Trading Pre-IPO & Frontier Assets: A New Market Primitive
Trading Pre-IPO & Frontier Assets: A New Market Primitive New synthetic markets enable continuous trading for "frontier assets" - high-demand assets lacking liquid spot markets (e.g., pre-IPO equity, GPU compute, real estate) 🔘 Key Takeaways: 🔴 Pre-IPO Perpetuals: ➮ Leveraging Robert Shiller’s original 1993 vision for perpetual futures, these contracts solve the unknown delivery date of private listings 🟠 Market Cap Settlement: ➮ Contracts are denominated in total market cap rather than per-share prices to avoid manual adjustments from share dilution, SAFEs, and option pool expansions…
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