Earlier this month, TradeXYZ, a Hyperliquid-based decentralized perpetual futures platform, launched pre-IPO perp trading with Cerebras, an AI chipmaker and potential Nvidia competitor, as its first market in the category. Cerebras priced its IPO at $185 per share and opened on Nasdaq at $350. One hour before the open, TradeXYZ was pricing the Cerebras perp at around $340, just 3% below the Nasdaq opening price. Meanwhile, on Hiive, a traditional secondary marketplace, Cerebras shares were trading around $225.
The Cerebras market on TradeXYZ quickly became one of the most closely watched examples of how crypto-native pre-IPO markets could potentially offer faster and more accurate price discovery around private company valuations.
"Retail traders who entered the TradeXYZ perp at or below the $185 IPO offering price on May 1 were up roughly 90% by the Nasdaq open at $350 just 14 days later," said Atomist, the pseudonymous co-founder of crypto investment research firm Castle Labs. "There was no access for retail investors through any offchain venue."
"TradeXYZ offered this market when the company's valuation grew the most, from $56.4 billion to $106.8 billion, in the shortest space of time," Atomist added. "In other words, the best period to have a leveraged perp exposure."
