The Pre-IPO Perpetual (IPOP) Market for UNITREE is now live. UNITREE is a pre-IPO market reflecting the market-implied expected price per A-share of Unitree Technology Co., Ltd., expected to list on the Shanghai STAR Market (code 688836). Unitree designs and manufactures quadruped and humanoid robots and robotic arms. After the IPO, the oracle will convert the CNY share price to USD at the prevailing offshore USD/CNH rate.

On July 27 at 23:01 UTC, SKHYNIX mark price dropped from $1,127.9 to $917.25. This print was based on an executed trade which was relayed by multiple independent data providers. The XYZ oracle was live in external pricing and tracking that venue, which serves as the primary Korean pre-market venue. The oracle system worked as intended according to its specification. While the system performed as designed, users are understandably upset about liquidations that were triggered. Market integrity is among Trade[XYZ]'s core values, and we understand the trust of our users has been, and will continue to be, earned. With these values in mind, we have decided to cover liquidation losses attributable to this anomaly. Eligibility requirements will be conveyed soon, and distributions are anticipated to be completed in the coming days. This is a one-time discretionary decision and is not a guarantee of similar future action. Going forward, our pricing systems will be further improved to handle tail events. We are accelerating our review of how prices are formed, including revisiting assumptions on external venues, and taking into consideration the price formation which occurs on our own orderbooks, which carry increasingly meaningful depth and signal in relation to external sources. We will share further information soon.

@tradexyz reached new all time highs across the board: - Cumulative trading volume: $408.4B - Cumulative weekend trading volume: $26.07B - 24hr peak volume: $5.6B - Open interest: $3.9B - Daily unique traders (24hr peak): 60.6k

Late (in NYC) but a new story from me: @tradexyz started offering pre-IPO perps tied CXMT, China’s SK Hynix. Not surprised given the demand, but interesting and new product done by crypto - something we haven’t seen in the space for a bit

The Pre-IPO Perpetual (IPOP) Market for CXMT is now live. CXMT is a pre-IPO market reflecting the market-implied value of 1 ordinary share (A-share) of ChangXin Technology Group Co., Ltd. (SHE: 688825) in USD terms. CXMT manufactures semiconductor DRAM memory chips. After the IPO, the oracle will convert the underlying stock’s Renminbi price to USD at the prevailing FX rate.

SKHY (xyz:SKHY) is available to trade, 24/7, 365. SKHY tracks the value of 1 SK Hynix American Depositary Share — the Nasdaq-listed security representing one-tenth of a SK Hynix common share held on deposit with a depositary bank. It launches as a pre-IPO contract and converts to a standard XYZ perpetual after the ADS begins trading on Nasdaq. TradeXYZ’s existing SKHYNIX market (xyz:SKHX) is unchanged. It tracks 1 common share of SK Hynix Inc. (KRX: 000660) and continues to operate normally against the company’s primary listing in Seoul. The two markets are related but distinct: 10 ADSs represent 1 common share, and the ADS may trade at a premium or discount to the Seoul line. As always, participants are advised to understand a market’s underlying before trading.

Trade[XYZ] and Hyperliquid data is now live on @tradingview. Putting this data where traders live has been a top priority for us. Markets are increasingly shaped by events unfolding around the clock, and price discovery shouldn't stop when traditional venues close. Users now have real-time visibility into 24/7 price discovery on the world's most-used charting platform.

ZHIPU tracks the value of 1 H share in Knowledge Atlas Technology Joint Stock Company Limited, also known as Zhipu AI / (HK 2513). The oracle converts the underlying stock’s HKD price to USD at the prevailing USD/HKD FX rate. Zhipu develops general-purpose AI models and applications across coding, vision, audio, video, and agentic workflows.

Perpetuals are now live on fomo, powered by @HyperliquidX and @tradexyz. Equity, pre-IPO, crypto, indices, and commodities perps, all from one app. See you on the leaderboard. Trade perps on fomo today.

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.