> For the complete documentation index, see [llms.txt](https://docs.evedex.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.evedex.com/key-features-and-components/trading-platform-and-matching-engine/pre-ipo-perpetual-contracts.md). # Pre-IPO Perpetual Contracts #### What is a Pre-IPO Perpetual Contract? A Pre-IPO Perpetual Contract is a synthetic perpetual futures contract aimed to track expectations of the market of anticipated public listing of certain companies. Its price references a market-implied valuation of a private company that has not conducted an initial public offering. It is a contract for price exposure only.\ \ A position in a Pre-IPO Perpetual Contract does not represent equity ownership in the referenced company and does not provide any rights associated with holding shares. **A Pre-IPO Perpetual Contract is NOT, and does not give you:** * any share, stock, equity, or ownership interest in the referenced company; * any right to receive, purchase, subscribe for, convert into, or take delivery of any share or security; * any voting right, dividend, distribution, information right, or any other shareholder or economic right; * any claim, recourse, or relationship of any kind against the referenced company or its affiliates; * any interest that is transferable on the books or records of the referenced company. It is settled in USDT. At no point do you acquire, hold, or transfer any actual security or share or underlying. #### How the price is determined The contract references an index price as explained in the respective section. Because the referenced company is private, there is no public, regulated market for its shares. Price discovery is limited, the reference market may be thin, illiquid, and volatile, and the index price may differ substantially from any price at which the company's shares are actually valued, sold, or eventually offered in an IPO or during respective filings prior to the IPO. #### What happens at an IPO, or if there is no IPO Prior to the IPO or if there is no IPO, EVEDEX may delist respective Pre-IPO Perpetual Contracts and settle the contract. If the company conducts an IPO, EVEDEX reserves the right to convert the contract, adjust ("rebase") the contract size, change the reference index, or take other actions described in the respective notifications. The converted product may differ materially. #### Core risk disclaimers * You can lose your entire margin, and losses can occur rapidly. These contracts are highly speculative and use leverage, which magnifies both gains and losses. Adverse price moves can trigger liquidation or auto-deleveraging. These contracts may experience significantly higher volatility than standard perpetual contracts. Please evaluate your risk tolerance accordingly. * The companies, which shares are referenced, have not publicly filed an S-1. The actual total share count, valuation, and IPO timeline remain uncertain. Please assess these risks carefully and assume full responsibility. These contracts do not represent equity, shares, or any ownership, economic, or legal interest in respective companies, and holders have no rights or recourse against either company or its affiliates. * Synthetic exposure only. The value of the contract is not backed by, and does not represent, any real shares held by EVEDEX or anyone else. * There is no affiliation with the referenced company. * No IPO is promised or guaranteed, and EVEDEX has no knowledge of, or control over, if or when any company conducts an IPO. * Not reviewed or approved by any regulator. These contracts have not been registered with, reviewed, or approved by any securities or financial regulator in any jurisdiction. * Availability is restricted. These contracts are not offered to US persons or to persons in other Prohibited Jurisdictions. * You are responsible for legality. You are solely responsible for determining whether trading these contracts is lawful for you, and for any tax consequences. #### **Due to the specific nature of the contract EVEDEX reserves the right, at its sole discretion, to:** * Adjust contract specifications, including pricing and settlement mechanisms * Modify or replace the reference share count used for valuation * Limit available trading volume per user or general open interest * Extend or terminate the pre-IPO perpetual contract * Delist the contract at any time --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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