Cerebras's bankers priced its IPO at $185. The stock opened at $350.

An hour before trading began, a pre-IPO perpetual contract on Hyperliquid changed hands at $354.54. Within 1.3% of the open, and 92% above what the banks priced.

The instrument that did that was proposed by an economist in 1993 to create a tradable market for assets that didn't have one. We traced how it evolved from an academic idea, to a crypto-native product and now, one that's expanding across traditional finance.

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