Hyperliquid

Rails

2024

NEAR Protocol

<p><a href="https://x.com/NEARProtocol" rel="noopener noreferrer nofollow">@NEARProtocol</a> has launched private pre-IPO perpetual futures for India's <a href="https://x.com/search?q=%24JIO&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$JIO</a>, a day before the company's public equity debut. The product uses execution infrastructure from <a href="https://x.com/HyperliquidX" rel="noopener noreferrer nofollow">@HyperliquidX</a> and routing technology from <a href="https://x.com/Tradexyz" rel="noopener noreferrer nofollow">@Tradexyz</a>, allowing global traders to take positions on the firm's valuation without exposing their wallets.</p>
<h2 id="what-the-jio-pre-ipo-perp-tracks">What the Jio pre-IPO perp tracks</h2>
<p>The underlying market is the JIO pre-IPO perpetual contract deployed by Trade.xyz on Hyperliquid. <cite>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.</cite><cite>After the IPO, the contract will move to a standard perpetual format, with a USD/INR oracle converting the rupee price following listing.</cite></p>
<p>These products are derivatives, not equity. <cite>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.</cite><cite>The Hyperliquid market offers up to 5x leverage and settles in USDC.</cite><cite>Hyperliquid's interface carries a caution about low liquidity, high volatility, and elevated liquidation risk on the independently deployed market.</cite></p>
<h2 id="india-s-largest-ipo-arrives-on-october-28">India's largest IPO arrives on October 28</h2>
<p><cite>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.</cite><cite>The price band was set at ₹1,065 to ₹1,119 per share.</cite><cite>The shares are due to list on the NSE and BSE.</cite><cite>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.</cite></p>
<p>Early trading has shown demand for price signals ahead of the listing. <cite>Hyperliquid's JIO-USDC perpetual logged about $1 million in 24-hour volume and $1.25 million in open interest</cite> on October 23, per Crypto Times. <cite>The contract traded near $13, above the roughly $11.80 dollar equivalent of the upper IPO band.</cite></p>
<p>Pre-IPO perps have become an established niche on Hyperliquid. <cite>Talos reported that Hyperliquid's pre-IPO perp had priced Cerebras within 1.3% of its $350 Nasdaq opening price.</cite> The NEAR product adds a privacy layer on top of that market, letting users trade the Jio valuation confidentially before the shares list.</p>
<p>Traders should note that pre-IPO perps can move sharply. <cite>Synthetic pre-IPO perps can swing when liquidity is thin, valuation assumptions change, or listing expectations shift.</cite></p>
<h2 id="sources">Sources</h2>
<ul>
 <li><a href="https://www.kucoin.com/news/flash/trade-xyz-launches-jio-pre-ipo-perpetual-futures-trading" rel="noopener noreferrer nofollow">Trade.xyz Launches JIO Pre-IPO Perpetual Futures Trading (BlockBeats via KuCoin)</a></li>
 <li><a href="https://www.cryptotimes.io/2026/10/23/jio-premarket-perpetuals-drive-over-inr-10cr-in-volume-on-hyperliquid-amid-ipo-buzz/" rel="noopener noreferrer nofollow">Jio IPO Buzz: Nearly ₹10 Crore Traded in Jio Perpetuals on Hyperliquid (Crypto Times)</a></li>
 <li><a href="https://www.talos.com/insights/state-of-the-network-367" rel="noopener noreferrer nofollow">Hyperliquid: Pre-IPO Price Discovery on Crypto Rails (Talos)</a></li>
</ul>

NEAR Lets Traders Enter India’s Biggest IPO With Hidden Wallets

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