Hyperliquid's native token HYPE is up 5% over 24 hours and 69% over the past year, outperforming the broader crypto market slump. The platform’s HIP-3 ecosystem, which enables third-party teams to launch perpetual futures markets on pre-IPO shares, has processed over $120 billion in total volume. Leading deployer TradeXYZ priced Cerebras perpetuals within 3% of its Nasdaq debut, while traditional secondary platforms were 35% off, demonstrating faster and more accurate on-chain price discovery. The next wave includes SpaceX, Anthropic, and OpenAI IPOs, each targeting $1 trillion-plus valuations. SpaceX's pre-IPO perpetual contract SPCX is already live at a $150 reference price. Despite regulatory risks, as noted by industry observers, the model offers retail investors access to late-stage private assets previously reserved for institutions.

Key facts

• HYPE token up 5% in 24 hours and 69% over past year, outperforming market.
• HIP-3 ecosystem processed over $120B total volume since launch.
• TradeXYZ priced Cerebras perps within 3% of Nasdaq open, vs 35% on traditional platforms.
• Next pre-IPO perp markets include SpaceX, Anthropic, and OpenAI IPOs.
• Key regulatory risk: potential classification as unregistered securities.
• CME and ICE have urged CFTC to address risks from pseudonymous trading.