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Guide · By Stephan Kulik · Updated 2026-09-29

Pre-launch and pre-IPO perps on Aster

Verified against Aster's official docs on 2026-09-29. Listed markets change; the table below is a dated copy of the docs.

Aster lists two kinds of contract on things that have no public market yet: tokens before launch, and private companies before an IPO. Neither has an outside price to anchor it, and on both the docs leave the final terms to Aster.

Pre-launch token contracts

Pre-markets "are structured as expiry futures contracts, but may also take the form of perpetual futures." When the token launches, the symbol converts to a regular perp. Aster can start delivery itself "when a token launches on an external exchange or when the token's tokenomics are released", and "Aster retains final authority over the delivery price and the right to delist the contract."

The mark price, which drives liquidations, is the average trade price over the last 10 seconds, recalculated every second. With fewer than 21 trades in that window it uses the last 20 trades instead. Moves are capped: "price fluctuations are capped within the ±1% range every second." A thin pre-market can still move far in a minute; the cap only slows it.

Pre-IPO perpetuals

These are "synthetic perpetual futures markets designed to track market expectations around a company's anticipated public listing." The docs are blunt about what you do not get: no equity, no shareholder rights, and no "participation in any future IPO allocation."

All five show status Live, an IPO as the anticipated listing event and a 5% market-order price cap/floor ratio. The docs give an outside launch date of Q4 2026 for OpenAI and Anthropic only.

The docs read the price as a per-share value: "If OPENAI trades at $120, the market is implying an expected future public share value of approximately $120 per share for OpenAI." The reference share count is the one "used for valuation".

What Aster can change

If the company delays or drops its listing, "the contract may be settled or terminated at Aster's discretion based on available valuation references." Aster also reserves the right, "at its sole discretion", to adjust pricing and settlement, replace the reference share count, extend or terminate the contract, and "delist the market at any time". A pre-IPO position is a bet on the listing and on how Aster settles it.

FAQ

Does a pre-IPO perp get me IPO shares?

No. It is a derivative with no equity, no shareholder rights and no IPO allocation.

What happens if the company never lists?

The docs say Aster may settle or terminate the contract at its discretion, based on available valuation references.

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