Live data · updated daily
Pre-IPO Markets Onchain
The pre-IPO perps live on Hyperliquid today, the companies they track, how much they trade and what they cost to hold, plus the PreStocks tokens issued against private-company shares. Refreshed every day from Hyperliquid, each venue's docs and CoinGecko.
On 5 November 2026, five pre-IPO perps were live on Hyperliquid across Entropy, TradeXYZ and Paragon, covering Anthropic, OpenAI and Oura. Together they traded $65.0M in 24 hours and held $207.8M in open interest, led by Anthropic (io:ANTH) at $41.1M and Anthropic (xyz:ANT) at $22.3M.
Entropy, which quotes these markets in billions of dollars of company value, priced Anthropic at $1.85 trillion and OpenAI at $1.41 trillion.
PreStocks' nine tokens, issued against shares held in company-specific SPVs, were worth $20.2M on CoinGecko, led by Anthropic PreStocks at $7.1M.
- Pre-IPO perp volume, 24h
- $65.0M
- Five markets on Hyperliquid
- Pre-IPO perp open interest
- $207.8M
- Entropy, TradeXYZ and Paragon
- Anthropic implied value
- $1.85T
- Entropy, io:ANTH
- PreStocks tokens value
- $20.2M
- Nine tokens, CoinGecko
Updated 5 November 2026 · Hyperliquid API, venue docs and CoinGecko
Pre-IPO Perps by 24-Hour Volume
Live pre-IPO markets on Hyperliquid, notional volume over the last 24 hours
Source: Hyperliquid API · Data to 5 Nov 2026 · Updated daily
View the data
| 24h volume | |
|---|---|
| Anthropic (io:ANTH) | $41.15M |
| Anthropic (xyz:ANT) | $22.34M |
| OpenAI (io:OAI) | $1.52M |
| Anthropic (para:ANTH) | $40.89K |
| Oura (xyz:OURA) | $2.37K |
Pre-IPO Perps by Open Interest
Live pre-IPO markets on Hyperliquid, open interest in US dollars
Source: Hyperliquid API · Data to 5 Nov 2026 · Updated daily
View the data
| Open interest | |
|---|---|
| Anthropic (io:ANTH) | $136M |
| Anthropic (xyz:ANT) | $64.09M |
| OpenAI (io:OAI) | $6.57M |
| Oura (xyz:OURA) | $783K |
| Anthropic (para:ANTH) | $74.51K |
Pre-IPO perps on Hyperliquid
Updated 5 November 2026 · 5 live markets| # | Company | Venue | 24h volume | Open interest | Mark | Implied valuation | Funding, annualised | 24h change |
|---|---|---|---|---|---|---|---|---|
| 1 | Anthropicio:ANTH | Entropy | $41.1M | $136.3M | 1,845 | $1.85 trillion | +87% | -1.8% |
| 2 | Anthropicxyz:ANT | TradeXYZ | $22.3M | $64.1M | $117.11 | n/a | +0.7% | -1.3% |
| 3 | OpenAIio:OAI | Entropy | $1.5M | $6.6M | 1,410.1 | $1.41 trillion | +21% | -1.0% |
| 4 | Anthropicpara:ANTH | Paragon | $40.9K | $74.5K | $116.53 | n/a | +5.0% | -2.5% |
| 5 | Ouraxyz:OURA | TradeXYZ | $2,367 | $782.7K | $48.22 | n/a | -1.6% | -0.0% |
Mark is per share on TradeXYZ and Paragon, and billions of dollars of company value on Entropy, so prices aren't comparable across venues; implied valuation is shown only where the venue quotes company value. Funding is the latest hourly rate times 24 times 365. Pre-IPO status from TradeXYZ, Entropy and Paragon's docs.
