trade[XYZ] launched an OURA pre-IPO perp on Hyperliquid, letting traders go long or short smart-ring maker Oura before its shares ever hit the Nasdaq.
The HIP-3 market references one share of Oura Inc. common stock (Nasdaq: OURA) and tracks the anticipated share price until the IPO, then converts to a standard trade[XYZ] perpetual. It runs on isolated margin only with up to 5x leverage, and trade[XYZ] warns the mark price may hit its discovery bounds more often while expectations settle. On day one OURA traded near $51 on almost $1M in 24h volume, roughly 16% above the top of Oura's $40-44 marketed range.
Oura kicked off its roadshow on September 21, selling 50M shares for up to $2.2B at a $15.62B fully diluted valuation, with Eli Lilly and Dragoneer signaling interest in $100M and $300M of stock. Coinbase also picked Oura as the debut deal for its new retail IPO access, so the perp now gives crypto traders an early read on whether that price holds.
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