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Pre-IPO perps are silently exploding

The volume shift from $2M to $12B in just a few months is wild. Binance owning 83% makes me wonder if traditional finance is quietly migrating on-chain 🤔

Sofia Reyes·Jun 16, 2026·1 min read

I’ve been watching the pre-IPO perpetual space on crypto exchanges and the growth is honestly eye-opening. Just a few months ago volume was at $2M, and now it’s surged to $12B in June alone. Makes you wonder how fast the lines between TradFi and crypto are blurring, doesn’t it?

Binance now controls about 83% of that market. That kind of concentration raises questions about liquidity risk and centralization, but it also tells me demand for early exposure to private companies is real and growing. 🤔

Are we witnessing the beginning of a new asset class right under our noses? I’m curious what others think about trading pre-IPO exposure on CEXs versus waiting for the actual IPO.

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