Pre-IPO perpetual futures trading expanded sharply in June as crypto traders sought exposure to private technology companies before public listings. CryptoQuant data showed monthly volume reaching about $12 billion, compared with roughly $2 million in March.
The market had grown to $715 million in May before the June increase. These contracts let traders speculate on private-company valuations, but they do not provide ownership of the underlying shares.
Pre-IPO products have become part of a wider move to trade traditional market exposure on crypto rails. Exchanges have added contracts linked to oil, metals, and equity markets, with private-company products becoming a fast-growing category.
Perpetual futures remain common across digital asset venues, and exchanges are using the same structure for companies that have not completed public offerings.
Tech Names Drive Demand Across Crypto Exchanges
Demand has centered on pre-IPO perpetuals tied to companies such as SpaceX, OpenAI, and Quantinuum. These names attracted attention as traders looked for exposure to technology sectors before or around public listings.
The increase changed the structure of equity-linked crypto trading. CryptoQuant data showed that pre-IPO contracts accounted for 55% of all crypto equity perpetual trading in June, up from 5% in May.
That shift shows how quickly traders moved toward private-company products once more markets became available. It also shows that equity-style perpetual futures are no longer limited to listed stocks or broad themes.
The activity has been strongest around firms connected to artificial intelligence, aerospace, and advanced computing. These sectors remained active in private markets, giving exchanges a clear set of names to list.
Binance Captures Most June Pre-IPO Perpetual Volume
Binance controlled most of the market in June. CryptoQuant data showed the exchange handled $10.3 billion in pre-IPO perpetual volume, giving it an 83% market share.
The figure marked a 20-fold rise from Binance’s May volume. Bitget ranked behind Binance with $1.3 billion in June volume, making it the second-largest venue.
Total Pre-IPO Perpetual Volume by Exchanges | Source: CryptoQuant
The concentration of volume shows that larger exchanges remain the main access points for traders using equity-style perpetual products. Binance’s share reflects demand for markets linked to major technology companies.
Other exchanges continue to list equity-linked contracts and expand access to non-crypto assets. However, the June data showed that liquidity was concentrated on a small number of platforms.
The rise in pre-IPO perpetual futures has increased demand for data around private-company pricing. CoinCodex tracks prices of Pre-IPO stocks through its dedicated tracker, available at CoinCodex Pre-IPO stocks.
The tracker gives users a separate page for pre-IPO stock prices alongside other stock market data. This provides another public reference point for traders watching private-company names that appear in crypto perpetual markets.
Several companies linked to the June activity have drawn market attention. Quantinuum listed on Nasdaq under the ticker QNT on June 4, while SpaceX followed on June 12 under the ticker SPCX. OpenAI has not set an IPO date, although it has filed a confidential S-1 with the SEC.
The June figures show that pre-IPO perpetual futures have moved from a small product category into a major part of crypto equity trading. The market remains centered on large technology names overall.
