Funding Rates › Markets › Pre-IPO perps
Pre-IPO Perps Live Board
Pre-IPO perps are perpetual futures that track the private valuation of companies like OpenAI and Anthropic using venue-specific price scales rather than a public share. OpenAI perps imply about $1.49T across 6 venues; 20 live rows from 7 venues.
Funding shown as 8h-equivalent and simple APR. Positive funding: longs pay shorts. Not financial advice.
Company summary
| Company | Median implied valuation | Venues | Total OI (USD) | Cheapest vs priciest gap | Range |
|---|---|---|---|---|---|
| OpenAI | $1.49T | 6 | $12.9M | 6.3% | Aster → Lighter |
| Anthropic | $1.96T | 6 | $52.2M | 4.1% | Aster → Lighter |
| SpaceX | $2.26T | 2 | — | 14.3% | Aster → Lighter |
| Moonshot AI | $65.9B | 4 | $698k | 0.8% | Aster → Bybit |
Median implied valuation uses rows where the valuation passed the cross-venue outlier check. Total open interest sums USD figures where venues report them.
All pre-IPO perp markets
Live fetch as of 2026-10-20 12:03 UTC; page cache about five minutes.
| Venue | Company | Symbol | Mark | Implied valuation | Funding 8h | APR | OI (USD) | Max lev |
|---|---|---|---|---|---|---|---|---|
| Aster | Anthropic | ANTHROPICUSDT | $1,915.75 | $1.92T | 0.0050% | 5.4750% | — | — |
| Aster | Anthropic | ANTHROPICUSD1 | $1,915.8 | $1.92T | 0.0050% | 5.4750% | — | — |
| Bybit | Anthropic | ANTHROPICUSDT | $1,960.28 | $1.96T | 0.0000% | 0.0000% | $2.2M | — |
| Hyperliquid (io) | Anthropic | io:ANTH | $1,962.3 | $1.96T | 0.0164% | 17.9497% | $43.7M | 6x |
| LeverUp | Anthropic | io:ANTH | — | — | 0.0160% | 17.4731% | — | 6x |
| Lighter | Anthropic | ANTHROPIC | $1,994.6 | $1.99T | 0.0008% | 0.8760% | $2.5M | — |
| OKX | Anthropic | ANTHROPIC-USDT-SWAP | $196.26 | $1.96T | 0.0000% | 0.0000% | $3.9M | 10x |
| Aster | Moonshot AI | MOONSHOTUSD1 | $65.6480 | $65.6B | 0.0050% | 5.4750% | — | — |
| Bybit | Moonshot AI | MOONSHOTUSDT | $66.1900 | $66.2B | 0.0000% | 0.0000% | $303k | — |
| edgeX | Moonshot AI | MOONSHOTUSDC | — | — | 0.0753% | 82.4951% | — | — |
| OKX | Moonshot AI | MOONSHOT-USDT-SWAP | $65.8600 | $65.9B | 0.0000% | 0.0000% | $396k | 5x |
| Aster | OpenAI | OPENAIUSDT | $1,478.27 | $1.48T | 0.0050% | 5.4750% | — | — |
| Aster | OpenAI | OPENAIUSD1 | $1,475.15 | $1.48T | 0.0050% | 5.4750% | — | — |
| Bybit | OpenAI | OPENAIUSDT | $1,489.91 | $1.49T | 0.0000% | 0.0000% | $721k | — |
| Hyperliquid (io) | OpenAI | io:OAI | $1,511.1 | $1.51T | 0.0129% | 14.1769% | $7.0M | 6x |
| LeverUp | OpenAI | io:OAI | — | — | 0.0046% | 4.9879% | — | 6x |
| Lighter | OpenAI | OPENAI | $1,568.62 | $1.57T | 0.0032% | 3.5040% | $1.4M | — |
| OKX | OpenAI | OPENAI-USDT-SWAP | $148.26 | $1.48T | 0.0000% | 0.0000% | $3.7M | 20x |
| Aster | SpaceX | SPACEXUSDT | $2,105.19 | $2.11T | 0.0100% | 10.9500% | — | — |
| Lighter | SpaceX | SPACEX | $2,406.9 | $2.41T | — | — | — | — |
How pre-IPO perps work
A pre-IPO perpetual is still a perpetual swap: you trade a mark price, pay or receive funding on schedule, and post margin. The difference from BTC or ETH perps is the underlying: there is no single public stock price. Venues publish a synthetic index level and a valuation scale that turns that level into an implied private-company value. On many on-chain venues one index point equals about one billion dollars of valuation; OKX uses a ten-billion-dollar scale on OpenAI and Anthropic so its marks look numerically smaller even when the implied value is similar.
Because scales differ, always convert before comparing venues. This page multiplies each mark by the scale we observe for that venue and symbol, then flags outliers that sit more than 35% away from the company median so a mis-scaled feed does not dominate the summary.
