@NEARProtocol has launched private pre-IPO perpetual futures for India's $JIO, a day before the company's public equity debut. The product uses execution infrastructure from @HyperliquidX and
@NEARProtocol has launched private pre-IPO perpetual futures for India's $JIO, a day before the company's public equity debut. The product uses execution infrastructure from @HyperliquidX and routing technology from @Tradexyz, allowing global traders to take positions on the firm's valuation without exposing their wallets.
The underlying market is the JIO pre-IPO perpetual contract deployed by Trade.xyz on Hyperliquid. Trade.xyz launched JIO pre-IPO perpetual futures on October 23, 2026, and the contract represents one share of Jio Platforms Limited, priced in USD.After the IPO, the contract will move to a standard perpetual format, with a USD/INR oracle converting the rupee price following listing.
These products are derivatives, not equity. The instrument is a cash-settled contract that tracks an anticipated share price in U.S. dollars and confers no ownership, voting rights, dividends, or IPO allocation.The Hyperliquid market offers up to 5x leverage and settles in USDC.Hyperliquid's interface carries a caution about low liquidity, high volatility, and elevated liquidation risk on the independently deployed market.
Shares of Jio Platforms will debut on Wednesday, October 28, 2026, and the ₹30,213 crore offering was subscribed more than 22 times during the bidding period.The price band was set at ₹1,065 to ₹1,119 per share.The shares are due to list on the NSE and BSE.At the top of the band, proceeds of around 302 billion rupees ($3.1 billion) could surpass Hyundai Motor India's 2024 listing as the year's largest in India, according to Bloomberg-sourced reporting.
Early trading has shown demand for price signals ahead of the listing. Hyperliquid's JIO-USDC perpetual logged about $1 million in 24-hour volume and $1.25 million in open interest on October 23, per Crypto Times. The contract traded near $13, above the roughly $11.80 dollar equivalent of the upper IPO band.
Pre-IPO perps have become an established niche on Hyperliquid. Talos reported that Hyperliquid's pre-IPO perp had priced Cerebras within 1.3% of its $350 Nasdaq opening price. The NEAR product adds a privacy layer on top of that market, letting users trade the Jio valuation confidentially before the shares list.
Traders should note that pre-IPO perps can move sharply. Synthetic pre-IPO perps can swing when liquidity is thin, valuation assumptions change, or listing expectations shift.
