October 20, 2026
We’re exploring the emergence of pre-IPO perpetual markets, which give participants a new way to price, trade, and hedge exposure to private companies like OpenAI and Anthropic before they list. Open interest has grown 11x since August 1, reaching $124.1M on October 11, and activity is spreading beyond Binance to venues like Hyperliquid. As companies stay private longer, these markets provide continuous price discovery and open exposure to a wider global user base.
Note: Source: ParaFi analysis of Laevitas daily ticker history, Binance, Bybit and Entropy. Data from August 1 through October 11, 2026, retrieved October 16. Open interest is reported quantity multiplied by the same-row mark price at the final retained state of each UTC day. Daily timestamps label the start of the UTC bucket, not the exact time of the final exchange observation. The October 11 close was checked against the final retained minute for all 12 active contracts.
Coverage includes selected contracts for Anthropic, OpenAI, Oura, Moonshot AI and Polymarket on Binance, Hyperliquid and Bybit; it is not a comprehensive or normalized market total. Bybit is included from September 27, when its data becomes continuous. Earlier Bybit observations are excluded because coverage is incomplete, not because open interest was zero. Bybit’s single-sided versus both-sided reporting convention remains unverified, and no normalization is applied. The approximately 11x figure compares the covered October 11 total ($124.1M) with August 1 ($10.8M), a ratio of 11.47x; coverage expands during that period. Company bars show October 11 open interest as a share of the covered total. Figures are rounded.
Pre-IPO perpetuals provide synthetic exposure and do not represent direct ownership of the underlying companies. Selected companies are illustrative and do not represent all available markets. Chart data and methodology.
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