According to PANews, Hyperliquid, a leading decentralized exchange, has launched perpetual contracts for pre-IPO companies including OpenAI, SpaceX, and Anthropic. Built on Hyperliquid's HIP-3 infrastructure, the contracts are offered by Ventuals with up to 3x leverage and an open interest cap raised to $3 million. This marks a new trend in tokenizing pre-IPO assets through perpetual contracts, offering liquidity to traditionally illiquid assets. The contracts have seen rising trading activity, though challenges remain in oracle stability and risk management. The move reflects the broader RWA (real-world assets) trend, with Injective's Helix DEX reporting over $1 billion in tokenized stock perpetual contracts in 2025.
Hyperliquid Launches OpenAI Perpetual Contracts, Expanding Pre-IPO Token Derivatives
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