Hyperliquid Defies Market Downturn as SpaceX, Anthropic, OpenAI IPOs Loom

In brief

• Hyperliquid’s HYPE token is up 5% over the past 24 hours and 69% over the past year, outperforming the broader crypto market.
• The platform’s HIP-3 ecosystem has processed over $120 billion in total volume, with TradeXYZ pricing Cerebras perps within 3% of its Nasdaq open while Hiive was 35% off.
• The next wave of pre-IPO perp markets on HIP-3 includes SpaceX, Anthropic, and OpenAI IPOs, all of which are targeting $1 trillion-plus valuations.

Hyperliquid's native token HYPE is outperforming the broader crypto market slump as its pre-IPO perpetual futures ecosystem gains momentum ahead of a historic wave of technology listings.

HYPE is trading at $45.17 on Monday, up roughly 5% over the past 24 hours and 69% over the past year, according to CoinGecko data.

The divergence is tied to Hyperliquid’s HIP-3 marketplace, where traders are betting on pre-IPO shares of SpaceX, Anthropic, and OpenAI, a $120 billion volume opportunity that traditional finance cannot offer.

The HIP-3 framework, which allows third-party teams to launch their own perpetual futures markets, has processed more than $120 billion in total volume since launch, according to Dune Analytics data. On April 8, HIP-3 deployers generated 48.1% of Hyperliquid’s total platform volume, approaching parity with the platform's own native markets.

That parity means retail traders can now access pre-IPO price exposure that was previously available only to institutional investors through secondary venues.

TradeXYZ, the leading HIP-3 deployer, demonstrated the model works when it priced Cerebras perpetuals within 3% of the AI chipmaker's Nasdaq debut while traditional secondary platforms were 35% off.

The gap showed that on-chain pre-IPO markets achieved faster, more accurate price discovery than off-chain alternatives.

“For years, retail investors often entered once companies were already public and much of the upside had already played out,” Diego Martin, CEO of Yellow Capital, told Decrypt. “This feels like the beginning of a much bigger shift in who gets to participate.”

What's next: SpaceX, Anthropic, OpenAI IPOs

The next cohort of test cases is already forming, with multiple popular IPOs lined up for 2026.

SpaceX is targeting a June IPO that could raise between $75 and $80 billion, roughly double the total raised across all 2025 IPOs combined, at a valuation of up to $1.75 trillion to $2 trillion, according to . Anthropic and OpenAI are each eyeing listings that could raise $60 billion at valuations exceeding $1 trillion.