On May 18th, almost a month before the SpaceX IPO, trade.xyz launched a pre-IPO (IPOP) contract for $SPCX. Price discovery had started. It opened at a $150 reference price, spiked to $216 within hours, then settled near $203. In the first 24 hours, volume reached ~$60M and open interest sat at ~$30M.

Over the next few weeks, both grew steadily, reaching $1.4B in 24h volume and $220M in open interest on IPO day. One minute before the listing, the perp traded at $171 per share, exactly the IPO’s opening price. Price discovery was happening accurately, on-chain.

This wasn’t the first time. We saw it with Cerebras, trade.xyz’s first pre-IPO market. And we saw it on March 8th, when the Iran-Israel conflict escalated over a weekend. Traditional markets were closed, but oil ($CL) kept trading on Hyperliquid, reaching over $1.4B in daily volume and later a record $2.2B day on April 6th, with open interest hitting $650M. While CME sat frozen, price discovery happened on-chain (again).

So why is Hyperliquid where this happens, and why are institutions and media like Bloomberg and CNBC starting to notice? Because it’s a truly decentralized, fully on-chain, transparent, and permissionless venue for trading everything. Most don’t yet grasp what that means, but the shift is already underway: just as trading moved from physical floors to digital screens in the 1960s, it’s now moving on-chain.

It’s not stopping here, and it’s not stopping anytime soon. OpenAI, Anthropic, and other giants are expected to IPO through 2026, and the appetite for trading assets you couldn’t touch before is only going to grow. The frontier names retail never gets early access to (AI, space, quantum) are now tradeable months before Wall Street opens the books.

And it’s not just IPOs. With political tensions around the world and markets closing on weekends, people want to hedge and adjust their positions whenever news breaks, not on Monday morning. The oil weekend already proved that demand is real.

This is where Hyperliquid pulls ahead. It’s not just perps anymore. Stocks, commodities, FX, pre-IPO names, and now prediction markets through HIP-4, all on the same order book, in the same account, with the same collateral. Traders get every lever in one place to build and optimize their strategies. Polymarket and Kalshi are great, but they’re separate apps. Here it all sits next to each other.

Everything is slowly converging into one venue. Every asset, every event, every narrative is getting a 24/7, on-chain, transparent price. The exchange, the broker, the bookmaker, all of them start to look slow. Hyperliquid is becoming the house of all finance, and we’re still early.

This is exactly why neym is built natively on Hyperliquid. We find the narratives and trade them openly on-chain, right where the future of finance is being built.