Episode Details
Back to Episodes
Why Pre-IPO Perps Like SpaceX on Hyperliquid Are Seeing an Upswing
Description
Pre-IPO trading is hot ahead of three big IPOs. Perp volume on Hyperliquid went from $3M to $44M in three months, and SpaceX perps is just the beginning, says Dio Casares of Patagon.
========================================================
Thank you to our sponsor!
Coinbase One: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.
========================================================
Pre-IPO perp volume on Hyperliquid grew from $3 million to $44 million in roughly three months.
Anthropic and OpenAI voided secondary shares, sending shockwaves through the pre-IPO marketes. Robinhood launched trust-style tokenized offerings into a gray area. And three trillion-dollar IPOs — SpaceX, Anthropic, and OpenAI — are converging in the same window.
Dio Casares, founder and CEO of Patagon, a private neobank that has facilitated deals in Anthropic, xAI, Circle, and Kraken, explains the structural difference between derivatives and tokenized spot, why second and third-layer SPV waterfalls are legal hot potato, who actually holds the cleanest title, and where the competition for private market liquidity goes next.
Host:
- Laura Shin, Host / Unchained
Guests:
-
Dio Casares - Founder & CEO, Patagon
Learn more about your ad choices. Visit megaphone.fm/adchoices