Hyperliquid is expanding its derivatives model to include pre-IPO perpetuals, allowing traders to speculate on valuations before public listings. Early results from five markets show significant gaps: Cerebras opened 89% above its IPO price, SK Hynix 14% higher, and SpaceX 11% higher. Open Interest at Hyperliquid has grown to over $11 billion with over 264,000 active perpetual traders as of early August. Multicoin Capital transferred 172,710 HYPE worth approximately $10.15 million to Coinbase Prime, but still retains 2.16 million HYPE worth $126.63 million. This expansion attracts new participants but Hyperliquid’s fee growth remains uncertain, as fees from HIP-3 markets are partially retained by market deployers.
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