Hyperliquid Policy Center and trade[XYZ] Urge SEC to Consider Pre-IPO Perpetual Markets

The joint request

联合请求

In their appeal, the two groups laid out a case for allowing these contracts to trade openly. Perpetual contracts are derivatives with no expiration date, so traders can hold positions for as long as they want. That's different from standard futures, which settle on a set date. The idea is to create a liquid market that produces real price signals before a company's shares ever hit a public exchange.

在他们的呼吁中，这两个团体阐述了允许这些合约公开交易的理由。永续合约是没有到期日的衍生品，因此交易者可以无限期持有头寸。这与在固定日期结算的标准期货不同。其想法是创建一个流动市场，在公司股票进入公开交易所之前产生真实的价格信号。

The submission doesn't name specific companies or platforms that would offer such products. It focuses on the regulatory framework, asking the SEC to treat pre-IPO perpetuals as a legitimate price discovery mechanism.

该提交文件没有点名提供此类产品的具体公司或平台。它聚焦于监管框架，请求SEC将IPO前的永续合约视为合法的价格发现机制。

Why price discovery matters

为什么价格发现很重要

When a company goes public, the opening price is typically set through a book-building process led by underwriters. That process can be opaque, and the final number often reflects negotiations among a small group of institutional investors. Pre-IPO perpetual markets would let a broader set of traders bet on where a stock will land, potentially surfacing a consensus price earlier.

当公司上市时，开盘价通常由承销商主导的询价过程（book-building）确定。这一过程可能不透明，最终数字往往反映了一小群机构投资者之间的谈判。IPO前的永续合约市场将让更广泛的交易者押注股价将落在何处，可能更早地浮现出一个共识价格。

That's the core argument put forward by Hyperliquid Policy Center and trade[XYZ]. They see it as a way to democratize access to information that is usually locked inside investment banks and hedge funds. If successful, the approach could also help companies gauge investor appetite before committing to an IPO.

这正是Hyperliquid政策中心和trade[XYZ]提出的核心论点。他们认为这是将通常锁在投资银行和对冲基金内部的信息民主化的一种方式。如果成功，该方法还可以帮助公司在承诺IPO之前评估投资者的兴趣。

Perpetual contracts in practice

永续合约的实际运作

Perpetual contracts are already common in cryptocurrency markets, where they allow traders to speculate on digital assets with leverage and without worrying about expiry dates. Extending that structure to pre-IPO equities would be new, but the mechanics are not untested. The challenge for the SEC is whether such contracts fall under existing securities rules or require new ones.

永续合约在加密货币市场中已经很常见，允许交易者以杠杆方式对数字资产进行投机，而无需担心到期日。将这种结构扩展到IPO前的股票将是新事物，但其机制并非未经测试。SEC面临的挑战是，这类合约是否属于现有证券规则，还是需要新的规则。

The SEC has broad authority over securities markets, but it has not signaled any immediate action. The request is now sitting with the regulator, which could decide to open a comment period, hold a hearing, or simply let the matter drop. No timeline has been given.

SEC对证券市场拥有广泛的权力，但尚未表示任何立即行动。该请求目前正在等待监管机构的处理，监管机构可能会决定开启评论期、举行听证会，或者干脆让此事不了了之。目前没有给出时间表。

What's at stake

利害攸关的是什么

If the SEC approves the concept, it could change how IPO pricing works. Companies would face a market that has already been pricing their stock for months, which might narrow the gap between the IPO price and the first day's trading. That could reduce the pop that often follows a listing, and also reduce the windfall for those who get allocations at the offer price.

如果SEC批准这一概念，可能会改变IPO定价的方式。公司将面临一个已经对其股票进行数月定价的市场，这可能会缩小IPO价格与首日交易之间的差距。这可能会减少上市后常见的涨幅，也会减少那些以发行价获得配售的人的意外收益。

But there are risks. Pre-IPO companies are not subject to the same disclosure requirements as public firms, so traders would be making bets on less information. The SEC will have to weigh that against the potential benefits of transparency.

但存在风险。IPO前的公司不像上市公司那样受到相同的披露要求，因此交易者将在信息较少的情况下下注。SEC必须权衡这一点与透明度的潜在好处。

For now, the ball is in the SEC's court. The two groups have made their case; the regulator's response will determine whether pre-IPO perpetual markets become a fixture of the U.S. financial system.

目前，球在SEC的场地上。两个团体已经提出了他们的主张；监管机构的回应将决定IPO前的永续合约市场是否会成为美国金融体系的一部分。