Hyperliquid’s HYPE token gained 7% over 24 hours after Trade.xyz launched the first pre-IPO perpetual futures (crypto derivatives without expiry) market on the Hyperliquid platform. The product offers synthetic exposure, meaning traders can track SpaceX’s reference valuation without owning private shares directly. Trade.xyz set the reference valuation at $1.78 trillion. The launch highlights how crypto trading venues are expanding into tokenized and synthetic versions of traditionally hard-to-access private market assets.