PANews May 1 news, the official documentation of the decentralized trading platform TradeXYZ has added content regarding Pre-IPO Perpetuals (Pre-IPO perpetual contracts), reportedly establishing a perpetual derivatives market centered around the expectations of companies going public, aimed at providing a continuous trading mechanism for price discovery before the IPO. It is noted that this product is neither stocks nor IPO allocation shares, nor does it belong to tokenized equity or securities rights. Users holding positions do not have ownership, voting rights, dividend rights, or any claim on the underlying company, and it adopts an internal pricing mechanism similar to Hyperps, relying on the market itself to form reference prices rather than external spot or index oracles.

It is reported that once the underlying company officially goes public and has sufficient external market data, the relevant Pre-IPO perpetual contracts will convert to standard externally priced perpetual contracts, and the positions will automatically continue. However, the price switch may result in immediate profit and loss changes and even trigger liquidation. If the company fails to go public as scheduled, the market will enter a settlement phase based on predefined rules and will complete the final settlement using mechanisms like TWAP.

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