A note on the SPCX pre-IPO (IPOP) contract: TradeXYZ IPOP contracts are price-based perpetual contracts that track the market-implied expected price of one share of Class A or common stock. Neither share count nor market cap are an input to the market specification, oracle methodology, or conversion treatment. Our documentation had previously featured educational examples showing how a user might derive their own fair price in a scenario where they started with a view on both market cap and share count. Although these examples were included for context, we received feedback that they caused confusion, so we have removed them from the documentation. TradeXYZ does not use, publish, or rely on a share-count or market-cap denominator for SPCX or any other XYZ market. When SpaceX completes their IPO and sufficient external market data becomes available, SPCX is expected to transition to standard external oracle pricing, and the contract is expected to converge toward the public trading price.

Cerebras Systems, Inc. (CBRS) is expected to IPO tomorrow, May 14, 2026. Shortly after Nasdaq's IPO Cross executes and CBRS opens for continuous trading, Trade[XYZ]'s CBRS will transition to a standard equity perpetual with external pricing.

Introducing Pre-IPO Perpetuals (IPOP). The weeks before an IPO are some of the most consequential in a company’s price history, and historically, the least observable. Private market quotes are stale and gated and Public markets haven’t started trading yet. Peak interest coincides with an absence of prices. We’re introducing IPOP markets on XYZ to change that.

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid. For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes. The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale.  SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain. Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

Introducing Discovery Bounds V2 Discovery Bounds are price bands which restrict how far the mark price may deviate from the last externally derived fair price. The mechanism gives traders, market makers, and the broader market a clear and reliable off-hours framework, and has substantially facilitated the maturation of 24/7 trading. Today, we are introducing Discovery Bounds V2 starting with our CL and BRENTOIL markets only. Discovery Bounds V2 address two fundamental limitations of V1: (1) The bound width was mechanically coupled to maximum leverage. Increasing available leverage narrowed the band, and widening the band required reducing leverage. Two distinct risk parameters forced into a single value. (2) The bounds were static. If a market reached its limit, price discovery stopped until traditional markets reopened, regardless of whether the move was legitimate. Discovery Bounds V2 addresses both. Bound width is now independent of maximum leverage, allowing each to be calibrated to the risk profile of the instrument. Bounds are no longer static - when a market sustains activity at its limit, the oracle gradually catches up and the bounds reset, allowing further price discovery without requiring traditional markets to reopen. The safety properties of bounded off-hours trading are fully preserved. The new change is in effect for CL and BRENTOIL markets only. Future updates will expand the application of the Discovery Bounds V2, with each market having its own preconfigured discovery bound threshold and maximum number of steps. For more information: