Pre-IPO Markets

Pre-IPO markets follow the same design as other RWA markets, with a few important differences.

Pricing

Pricing is determined only by the internal pricing mechanism.

This mechanism works the same way as for RWA markets, except Pre-IPO markets do not have price caps.

Margin mode and liquidations

Pre-IPO markets operate in isolated mode only.

Funding

Funding works the same way as standard perp markets, the only difference being that the FundingPremiumMultiplier is set to 1/100.

Conversion and Settlement

Pre-IPO markets are converted to normal markets as soon as there is a stable price feed available, after the IPO.

In cases where the price diverges significantly due to stock splits, the market might be settled before.