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Futures explainer · Bitunix
Pre-IPO perpetual futures: how they work, and what happens at IPO
Short answer: Pre-IPO perpetual futures are cash-settled contracts that track a private company's implied valuation, such as OpenAI or Anthropic, before it lists. You never own shares or get an IPO allocation. When the company goes public, venues convert or rebase the contract into a normal stock perp. If the IPO doesn't happen, they can delist and settle it.
Last checked: Oct 24, 2026. Sources: Bitunix API · Bitunix blog · Kraken FAQ · OKX help
Not shares. Not an IPO allocation. You can lose your full margin.
What is a pre-IPO perp?
A pre-IPO perp is a perpetual futures contract on a company that is not publicly listed yet. Like other perps, it has no expiry and is cash-settled. Kraken says the contracts are not shares, IPO allocations or tokenised equity. OKX says you get no ownership interest and will not receive shares at any point. Bitunix calls the OPENAIUSDT price a synthetic value and says the contract is not a share of OpenAI.
How the price is set without a stock price
- Kraken builds a synthetic index from the contract's own order book. The mark price is held within ±0.25% of that index.
- OKX prices per share using an estimated share count, so price × share count ≈ market cap. It says the price is set by market participants and is not an official valuation, and it applies price-band hard caps.
- Bitunix says the OPENAIUSDT price reflects OpenAI's private market value and secondary-market trading, and may differ from the IPO price.
Funding
Kraken says that from Aug 13, 2026 its pre-IPO markets carry a fixed hourly funding rate of 0.000625%, which it may adjust. More on what a funding rate is and how funding adds up.
What happens at IPO: the rebase
OKX sets an estimated share count before the IPO. Once the real count is disclosed, it rebases: rebase_ratio = actual share count ÷ estimated share count. Your contract count is multiplied by the ratio and the mark price is divided by it, so position value stays the same. Kraken expects pricing to move into live equity prices at conversion.
Your PnL
On OKX, unrealised PnL is moved into realised PnL and credited to your balance, and the position reopens at the adjusted mark. OKX's own example: an estimate of 3 billion shares and an actual count of 3.3 billion gives a ratio of 1.1, so 1,000 contracts at a mark of 110 USDT become 1,100 contracts at 100 USDT, with the same 110,000 USDT position value.
Your orders: reset your stops
OKX lists what happens to orders during the rebase:
- Open limit orders are adjusted automatically.
- Partially filled orders are cancelled.
- All pending TP/SL orders are cancelled.
- Strategy orders and bots are stopped.
- Trading is suspended for about 5 minutes, then runs post-only for a phase (typically 2–5 minutes).
Checklist: after the rebase, re-place your stop orders, check your liquidation price, and restart bots on purpose. Expect post-only rules for a few minutes.
Specs that can change
Kraken says initial margin, maintenance margin, position limits and funding rates are expected to change at conversion. Check leverage and risk limits again afterwards.
What if the IPO is delayed or cancelled?
Kraken says that if the IPO does not proceed, it may delist the contract and settle it under its rules. OKX says it may delist and settle at a fair value price, which could differ significantly from your entry. Bitunix warns that OpenAI may never complete an IPO, or may delay it indefinitely.
Pre-IPO perps vs pre-market token perps
A pre-IPO perp tracks a private company's valuation and converts into a stock perp at IPO. A pre-market perp tracks a token before its spot listing. Both trade on expectations, and neither price predicts the listing price. See MEXC pre-market perpetual futures and spot vs perpetual futures.
Where they trade
| Venue | Examples | Max leverage (source) | Settlement / margin | Restricted regions |
|---|---|---|---|---|
| Bitunix | OPENAIUSDT, ANTHROPICUSDT, MOONSHOTUSDT, OURAUSDT | 50x / 20x / 10x / 20x (Bitunix API, Oct 24, 2026) | USDT | Not stated by the exchange |
| Kraken | PF_OPENAIXUSD, PF_ANTHROPICXUSD | Up to 5x (Kraken FAQ) | Cash-settled in USD; margin asset not stated | Not available in the US, EEA, Canada, Australia or New Zealand |
| OKX | Pre-IPO perps (see OKX help) | Not stated by the exchange | Cash-settled in USDT | Not stated by the exchange |
Leverage caps change often, so check them on the venue before you trade. Bitunix launch times (UTC, per its API): OPENAIUSDT May 26, 2026 12:00; ANTHROPICUSDT Jun 3, 2026 06:00; MOONSHOTUSDT Aug 19, 2026 08:00; OURAUSDT Sep 23, 2026 12:00.
Outside the big exchanges, Exchange.news reports that Ondo Perps launched an OpenAI pre-IPO perp with up to 3x leverage on Oct 21, 2026.
Risks
- Thin liquidity and wide spreads. See slippage.
- Price gaps around the IPO conversion, and stops cancelled during an OKX rebase.
- Funding can swing, or be changed by the venue.
- The reference price may differ from the IPO price (Bitunix, OKX).
- Leverage speeds up liquidation, and you can lose your full margin.
- The contract may be delisted and settled if there is no IPO.
Perps on listed companies work differently: they track a live share price. See stock perpetual futures explained and stock perps and dividends.
Questions
Can I trade OpenAI or Anthropic before their IPO?
You can trade cash-settled perpetual contracts that track their implied valuation, such as OPENAIUSDT and ANTHROPICUSDT on Bitunix or PF_OPENAIXUSD and PF_ANTHROPICXUSD on Kraken. You don't own any shares.
Do pre-IPO perps give me shares or an IPO allocation?
No. Kraken says they are not shares, IPO allocations or tokenised equity. OKX says you will not receive shares at any point, including at conversion. Bitunix says OPENAIUSDT is not a share of OpenAI.
How is the price set when there is no stock price?
Trading on the venue sets it. Kraken builds a synthetic index from the contract's own order book and holds the mark price within ±0.25% of it. OKX says its price is set by market participants and is not an official valuation.
What is a rebase at IPO, and does it change my PnL?
OKX rebases when the real share count is disclosed: contract count is multiplied by the ratio of actual to estimated shares and the mark price is divided by it. Position value is preserved. Unrealised PnL is moved into realised PnL and the position reopens at the adjusted mark.
What happens to my TP/SL orders at the rebase?
On OKX, all pending TP/SL orders are cancelled and not carried over, strategy orders and bots are stopped, and partially filled orders are cancelled. Re-place them after trading resumes.
What if the IPO is cancelled or delayed?
Kraken says it may delist the contract and settle it if the IPO does not proceed. OKX says it may delist and settle at a fair value price. Bitunix warns that OpenAI may never complete an IPO.
Pre-IPO perps vs pre-market perps: what's the difference?
Pre-IPO perps track a private company's valuation. Pre-market perps track a token before its spot listing.
Which exchanges list pre-IPO perps, and what leverage do they allow?
As of Oct 24, 2026: Bitunix up to 50x on OPENAIUSDT (per its API) and Kraken up to 5x (per its FAQ). OKX's help article does not state a maximum leverage.
Trade pre-IPO perps on Bitunix
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Not financial advice. Pre-IPO perpetual futures are leveraged, speculative products. Read our methodology and disclaimer.