Binance:- Last week, when leading crypto exchange Binance launched its new pre-IPO perpetual category, little did it expected that its first SpaceX-linked contract, SPCXUSDT, would generate more than $280 million in trading volume. That too within just five days.
Now, riding on this strong figure, the exchange is now expanding the category. It has introduced a second pre-IPO perpetual contract, this time tied to OpenAI.
The basis of the perp contract is tied to market expectations surrounding OpenAI’s upcoming IPO. According to a recent Reuters report, OpenAI is currently valued at around $852 billion and is preparing to file for an IPO in the coming weeks. The company could go public as early as September 2026 and may target a valuation close to $1 trillion. It is reportedly aiming to raise at least $60 billion in the offering.
OpenAI Pre-IPO Perps are here.
Got a view on OpenAI? Now you can trade it.
Know more 👉 https://t.co/J4FvUm61AO pic.twitter.com/2bQ8fQRdWM
— Binance (@binance) May 26, 2026
Expands Pre-IPO Perps to OPENAIUSDT
The OPENAIUSDT USD-Margined Pre-IPO Perpetual contract officially went live on May 26 at 08:30 UTC under Binance’s TradFi trading section. The exchange said the contract is designed to provide users exposure to market expectations surrounding OpenAI’s potential future IPO and valuation. The launch also comes as Bitcoin, Ethereum fall today among other assets in a key market selloffs.
The category was first introduced by Binance on May 21 through a SpaceX-linked product. It aims to give retail crypto traders access to a form of early price discovery that has traditionally remained limited to institutional investors.
A pre-IPO perpetual contract is a crypto derivatives product. It allows traders to speculate on what a private company could be worth before it officially launches an IPO. However, users are not buying actual company shares.
For example, in Binance’s OpenAI-linked contract, traders are instead buying and selling a futures-style product. They’re tied to market expectations around OpenAI’s potential valuation. If traders believe OpenAI’s future valuation could rise, the contract price may move higher. If sentiment weakens, the contract could decline.
Unlike traditional futures contracts, perpetual contracts do not have an expiry date. They can continue trading as long as market demand exists.
Decision Guided by SpaceX Contract Success
Shunyet Jan, Head of Spot and Derivatives Business at Binance informed Block of Fame that “Reaching more than $280 million in cumulative trading volume within five days of our first listing gives us confidence in both the appeal of Pre-IPO perpetuals and our broader strategy to evolve Binance into a financial super app.”
According to the official announcement, the OPENAIUSDT contract is margined and settled in USDT. It supports up to 20x leverage, and trades around an estimated OpenAI share count of 1 billion shares. Funding fees are settled every eight hours during the pre-IPO trading phase.
Interestingly, the leading Perp DEX Hyperliquid rolled out macro predicition markets this week.
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The exchange also explained that before OpenAI officially goes public, the contract’s mark price will be based on recent trading activity on Binance’s own exchange. Once OpenAI eventually lists publicly and a stable external price index becomes available, the contract may transition into a standard TradFi perp framework tracking live market performance.
Early market activity also showed strong trader interest in the newly launched product. At the time of writing, the OPENAIUSDT pre-IPO perpetual was trading around 1,471 USDT on Binance Futures. More than $41 million in trading volume has already been recorded.
Binance added that if an IPO is delayed, canceled, or fails to materialize, the exchange could delist the contract. It would include a separate IPO failure notice and settlement process.
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