Anthropic · Cerebras · OpenAI · SpaceX · Decrypt
The divergence is tied to Hyperliquid’s HIP-3 marketplace, where traders are betting on pre-IPO shares of SpaceX, Anthropic
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The HIP-3 framework, which allows third-party teams to launch their own perpetual futures markets, has processed more than $120 billion in total volume since launch, according to Dune Analytics data.
Key facts
- The token is currently trading at $207, down roughly 10% from Monday’s $230 local top
- SpaceX is targeting a June IPO that could raise between $75 and $80 billion, roughly double the total raised across all 2025 IPOs combined, at a valuation of up to $1.75 trillion to $2 trillion
- HYPE is trading at $45.17 on Monday, up roughly 5% over the past 24 hours and 69% over the past year, according to CoinGecko data
- TradeXYZ, the leading HIP-3 deployer, demonstrated the model works when it priced Cerebras perpetuals within 3% of the AI chipmaker's Nasdaq debut while traditional secondary platforms were 35% off
Summary
Hyperliquid’s HYPE token is up 5% over the past 24 hours and 69% over the past year, outperforming the broader crypto market. The platform’s HIP-3 ecosystem has processed over $120 billion in total volume, with TradeXYZ pricing Cerebras perps within 3% of its Nasdaq open while Hiive was 35% off. The next wave of pre-IPO perp markets on HIP-3 includes SpaceX, Anthropic, and OpenAI IPOs, all of which are targeting $1 trillion-plus valuations. Hyperliquid's native token HYPE is outperforming the broader crypto market slump as its pre-IPO perpetual futures ecosystem gains momentum ahead of a historic wave of technology listings. HYPE is trading at $45.17 on Monday, up roughly 5% over the past 24 hours and 69% over the past year, according to CoinGecko data.