Former pre-IPO perps on TradeXYZ
Updated 5 November 2026 · now tracking listed shares| # | Company | 24h volume | Open interest | Mark | 24h change |
|---|---|---|---|---|---|
| 1 | SpaceXxyz:SPCX | $182.8M | $161.6M | $134.01 | -0.6% |
| 2 | SK hynix (Nasdaq ADS)xyz:SKHY | $126.2M | $104.7M | $136.27 | -11% |
| 3 | Unitreexyz:UNITREE | $26.4M | $29.7M | $98.75 | +2.9% |
| 4 | CXMTxyz:CXMT | $21.8M | $35.8M | $6.419 | -3.0% |
| 5 | Cerebrasxyz:CBRS | $12.0M | $23.4M | $89.68 | -9.8% |
| 6 | SHEINxyz:SHEIN | $881K | $597.8K | $5.087 | +3.3% |
| 7 | Quantinuumxyz:QNT | $550.9K | $963.4K | $32.82 | -1.2% |
| 8 | Jio Platformsxyz:JIO | $90.4K | $1.0M | $14.90 | +1.5% |
TradeXYZ's pre-IPO specification index lists these markets as converted: each opened before the company listed and now prices from the listed shares, with standard funding.
PreStocks tokens
Updated 5 November 2026 · CoinGecko| # | Token | Market value | 24h volume | Price | 7d | 30d |
|---|---|---|---|---|---|---|
| 1 | Anthropic PreStocksANTHROPIC | $7.1M | $392.9K | $919.97 | -9.1% | -13% |
| 2 | SpaceX PreStocksSPACEX | $4.3M | $30.8K | $497.38 | -15% | -23% |
| 3 | OpenAI PreStocksOPENAI | $3.7M | $2.2M | $1,958 | -12% | -10% |
| 4 | Anduril PreStocksANDURIL | $1.9M | $5,685 | $159.09 | -1.7% | +0.5% |
| 5 | Neuralink PreStocksNEURAL | $1.0M | $28.1K | $395.60 | -2.5% | n/a |
| 6 | Kalshi PreStocksKALSHI | $813.8K | $1,193 | $899.42 | +2.3% | +2.3% |
| 7 | Polymarket PreStocksPOLYMARKET | $647.3K | $430.8K | $134.42 | -3.9% | -11% |
| 8 | Figure AI PreStocksFIGURE | $491K | $4,282 | $162.99 | -4.1% | n/a |
| 9 | xAI PreStocksXAI | $155.9K | $0 | $75.02 | -1.0% | -26% |
Source: CoinGecko PreStocks category. Market value is CoinGecko's circulating market cap.
What the numbers say
- Check how a market is quoted before comparing prices. TradeXYZ's xyz:ANT is priced per Anthropic share ($117.11), while Entropy's io:ANTH is priced in billions of dollars of company value (1,845, or $1.85 trillion). TradeXYZ's specification index gives no share count for xyz:ANT, so the two can't be converted from venue docs alone.
- At the last hourly reading, annualised funding on Anthropic was +87% on Entropy, +0.7% on TradeXYZ and +5.0% on Paragon, so the same position costs very different amounts to hold. TradeXYZ charges 1% of its standard funding on pre-IPO markets and Entropy an eighth of Hyperliquid's standard rate, and each rate moves with how far the price sits from the venue's oracle. Once xyz:ANT converts after the listing, TradeXYZ applies its standard funding multiplier, 100 times the pre-IPO one; its docs give 20 November 2026 as the anticipated date, for reference only.
- Anthropic perps traded $63.5M in 24 hours across three venues, against $392.9K for Anthropic PreStocks; all nine PreStocks tokens together traded $3.1M. To trade in size, the volume is on the perps.
Two ways to get pre-IPO exposure onchain
Tokenized SPVs: PreStocks and Jarsy
Tokenized SPVs issue onchain tokens against LLC interests in a vehicle that holds a company's shares, the same structure EquityZen's single-company funds use offchain. They depend on the share transfer behind them. On 11 May 2026 Anthropic declared unauthorised secondary transfers of its shares void, and PreStocks tokens tied to Anthropic and OpenAI fell about 40% in the days that followed.
Pre-IPO perpetuals
Pre-IPO perps track a company's expected value without any shares changing hands, so there is no transfer for the company to void. In May, Castle counted four venues: TradeXYZ and Ventuals on Hyperliquid, Lighter and OKX. TradeXYZ's Cerebras market opened at a $175 reference price on 1 May 2026, traded $281 million over 14 days and priced within 6% of the $350 Nasdaq open. Since then, Ventuals has started winding down and Entropy and Paragon have listed pre-IPO markets on Hyperliquid.
