Tradexyz has introduced Pre-IPO Perpetuals, a derivatives product designed to provide exposure to expected public listings before they begin trading on public markets. The launch includes CBRS Pre-IPO trading on Hyperliquid. According to the new details, these contracts use an internal pricing mechanism rather than external spot or index oracles before a listing. If an IPO occurs, the contracts convert to standard externally priced perpetuals after listing; if no IPO takes place, they enter settlement. The update adds key structural details on how the product is priced and what happens after the anticipated listing event.