HYPE Rises 5% as HIP-3 Lists SpaceX, OpenAI, Anthropic

Hyperliquid’s native token HYPE increased roughly 5% over 24 hours and is up about 69% over the past year, trading near $45. The gain followed new pre-IPO perpetual futures markets on HIP-3 tied to SpaceX, OpenAI and Anthropic. Platform data show HIP-3 has processed more than $120 billion in total volume since launch.

HIP-3 is a marketplace for perpetual futures on late-stage private companies that allows third-party teams to deploy markets. On April 8, deployers on HIP-3 generated 48.1% of Hyperliquid’s daily platform volume, approaching parity with the exchange’s native markets. The design gives retail traders on-chain exposure to pre-IPO price moves that were traditionally traded in off-chain secondary venues.

A leading HIP-3 deployer, TradeXYZ, priced perpetual contracts tied to Cerebras within about 3% of the company’s Nasdaq open, while a separate off-chain secondary venue was roughly 35% off that reference. Market participants point to round-the-clock crypto trading rails, leverage and global participation as factors that can influence speed of price formation for late-stage private assets.

SpaceX is targeting a June IPO with a potential raise in the $75 billion to $80 billion range and valuation estimates reported as high as $1.75 trillion to $2 trillion. Anthropic and OpenAI are each aiming for listings that could raise near $60 billion and reach valuations north of $1 trillion. A SpaceX perpetual contract (SPCX) is live on TradeXYZ with a $150 reference price that implies a valuation near $1.78 trillion; SPCX has traded around $207, below an intraday peak of about $230.

Regulatory and market-structure questions have emerged as on-chain pre-IPO trading grows. Two major exchange operators have urged the U.S. futures regulator to review potential market integrity risks related to pseudonymous trading on the platform. Hyperliquid’s policy group responded by saying the platform’s on-chain transparency makes concealed insider trading harder. OpenAI and Anthropic have cautioned investors against trading in securities or tokens tied to companies that they have not authorized.

Industry participants noted the ERC-20 perpetual format and third-party deployment model are attracting more retail activity into pre-IPO price discovery. Matthew Pinnock, chief operating officer at Altura DeFi, observed that 24/7 crypto rails, leveraged positioning and global participation can accelerate consensus on values for late-stage private companies, especially in high-demand sectors such as artificial intelligence. Diego Martin, chief executive of Yellow Capital, described the development as an early change in who can participate in pre-listing upside.

On April 8 HIP-3 deployers’ share of platform volume reached 48.1%, and legal and regulatory questions about whether these products constitute unregistered securities exposure for retail traders remain unresolved.