two groups say the contracts can form public price signals before companies start trading. The documents submitted are based on five IPOP markets completed on Hyperliquid, covering companies planning to go public such as Cerebras, SpaceX, SK Hynix and Changxin Storage.
Pre-IPO perpetual contracts generate early price signals
According to the document, IPOP allows traders to trade directional exposure to companies expected to go public before stocks begin trading. These contracts only provide price exposure and do not confer ownership, voting rights or stock allocations.
The two organizations said that in the five completed markets, IPOP prices were highly close to opening prices. Pricing for U.S. listed items is 10.8% to 38.4% lower than the previous day's IPOP price. Cerebras is priced at US$185 and the opening price is US$350;SpaceX is priced at US$135 and the opening price is US$150;SK Hynix is priced at US$149 and the opening price is US$170; Changxin Storage is priced at 8.66 yuan and the opening price is 49.50 yuan. The opening price is 472% higher than the listing price.
Submission seeks IPOP market rules
However, these proposed contracts require regulatory decisions before they can serve U.S. investors. The document requires the U.S. Securities and Exchange Commission to determine whether equity perpetual contracts are securities futures or security-based swaps.
The two organizations have also proposed information disclosure rules covering financing rates, leverage, clearing thresholds, pricing, conversions and settlements. They urged the development of listing qualification rules related to publicly announced listings and clear listing windows.
It is worth noting that the document also requires the establishment of safeguards against market manipulation, conflicts of interest, deployer activities, and transactions when holding material non-public information.
The U.S. Securities and Exchange Commission may review retail participation
The document proposes ultimately allowing all U.S. investors, including retail traders, to participate in the IPOP market. It recommends a phased access approach with leverage limits, position limits and product-specific risk disclosures.
Hyperliquid Policy Center and Trade[XYZ]It also proposes to disclose the oracle and settlement rules in advance. They said changes to these rules should be fully disclosed.
This proposal is in response to the U.S. Securities and Exchange Commission's request for advice on modernizing the IPO process. The document also cited the U.S. Commodity Futures Trading Commission's policy statement of May 29, which supported the U.S. Securities and Exchange Commission's joint review of equity perpetual contracts.
