Pre-IPO Perpetuals

Shaunda argues pre-IPO perpetuals enable continuous price discovery where traditional IPOs remain gated. TradeXYZ's Cerebras market processed $207M in volume before the Nasdaq open on May 1, with its one-hour pre-print VWAP only 1.2% above the $350 opening price, while post-listing spreads compressed to 3.6 bps versus 27.7 bps on Nasdaq—suggesting the structure can serve as both access and real-time information layer ahead of high-profile listings like SpaceX or OpenAI.