OpenAI hasn't even IPO'd, but you can already trade its perp 24/7 on Ondo Perps 👀 FYI, @OndoPerps now has 2 separate markets for OpenAI exposure: → OPAIPon (Spot): Tokenized exposure to OpenAI, no perp funding. → OPENAI (Perps): Long/short with up to 3x leverage. Just checked the OPENAI perp market: - Price: ~$1,419, down ~11.3% from its $1,600 launch level - Implied valuation: ~$1.42T, vs. $1.6T initially - OI: ~$285.5K | 24H Volume: ~$18.1K - Bid-ask spread: ~0.22% What caught my attention is that traders are already pricing a private company without a public stock price to anchor to. Still early tho. Volume is thin, and the perp price doesn't necessarily reflect OpenAI's actual valuation. But I find this shift interesting: > Pre-IPO exposure is moving beyond tokenization into its own derivatives market. Curious to see how liquidity and adoption develop from here.