Anthropic and other private AI names
Anthropic, Moonshot AI and similar names follow the same pattern: a perp symbol (for example io:ANTH or ANTHROPIC-USDT-SWAP), an hourly or eight-hour funding schedule, and a mark that moves with positioning. Funding on these books is often volatile because liquidity is thin relative to major crypto perps.
SpaceX perpetual futures
SpaceX contracts appear on Hyperliquid's vntl dex, Aster and Lighter among others. They share the billion-dollar-per-unit scale on those venues. Open interest is reported in coin terms on some APIs; we convert to USD with the mark when possible.
Is there an OpenAI stock price?
OpenAI is not publicly listed, so there is no official share price or ticker. Pre-IPO perps instead quote a synthetic mark tied to each venue's valuation scale. Right now those marks imply about $1.49T for OpenAI when you convert prices using each venue's published or observed scale (see the table above). That number moves with order flow and is not a primary-market fundraise valuation.
What happens at IPO or listing
When a private company lists, venues must decide what the old synthetic contract means. Common patterns include rebasing the index to the new public ticker, cash settlement against a reference price, or migrating positions into a listed stock perp. Each exchange documents its own rules; treat the summary here as market colour, not a legal description of your contract.
Funding on pre-IPO perps
Funding transfers value between longs and shorts to keep the perp near its index. On thin pre-IPO books a modest imbalance can swing funding from deeply negative to positive between intervals. Hyperliquid io and vntl dexes settle hourly; OKX uses eight-hour funding on swaps; Aster follows its fundingInfo interval. We normalise to an eight-hour equivalent for comparison, the same way as on our methodology page.
Risks
- Illiquidity. Wide spreads and slippage are common; open interest may be small even when marks look stable.
- Mark-based oracle. Marks come from venue indices, not from a primary stock auction.
- Leverage. Listed max leverage ranges from about 3× to 20× depending on venue; liquidations use the venue mark.
- Listing gap. An IPO or corporate event can reprice the contract abruptly versus your entry.
- Scale mistakes. Always verify the valuation scale on the venue UI; we hide obvious outlier valuations but keep the raw mark visible.
Worked example
Suppose you post $1,000 margin at 5× on an OpenAI pre-IPO perp at the current cross-venue median mark of $1,484.09 (notional about $5,000.00). If the mark rises 10% on valuation news, the position gains about $500.00 before funding, fees and any basis to other venues. A 10% fall loses the same amount. Funding still accrues on the full notional each interval.
For cross-venue funding differences on multi-venue assets, see the funding rate arbitrage scanner. For listed US equities as perps, see stock perps.
Pre-IPO perps FAQ
Can you buy OpenAI stock?
You cannot buy OpenAI shares on a public stock exchange because the company has not IPO'd. Pre-IPO perps offer leveraged exposure to a venue-specific valuation mark, not equity ownership, voting rights or a cap-table stake.
What is OpenAI's implied valuation on perps?
Across venues on this board, the median implied valuation is about $1.49T, derived from each venue's mark price times its valuation scale. Scales differ, so compare venues in the table rather than treating one mark as definitive.
Which exchanges list pre-IPO perps?
This board currently shows rows from Aster, Bybit, Hyperliquid (io), LeverUp, Lighter, OKX, edgeX. Symbols include Hyperliquid HIP-3 dexes (io and vntl), OKX USDT swaps, Aster USDT/USD1 contracts and Lighter markets, plus any pre-IPO rows in our KV snapshot from LP-routed markets.
What leverage is available on pre-IPO perps?
Max leverage varies by venue and contract: Hyperliquid io markets often allow around 6× on OpenAI and Anthropic, vntl listings may be nearer 3×, OKX lists up to 20× on OPENAI-USDT-SWAP and 10× on Anthropic, while Aster and Lighter limits depend on the contract. Check the Max lev column for the live figure on each row.
How do valuation scales work?
Each venue maps one unit of mark price to a notional company valuation. On Hyperliquid, Aster and Lighter we treat 1.0 price as about $1 billion of value. OKX uses a $10 billion per 1.0 scale on OpenAI and Anthropic, and $1 billion on Moonshot. Implied valuation equals mark price times that scale.
What happens when a company IPOs?
Venues handle listing events differently: some rebase the synthetic index to the new public stock, others settle the pre-IPO contract into a listed perp or cash-settle against a reference price. Read the specific venue's contract spec before trading; this page does not replace legal terms.
Why can implied valuations disagree between venues?
Scales, oracle sources and liquidity differ. Thin books let marks drift, and we hide implied valuations that deviate more than 35% from the cross-venue median for that company while still showing the raw mark.
Are pre-IPO perps the same as funding-rate arbitrage?
No. Funding arbitrage harvests differences in perpetual funding between venues on the same underlying. Pre-IPO perps are directional bets on private-company valuation marks, though you can still compare funding across venues on this board or use the funding rate arbitrage scanner for cross-venue funding gaps.