1. Asset Scope

What instruments are available at launch?

Here is a list of instruments available for trading on Crypto.com Exchange.

We continuously validate and review these contract specs from time to time. Please refer to this doc for updates: Derivatives Trading

How does the valuation model work for Pre-IPO Perpetuals?

Pre-IPO Perpetuals on Crypto.com Exchange let you take a position on a private company's value before it goes public. Because these companies are not yet listed, there is no public share price to reference. To make trading simple and intuitive, the contract tracks the company's estimated total valuation rather than a per-share price.

How the price is displayed?

The quoted price equals the company's implied valuation divided by 1 billion. For example, if a contract is trading at 420, the market is implying the company is worth $420 billion in total.

How profit and loss work?

When the implied valuation rises, long positions profit; when it falls, short positions profit. PnL is paid in the contract's settlement stablecoin. For example, going long at 420 and closing at 450 produces a gain of $30 per contract - representing a $30 billion increase in the company's implied valuation.

Why we use this model?

Private companies typically have uncertain share counts, evolving capital structures, and changes such as stock splits or new share issuances before their IPO. Trading valuation directly removes the need to estimate or adjust for these factors, giving you a clean view of the company's overall value.

How are these different from commodities, equity ETF perps?

These perpetuals use data feeds from an external data venue rather than

Dimension	Pre-IPO Perps	Crypto Perps
Underlying asset	A private company's estimated valuation	A cryptocurrency with a live spot market
Spot market reference	None - the underlying does not trade publicly	Deep, 24/7 spot markets across many exchanges
Price discovery	Anchored by market-based valuation estimates and on-platform trading activity	Anchored by real-time spot prices
Price feed source	Aggregated valuations from external data venues, secondary trades, funding rounds, and other private market data	Weighted average of major spot exchanges
Liquidity profile	Lower depth; wider spreads; subject to position and OI caps	Deep liquidity; tighter spreads
Volatility	Episodic - driven by funding round news, sentiment, IPO expectations	Continuous - driven by 24/7 global flow
Funding rate behavior	Capped 0% to prevent excessive carry costs under thin liquidity	Standard premium-index calculation against spot
Position & leverage limits	Conservative - typically isolated margin only, lower max leverage, lower OI caps	Higher leverage and OI limits available
Asset rights	No shares, no IPO allocation, no voting or dividend rights	Synthetic exposure only; no on-chain token ownership

How are instruments categorized on the platform?

One new market tag is added under the perpetual market:

Pre-IPO: ANTHROPICIPOUSD, OPENAIIPOUSD, SPACEXIPOUSD

2. Index Price

How is the index price calculated?

The index price is a weighted mean of prices from multiple data feeds. Each instrument has bespoke index constituents. We continuously validate and review the index constituent from time to time, and you could check the latest index constituent information from: https://static2.crypto.com/exchange/assets/documents/Exchange - Index Constituent.pdf

Symbol	Oracle Composition
ANTHROPICIPOUSD-PERP	50% ANTHROPICUSDT-PERPETUAL OKX, 50% ANTHROPICUSDT-PERPETUAL GATE_IO
SPACEXIPOUSD-PERP	50% SPACEXUSDT-PERPETUAL OKX, 50% SPACEXUSDT-PERPETUAL GATE_IO
OEPNAIIPOUSD-PERP	50% OPENAIUSDT-PERPETUAL OKX, 50% OPENAIUSDT-PERPETUAL GATE_IO

3. Mark Price

What is the mark price formula?

Same formula for existing crypto perps. Please refer to this doc for more details: Key Applicable Terms - Perpetuals

4. Funding Rate

How does the funding rate work?

The funding rate will be 0% since the first day of trading. We’ll implement a funding rate when the underlying company is listed publicly.

5. Margin & Leverage

What margin modes are available?

User Type	Available Modes	Default
Retail	Isolated Margin only	Isolated
Non-retail	Pre-IPO Perpetuals are available to eligible institutional clients on request. Please reach out to your Crypto.com Exchange representative to enable access for your account.

6. UI Flow - Web & App

How do users find commodity and index perps?

Web:

Navigate to the Perpetual market.
One new tab: Pre-IPO (alongside existing Commodities and ETFs tab).
Instruments are searchable.
Each instrument has an RWA icon with tooltip: "The price of the perpetual contract is sourced from external data vendors tracking real-world assets".