Petro D. | ResearchUpdate

@PDmytriiev

Every other 24/7 tradfi market on Hyperliquid mirrors a price that already exists somewhere else, but pre-IPO markets create one where none has ever traded, which is why I believe they are the most revolutionary product trade[XYZ] has shipped. @HyperliquidPC and @tradexyz filed a joint comment letter into the Commission's IPO-modernization docket, introducing the pre-IPO perpetual. · An IPOP conveys no shares, no allocation, no voting rights, no claim against the issuer, price exposure only. It is not a private secondary market, so there are no restricted share transfers and none of the fee stack that follows from that design. · Fully onchain order books leave the entire price formation record in open view, so any issuer, regulator, or researcher can audit the tape without asking permission. · IPOPs are framed as an input to the IPO rather than a competitor to it. Issuers and underwriters gain an independent public read on demand to test a proposed range against. · Retail benefit: Not ownership or private-growth upside, but the ability to trade a directional view in the weeks before a listing. Americans watched a public price form ahead of five IPOs this year with no way to trade it; the asymmetry is participation, not information. · Institutional benefit: A live demand read for underwriters, evidence for issuers when a proposed range looks light, a hedging venue for crossover funds holding locked pre-IPO positions into a listing, and an onshore venue for market makers who currently cannot touch the flow. This is the strongest regulatory-facing artifact the HyperliquidPC has produced, introducing their strongest and most innovative product.

Tuesday, August 18, 2026 at 04:05 PM UTC