Hyperliquid Policy Center and trade[XYZ] Propose Pre-IPO Perpetual Contracts to the SEC
- Hyperliquid Policy Center and trade[XYZ] jointly asked the SEC to study pre-IPO perpetual contracts, or IPOP, under the IPO modernization framework.
- They said the product is designed to provide only pre-listing price exposure and does not grant equity ownership or shareholder rights.
- The proposal calls on the SEC and CFTC to clarify classification, disclosure, listing thresholds, market integrity rules, and retail access restrictions.
- The document says IPOP has already provided continuous public pricing for five IPOs, including Cerebras, Quantinuum, SpaceX, SK Hynix, and CXMT.
- It says observed opening-price deviations were kept at roughly 0.44% to 7.23% and that the product is cash-settled in USDC and not currently open to U.S. users.
Hyperliquid Policy Center and trade[XYZ] have asked the U.S. Securities and Exchange Commission to examine pre-IPO perpetual contracts, called IPOP, as part of an IPO modernization framework. The proposal frames the instrument as a way to provide price exposure before a company lists, without transferring equity.
According to the document, IPOP would be cash-settled in USDC and would not include dividends, allotment rights, or ownership claims. It also says the product is not currently available to U.S. users.
The groups said regulators should clarify how such contracts would be classified and supervised, including disclosure standards, listing thresholds, market integrity safeguards, and retail access rules. They argued the structure could help surface market pricing before an IPO.
The filing says IPOP has already been used to provide continuous public prices for five companies, including Cerebras, Quantinuum, SpaceX, SK Hynix, and CXMT, with opening-price deviations reported at about 0.44% to 7.23%. For markets, the proposal is neutral on its own but could be mildly positive for crypto-linked trading venues if it broadens regulated derivative activity, while its direct effect on stocks, gold, or FX appears limited at this stage.
Hyperliquid Policy Center与trade[XYZ]向SEC提议引入IPO前永续合约
Hyperliquid Policy Center与trade[XYZ]已向美国证券交易委员会提出，建议将IPO前永续合约（IPOP）纳入IPO现代化框架下进行研究。该提议将这一工具描述为一种在公司上市前提供价格敞口的方式，但不转移股权。
文件称，IPOP将以USDC进行现金结算，不包含分红、配售权或所有权主张，并指出该产品目前不向美国用户开放。
两方表示，监管机构需要明确这类合约的分类和监管方式，包括信息披露标准、上市门槛、市场完整性保障以及散户参与规则。他们认为，这种结构有助于在IPO前形成更公开的市场定价。
文件还称，IPOP已被用于为Cerebras、Quantinuum、SpaceX、SK Hynix和CXMT等5家公司提供连续公开价格，开盘价偏差约为0.44%至7.23%。就市场影响看，这一提议本身偏中性，但如果推动合规衍生品活动扩展，对加密交易平台可能略偏利好，对股票、黄金和外汇市场的直接影响目前有限。