Injective launches pre-IPO perp futures, providing exposure to OpenAI and more private companies
Injective, a Layer 1 blockchain built for onchain finance, has introduced pre-IPO perpetual futures, offering synthetic exposure to leading private companies. The first listing, OpenAI, is now available through Helix. This move allows traders and investors to gain price exposure to high-profile firms before they go public, without relying on traditional markets.
Positioning the product as the first of its kind, Injective highlights it as a new way to access private equity opportunities directly onchain. By bridging decentralized finance with pre-IPO markets, the platform aims to expand financial accessibility while setting a precedent for innovative trading instruments in the crypto space. injective.com
What are Injective pre-IPO perpetual futures?
The new contracts are perpetual futures derivatives with no expiry that reference estimated valuations of private firms rather than listed stocks. Unlike spot secondary shares, these perps are cash-settled and rely on oracles and data providers (Injective cites Caplight and SEDA) for index construction and pricing. Initial leverage is up to 5x, with markets expected to expand beyond OpenAI.
Why it matters
The pre-IPO segment represents what Injective characterizes as a $2T+ opportunity; the company and earlier reporting also frame the broader private-equity market in the $13T+ range. Bringing these flows onchain could widen access, add transparency and composability, and shorten settlement paths compared with traditional, off-exchange secondary venues.
Where to trade Injective pre-IPO perpetual futures
Helix, Injective’s flagship derivatives venue, is listing the first markets and says it will roll out more names over October. Injective’s social posts also reference additional private tech firms promoted for future access. Availability can vary by jurisdiction and app.
Background: Republic integration and demand signals
Injective’s August integration with Republic aimed to “democratize” access to private-market exposure and introduced Mirror Tokens debt instruments designed to mirror private-company economics on Republic’s platform. While separate from Injective’s new perps, the tie-up underscores retail demand for private-company exposure and complements an onchain derivatives layer.
Market activity and liquidity
In the past month, Injective highlighted $1B traded in RWA perps across its ecosystem. Independent coverage from Messari indicates $1.68B cumulative RWA perp volume YTD through Aug. 20 and a roughly $2.51B annualized pace, led by equity-linked contracts. X
How do these contracts work?
Perpetual futures keep positions open indefinitely via funding rates that converge the perp price toward its reference index. On Injective, perps are cash-settled and margin-based; traders post collateral, choose leverage, and may face liquidation if maintenance thresholds are breached.
<section id=”howto”> <h3>How to trade pre-IPO perps on Helix (step-by-step)</h3> <ol> <li id=”step1″><strong>Step 1:</strong> Open Helix and navigate to the <em>Pre-IPO</em> markets board.</li> <li id=”step2″><strong>Step 2:</strong> Read the market info (index methodology, funding, leverage cap, risk notes).</li> <li id=”step3″><strong>Step 3:</strong> Deposit collateral, select position size and leverage (≤5x to start).</li> <li id=”step4″><strong>Step 4:</strong> Place a buy/sell order; set stops/take-profits to manage downside.</li> <li id=”step5″><strong>Step 5:</strong> Monitor funding, margin and liquidation thresholds; adjust or close as needed.</li> </ol> <p><em>Note: Process may vary by jurisdiction/provider. Confirm requirements before acting.</em></p> </section>
Risks and caveats
Valuation sources & gaps
Private-company prices are model- and transaction-driven, not exchange-quoted; tracking error is possible.Jurisdictional limits
Access and leverage rules can vary by country and app.Counterparty/model risk
Per-market methodologies (e.g., Caplight/SEDA data) and funding mechanics can affect performance.
Context & Analysis
Tokenized RWAs have accelerated in 2025, with multiple trackers showing ~$30B+ onchain. Perpetuals provide a capital-efficient way to synthesize exposures without requiring custody of private shares, but investor outcomes will hinge on index quality, liquidity depth, and risk controls.
Conclusion
Injective has expanded onchain finance into the private-company space with the launch of pre-IPO perpetual futures. The first listing on Helix is OpenAI, with additional major names expected to follow throughout October. This marks a new step in bridging decentralized finance with traditionally closed-off private markets.
The success of this product will hinge on key factors such as liquidity, transparent pricing, and the evolving regulatory environment. If these elements align, Injective’s offering could open new opportunities for traders and investors to access high-profile companies before they go public, reshaping participation in private-market exposure.
FAQs
Q : What are pre-IPO perpetual futures?
A : Cash-settled derivatives referencing estimated private-company valuations, with no expiry and funding-rate anchoring.
Q : Where can I trade them?
A : On Helix, an Injective-based venue listing the first markets, starting with OpenAI exposure.
Q : Do I need to own private shares?
A : No. You trade a derivative indexed to third-party data; you don’t hold the underlying shares.
Q : What leverage is available?
A : Up to 5x at launch (subject to venue settings and jurisdiction).
Q : How is pricing determined?
A : By an index methodology (e.g., Caplight/SEDA data), with funding rates aligning perp prices to the index.
Q : Is this the same as Republic’s Mirror Tokens?
A : No. Mirror Tokens are separate debt instruments issued by Republic; Injective’s perps are exchange-traded derivatives.
Q : Does this mean OpenAI is going public soon?
A : No. These perps offer price exposure only and do not signal an IPO timeline.