From the report
Mapping the Perpetual Trading Ecosystem
Our October 2026 perp report measured how pre-IPO perps price without a reference market: venues disagreed by 379 bps on Anthropic and 569 bps on OpenAI, against 0.1 bps on NVDA, and holding an OpenAI long cost about 33% a year in funding.
Questions and Method
- How can I trade pre-IPO companies onchain?
- Two ways. Pre-IPO perpetuals are cash-settled contracts on a private company's expected value: no shares change hands, and you can go long or short. On 5 November 2026, five were live on Hyperliquid, covering Anthropic, OpenAI and Oura, with $65.0M traded in 24 hours. Tokenized SPVs, such as PreStocks and Jarsy, issue tokens against shares held in a company-specific fund; PreStocks' nine tokens were worth $20.2M.
- How do you trade pre-IPO tokens?
- A pre-IPO token such as a PreStocks token is issued against interests in an SPV that holds the company's shares, so its value depends on that share transfer standing. CoinGecko tracked nine PreStocks tokens on 5 November 2026, led by Anthropic PreStocks ($7.1M), SpaceX PreStocks ($4.3M) and OpenAI PreStocks ($3.7M), with $3.1M traded across all of them in 24 hours. A pre-IPO perp is a derivative instead: you post margin on a Hyperliquid venue such as Entropy and take a position on the company's expected value.
- Jarsy vs PreStocks: what is the difference?
- Castle's research puts both in the same group: tokenized SPVs that issue onchain tokens against LLC interests in a vehicle holding a private company's shares. Both depend on the share transfer into that vehicle, which the company can challenge, as Anthropic did on 11 May 2026 when it declared unauthorised secondary transfers of its shares void. Castle hasn't compared their fees, minimums or terms, and this page tracks PreStocks only, through CoinGecko.
- EquityZen vs tokenized pre-IPO: how do they differ?
- EquityZen's single-company funds issue LLC membership interests against shares the fund has bought, offchain. Tokenized SPVs such as PreStocks and Jarsy issue onchain tokens against the same kind of LLC. Both rest on share transfers, so company approval, investor accreditation and slow settlement apply whatever the wrapper. Pre-IPO perps hold no shares: they are derivatives on the company's expected value, with no ownership or claim on the company.
- What is Anthropic's valuation on Hyperliquid?
- Entropy's io:ANTH priced Anthropic at $1.85 trillion on 5 November 2026: Entropy quotes pre-IPO perps in billions of dollars of fully diluted value, so a price of 1,845 means $1.85 trillion. TradeXYZ's xyz:ANT is priced per share, at $117.11, after opening at a $125 reference price. Paragon's para:ANTH is priced per share, at $116.53. These are market prices on derivatives, not company figures.
- Which venues offer pre-IPO perps?
- On Hyperliquid on 5 November 2026: Entropy (io:ANTH and io:OAI), TradeXYZ (xyz:ANT and xyz:OURA) and Paragon (para:ANTH). Castle's May 2026 article also covered Lighter, on its own L2, and OKX, a centralised exchange. Ventuals, which ran SPACEX, OPENAI and ANTHROPIC markets on Hyperliquid, is winding down: its site says it is sunsetting and all its markets are delisted.
- Can I still trade SpaceX before its IPO?
- Not as a pre-IPO market on TradeXYZ. Its docs list xyz:SPCX as converted, which means it now follows SpaceX's listed shares; it traded $182.8M in the 24 hours to 5 November 2026. PreStocks still has a SpaceX token, worth $4.3M on CoinGecko.
- Where does this data come from?
- Prices, volume, open interest and funding come from Hyperliquid's public API. A market counts as pre-IPO only when the venue's own docs say so: TradeXYZ's pre-IPO specification index, Entropy's pre-IPO asset directory and Paragon's contract specifications, read every day. Funding is the latest hourly rate times 24 times 365. PreStocks tokens come from CoinGecko. Castle Labs refreshes all of it every day.
Raw data, refreshed daily: pre-ipo.json. Free to cite with a link to this page.
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