Pre-IPO perpetual futures

1. Overview

Pre-IPO pre-market perpetual futures are pre-market perpetual contracts whose underlying company has not yet completed an IPO. This contract gives you price exposure to changes in the underlying company's overall valuation (market cap). You do not hold any equity in the company; you trade its valuation changes solely through the contract's price movements. Once the underlying company completes its IPO and lists on a public market, the contract will be converted to a standard stock perpetual futures contract.

Important: this contract does not provide any ownership interest in, or economic claim on, the underlying company's equity. You will not receive any shares or securities at any point. The contract is cash-settled exclusively in USDT. The price of the contract is determined solely by market participants trading on OKX and does not represent an official valuation of the company.

Before the underlying company publicly files its S-1 with the SEC, its actual total share count is not publicly disclosed, so OKX sets an estimated share count for the contract based on public estimates. Once the company publicly files its S-1 and discloses its actual total share count, OKX executes a rebase (proportional adjustment) to align the contract's parameters from the estimated share count to the actual disclosed share count. The core design principle of the rebase is value neutrality — your position value is preserved across the rebase.

In addition, OKX configures a Price Band hard-cap protection for the contract: the hard-cap values are set with reference to data disclosed in the underlying company's S-1 or S-1/A filings (such as the IPO price range). Order prices cannot exceed these caps.

2. What Is the Rebase

OKX Pre-IPO contracts use a per-share pricing convention — contract price × the underlying company's total share count ≈ market cap. Before the IPO, however, the actual share count is not publicly disclosed, so OKX can only price the contract based on the estimated share count. Once the S-1 publicly discloses the actual share count, the contract's pricing basis must be aligned from the estimated to the actual share count. The rebase is this one-time alignment operation.

The key parameter of the rebase is the adjustment ratio (rebase_ratio):

rebase_ratio = actual share count disclosed in S-1 / OKX's estimated share count

Example: if OKX initially estimated the share count at 3 billion and the S-1 discloses the actual count as 3.3 billion, then rebase_ratio = 1.1. To preserve your position value, the rebase multiplies your contract count by 1.1 (increases) and divides the mark price by 1.1 (decreases), keeping your position's USD value unchanged across the rebase.

3. What the Rebase Means for You

The following changes are applied to your account automatically during the rebase — no action is required for the rebase itself. However, you should closely monitor your open orders and positions before the rebase is announced, during the rebase period, and after normal trading resumes, and adjust your strategy as needed:

• Your position value and account equity are preserved: contract notional and your account equity are unchanged across the rebase.

• Position quantity and mark price scale proportionally: contract count is multiplied by rebase_ratio, mark price is divided by rebase_ratio. Any unrealized PnL you had before the rebase is transferred to your account balance through an internal settlement during the rebase (converted to realized PnL); the position is re-opened at the adjusted mark price.

• Open limit orders are auto-adjusted: price ÷ rebase_ratio, quantity × rebase_ratio (buy rounds down, sell rounds up). Partially filled orders are canceled by the system; the filled portion is unchanged. You should review your open orders after the rebase completes to confirm your intended positions are in place.

• TPSL are auto-adjusted: pending TPSL trigger and limit prices ÷ rebase_ratio, quantity × rebase_ratio. Trailing TPSL will be canceled.

• Strategy orders are stopped or canceled: running strategy orders (and trading bots) are stopped before the rebase; trigger orders, trailing TPSL, and chase orders are canceled.

• Trading is suspended during execution, then enters a Post-only phase: the rebase execution takes ~5 minutes, during which all order placement, cancellation, and modification is suspended; the contract then enters a Post-only phase. During this phase, you can only submit post-only orders; market orders, IOC, FOK, plain limit orders, new TP/SL, and trigger orders are disabled. OKX determines the Post-only duration based on market liquidity conditions; the duration is typically 2–5 minutes.

4. Example

Suppose before the rebase you hold 1,000 long ABCUSDT pre-market perpetual contracts, with an average entry price of 80 USDT, a pre-rebase mark price of 110 USDT, and a contract face value of 1 ABC. At that moment:

• Unrealized PnL = (110 − 80) × 1,000 = 30,000 USDT

• Realized PnL = 0

4.1 After the Rebase (rebase_ratio = 1.1)

The S-1 discloses an actual share count 1.1x OKX's estimate, so rebase_ratio = 1.1. Immediately after the rebase completes, your account shows:

The 30,000 USDT unrealized PnL you had before the rebase is converted to realized PnL through the rebase's internal settlement and credited to your account balance. The position is re-opened at the adjusted mark price of 100 USDT, and unrealized PnL resets to 0. Total position value is preserved.

4.2 If the Mark Price Rises After the Rebase (to 110 USDT)

After normal trading resumes, suppose the mark price rises to 110 USDT:

This total is equivalent to the PnL in a counterfactual "no-rebase" scenario in which the price had risen proportionally on the original scale (110 → 121 USDT), which would give (121 − 80) × 1,000 = 41,000 USDT. The rebase does not change your ultimate economic outcome.

5. Risk Warnings

1. Risk control rules: for the conversion mechanism, price limit, mark price, and other rules of Pre-IPO contracts, please refer to Pre-Market Trading Product Rules.

2. IPO uncertainty: the underlying Pre-IPO company has not completed an IPO. The actual share count, valuation, and IPO timing are all uncertain. In extreme scenarios, the IPO may be cancelled or postponed, and OKX reserves the right to delist the contract and settle it at a fair value price. Settlement in such circumstances will be determined by OKX in its sole discretion, which may differ significantly from your entry price or expected IPO valuation.

3. Price does not imply IPO pricing: the contract price is set by market buyers and sellers and may not reflect the company's actual IPO offering price or post-listing stock price.

4. Rounding differences: during the rebase, prices and position quantities are aligned to the tick size and lot size; this may introduce minor rounding differences.

5. Short-term volatility: Pre-IPO contracts do not have a publicly listed stock as an external reference; short-term volatility may be significantly higher than for perpetual futures on listed equities.

6. No equity ownership or economic claim: this contract does not constitute, and does not provide, any ownership interest in, or right to acquire, shares or any other security of the underlying company. You will not receive any shares at any point, including upon conversion to a standard equity perpetual contract. The contract is cash-settled exclusively in USDT. The naming of the contract after a company does not imply any affiliation with, endorsement by, or economic link to that company.

7. Estimated share count accuracy: the estimated share count set by OKX before S-1 publication is OKX's own assessment and may differ materially from the actual share count disclosed in the S-1. A significant difference will result in a large rebase ratio, changing your contract quantity and mark price substantially. OKX does not warrant the accuracy of its estimated share count.

After the company completes its IPO, OKX will, at an appropriate time, convert the Pre-IPO contract to a standard stock perpetual futures contract. A separate announcement will be published when the conversion is scheduled.