Binance dominates the pre-IPO open-ended contract market, controlling 57% of total trading volume ($1.68 billion out of $2.94 billion), according to CoinMarketCap Research. The second place was occupied by OKX with $734 million (24.9%), third place - perp-DEX Hyperliquid with $237 million (8.1%). The two largest centralized exchanges accounted for about 85% of turnover in the last 30 days. The main asset was SpaceX with a volume of $1.97 billion (67% of the market), ahead of Quantinuum ($385 million), OpenAI ($311 million) and Anthropic ($281 million).

The report highlights three types of pre-IPO instruments with fundamentally different mechanics: spot tokens (with the right to claim stocks through SPV), predictive markets (trading probability events) and perpetual contracts (synthetic instruments). Following claims by Anthropic and OpenAI that transfers via SPV were invalid, the TVL of spot sites fell 22.5% in two days. At the same time, the volume of perxes is 95 times higher than predicted by markets, and Polymarket most accurately projected a SpaceX valuation in the $1.75-2 trillion range.

Analysts point out the advantages of CEX over DEX: a broad user base, single account and financial gateways. This is borne out by the dynamics of Hyperliquid, which lost 88% market share just a month after launching similar products on Binance and OKX. At the time of writing, perks were trading with a 15-26% premium to a fixed price. SpaceX, which conducted its largest IPO in history, attracted $75 billion and reached a capitalization of around $1.77 trillion.