Hyperliquid’s HYPE Gains on AI Pre-IPO Trading Buzz, Up 69% This Year
Summary
- Hyperliquid’s platform token HYPE continued to outperform in a weak broader market, rising more than 5%% over the past 24 hours and 69%% since the start of the year.
- Hyperliquid’s HIP-3-based pre-IPO perpetual futures market has surpassed $120 billion in cumulative trading volume, while the Cerebras pre-IPO perpetual tracked the stock’s actual Nasdaq opening price with a gap of only about 3%%.
- BlockBeats said the HIP-3 structure allows retail investors to participate on-chain in price formation ahead of major AI company IPOs, while also raising the possibility of US regulatory concerns over exposure to unregistered securities.
Forecast Trend Report by Period
Hyperliquid’s platform token HYPE is extending its rally despite a broader crypto market downturn. Demand for pre-IPO perpetual futures tied to AI companies is being cited as a key driver.
Crypto outlet BlockBeats reported on May 18 that HYPE rose more than 5% over the past 24 hours. The token has gained 69% since the start of the year.
Investor focus has shifted to Hyperliquid’s HIP-3-based pre-IPO perpetual futures market. Cumulative trading volume has already exceeded $120 billion.
Pre-IPO perpetual products tied to major AI companies including SpaceX, Anthropic and OpenAI are now trading on Hyperliquid.
BlockBeats said the Cerebras pre-IPO perpetual launched by TradeXYZ showed a gap of only about 3% from the stock’s actual Nasdaq opening price. By comparison, price discrepancies in the traditional secondary market for private shares have reached as much as 35%.
The SPCX contract, a pre-IPO product linked to SpaceX, is also trading on Hyperliquid. Its market-implied valuation is about $1.78 trillion.
The market has been discussing a potential SpaceX IPO size of about $75 billion to $80 billion. Anthropic and OpenAI are also described as pursuing trillion-dollar valuations over the long term.
BlockBeats said the HIP-3 structure lets retail investors participate on-chain in price formation for major technology companies before their IPOs. It also noted that US regulators could raise concerns about exposure to unregistered securities.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
