# OpenAI pre-IPO perpetual on Freeport

Contract documentation reviewed: 2026-09-10. This date is separate from any live quote retrieval timestamp.

Freeport provides access to io:OAI, deployed by Entropy on Hyperliquid HIP-3. These specifications describe this derivative only, not a similarly named spot token or a retired Ventuals market.

## Identity and units
- Reference issuer: OpenAI Group PBC
- Instrument: Pre-IPO perpetual future
- Equity ownership: no; no shares, voting rights, dividends, or IPO allocation
- Collateral: USDC
- Settlement: Cash-settled in USDC
- Price convention: each price point represents $1 billion of implied market capitalization, not the price of a private share
- Web terminal: https://app.freeportmarkets.com/trade?market=OAI
- Canonical guide: https://www.freeportmarkets.com/research-openai.html

## Trading terms at review
- Maximum leverage: 6x; query the live endpoint for the exchange's current limit
- Margin mode: noCross. strictIsolated allows adding margin but not removing it while a position is open; noCross denotes isolated margin.
- Quantity precision: 3 decimals of contract units
- Minimum new order in the Freeport terminal: $10 notional; this is not a minimum deposit
- Trading hours: 24/7, subject to market halts and lifecycle changes
- Funding interval: 1 hour. Positive rates mean longs pay shorts; negative rates mean shorts pay longs.
- Funding multiplier: unresolved. Unresolved: asset directory says 0.125; funding mechanics says 0.0125. Use current exchange funding rate.
- Pre-listing mark/oracle bounds: 200 to 3000 price points, subject to operator revision. These bounds do not restrict order-book execution prices.

## Pricing and margin
Entropy blends a five-minute EMA of its local order-book mid with an external private-market aggregate. Local executable depth sets the blend weight. The published pre-listing oracle is clipped to the market bounds.

The mark uses a five-minute EMA of the local mid, clipped to the pre-listing bounds. It does not directly blend external sources. It drives unrealized PnL and liquidation inputs.

Liquidation is triggered when position equity falls below tiered maintenance margin. The mark drives the trigger; order-book execution and remaining collateral depend on liquidity and the liquidation process.

## Lifecycle
- IPO: Three calendar days before announced listing, oracle switches to a one-hour EMA of mark. Following listing, public-equity oracle applies; market-cap units remain under current rules. No shares are delivered.
- Scheduled no-IPO resolution date: 2028-09-02
- No IPO: Scheduled no-IPO resolution uses a six-month trailing mark TWAP. Early settlement uses a 30-day mark TWAP. Operator may change criteria.
- Acquisition: The operator may settle to a confirmed acquisition market capitalization; without a confirmed value, reviewed rules use a 30-day trailing mark TWAP. Operator discretion applies.
- New funding rounds: Private financing rounds may enter the external oracle aggregate. No automatic reset or shareholder entitlement is specified.
- Share changes: Contract references market capitalization. No automatic per-share rebase for private share changes is specified in the reviewed Entropy documentation.

## Fees, eligibility, and risks
Venue maker/taker fees, possible Freeport builder fees, funding and execution costs. Check the final order preview; published venue base rates are not all-in Freeport fees.

Subject to Freeport terms, applicable law, and venue restrictions. Entropy excludes the United States and other listed jurisdictions.

Loss of collateral, leverage and liquidation, slippage, thin liquidity, variable funding, sparse private-market inputs, oracle and operator discretion, changed lifecycle terms, smart-contract failures, and collateral risk.

## Data and primary sources
- Current quote: https://www.freeportmarkets.com/api/pre-ipo-markets?market=openai
- Completed daily trade candles: https://www.freeportmarkets.com/api/pre-ipo-markets?market=openai&history=1
- Specifications JSON: https://www.freeportmarkets.com/data/pre-ipo-specs.json
- Data dictionary: https://www.freeportmarkets.com/docs/market-data.md
- assets: https://docs.entropy.io/asset-directory/pre-ipo-assets
- contract: https://docs.entropy.io/market-types/pre-ipo-perpetuals
- oracle: https://docs.entropy.io/pre-ipo-perp-mechanics/oracle-price
- mark: https://docs.entropy.io/pre-ipo-perp-mechanics/mark-price
- funding: https://docs.entropy.io/pre-ipo-perp-mechanics/funding-rate
- fees: https://docs.entropy.io/pre-ipo-perp-mechanics/fees
- resolution: https://docs.entropy.io/pre-ipo-perp-mechanics/no-ipo-resolution
- liquidation: https://docs.entropy.io/risk-and-margining/maintenance-margin-and-liquidation
- margin: https://docs.entropy.io/risk-and-margining/margin-modes
- restrictions: https://docs.entropy.io/legal-and-disclaimers/restricted-jurisdictions
- terminal: https://app.freeportmarkets.com/trade?market=OAI
- freeportTerms: https://www.freeportmarkets.com/terms-conditions.html
- exchangeMetadata: https://api.hyperliquid.xyz/info (POST type=metaAndAssetCtxs, dex=io)