How to trade OpenAI, Anthropic and other pre-IPO companies inside Binance Wallet

01What you are actually trading

You never get a share of OpenAI. What you open is a contract whose price follows what the market thinks the company will be worth when it finally lists — and your result is the difference between the price where you opened and the price where you closed, paid in the stablecoin you used as margin. No certificate arrives anywhere, you have no shareholder rights, and nothing is held for you. Binance calls this product a pre-IPO perpetual, launched on 21 May 2026 starting with SpaceX, and says the price is anchored to publicly available valuation signals, share-count data and market expectations.

That is the part most people get wrong before they look. A pre-IPO funding round really is for funds and large investors; a pre-IPO perpetual is just a futures contract, open to a regular account with a regular balance. The mechanics are exactly the ones described on our page about perpetual futures in Binance Wallet — margin, leverage, funding, liquidation on the mark price — so this page sticks to what is specific about companies that have not listed yet.

02Which pre-IPO pairs are in the wallet right now

Here is what the Perpetuals tab showed on 21 October 2026. The prices are the contract's own numbers, not a share price you could look up on a stock exchange — nothing is listed yet. Some pairs are priced in USDT, others in USD1, another dollar stablecoin the wallet accepts as margin; the company and the price are the same, only the coin you put up is different. The volume column is the trading in the wallet over the previous 24 hours, and it is worth a look before you choose: when a company has two pairs, one of them is usually where most of the trading happens.

Two things are worth reading out of that table. First, the same company often exists as two pairs, and the busier one is not always the one you tapped first — OpenAI's USD1 pair traded about $3.2M while its USDT twin traded around $4K, so compare the two before you open anything. Second, these numbers move every day: if you want the full current list with every stock, commodity and pre-IPO pair side by side, it is in the live Binance Wallet markets table. There is also one pre-launch token pair, PREDICT, which works a little differently and has its own page.

The switches above the chart — All history, 30 days, 7 days — change how far back you are looking, which is the quickest way to see whether a move is a long trend or just this week's news. Under the chart there is an "If you had put 100 USDT" line that converts the window you picked into money, and that usually tells you more than the price numbers do.

Anthropic is the quieter of the two AI names in the tab, and here it is the USDT pair that carries most of the trading, with leverage up to 10x rather than 20x. The chart is worth a look for the same reason: it shows you how jumpy the price has been before you decide on your size.

Switch between All history, 30 days and 7 days to compare a calm week with the whole run, and read the "If you had put 100 USDT" line under the chart as what that amount would have done over the window on screen — up or down.

03What happened to SpaceX: the full cycle, from pre-IPO to a normal stock perpetual

The fear that a contract like this "just vanishes on IPO day" is the easiest one to answer, because it has already been tested in public. Binance listed the SpaceX pre-IPO perpetual on 21 May 2026, and SpaceX listed on Nasdaq on 12 June 2026 at $135 a share. The contract was not closed and trading did not stop — Binance moved it into a standard stock perpetual. Binance said the contract then became its second most traded product after bitcoin perpetuals, with more than $5.6 billion traded in 24 hours on 13 June. The same contract is still in the wallet and still trading — about $34M on 21 October.

The price path through all of that is not a straight story. After the launch the highest daily close in the wallet was 208.34 on 25 May; the contract then traded as low as 107.92 on 31 July and was 161.74 on 21 October. The Nasdaq listing on 12 June is simply a day in the middle of that line.

The mark on 12 June is the Nasdaq listing day, and you can see for yourself that the line carries straight on through it instead of stopping. Use the All history, 30 days and 7 days switches to zoom in or out, and the "If you had put 100 USDT" line under the chart to turn whichever window you choose into money.

Inside the period after the listing the numbers do compare directly. The contract fell to 107.92 on 31 July and was 161.74 on 21 October, about 50% above that low. Put it in money: a 100 USDT long opened at the July low, at 1x, would be worth about 150 USDT now, before fees and funding. Turn it around and the risk is just as plain: if you went long near today's 161.74 and the price went back to the July low, that same 100 USDT would be worth about 67, and at 10x leverage the trade would have been closed long before you got there.

04How to open a trade, step by step

1. Open the Perpetuals tab

   It is inside Binance Wallet in the Binance app, and on web3.binance.com. Your wallet needs a completed backup — without one, perpetual contracts stay locked. The general walk-through is on our page about placing a trade in Binance Wallet.

2. Find the company and check which pair you are on

   Search for OPENAI, ANTHROPIC, MOONSHOT, OURA or POLYMARKET. You will often see two entries for the same company. Look at the quote currency (USDT or USD1) and at the 24-hour volume, and pick the busier one unless you have a reason not to.

3. Have the matching balance ready

   Your margin sits in your own wallet on BNB Smart Chain, in USDT or USD1 depending on the pair. If you are on a USD1 pair with only USDT in the wallet, swap first or switch to the other pair.

4. Choose leverage deliberately

   Pre-IPO pairs run from 5x to 20x depending on the pair and the size of your position — Polymarket showed up to 5x, Anthropic up to 10x, OpenAI up to 20x. The slider does not make you richer; it decides how small a move closes your trade. For a first look, the lowest setting the pair offers is plenty.

5. Use a limit order, not a market order

   A limit order lets you name the price you are willing to pay instead of taking whatever is on offer at that second. Set your price, send the order, and let it wait. Before confirming, check the fee shown in the window and the estimated liquidation price.

6. Set your exit before you walk away

   Attach a take profit and a stop loss in the same window. These contracts react to news about funding rounds, filings and listing dates at any hour, including weekends, and you will not be watching the screen all the time.

05What to watch once the position is open

Funding comes first. A perpetual has no expiry date, so longs and shorts exchange a small payment at set times — every 8, 4 or 1 hour depending on the contract. The exchange does not keep it, but it comes out of your balance while you hold, and on a crowded one-sided market it is not small. The rate and the next payment time are shown on the pair's page; our funding explainer covers how to read them.

News moves these contracts in jumps. A reported valuation, a filing, a leaked date — pre-IPO prices live on expectations, and expectations can reprice in minutes while you sleep. That is exactly why a stop loss and a modest position size matter more here than on bitcoin. Your profit and your liquidation are also calculated on the mark price, a fair price blended from several sources, not on the last price flashing on the screen. So a sudden spike in the last price will not automatically give you profit, and it will not automatically close your trade either.

Listing dates slip. If an IPO is postponed or cancelled, Binance says it gives advance notice and settles contracts through a transparent process, so read the announcements for the company you are holding and do not plan around a date as if it were fixed.

Fees are shown in the order window before you confirm. In the Perpetuals tab crypto pairs are 0% maker and 0.04% taker, while stock and commodity pairs charge 0.0125% on the taker side, so check which number appears for your pair rather than assuming.

06If something does not work

• The Perpetuals tab is greyed out or asks for something: finish the wallet backup first — Quick Backup, cloud backup with a recovery password, or a QR code. A keyless wallet has no 12-word seed phrase, so do not go looking for one.
• Your order sits unfilled: that is normal for a limit order. Check the pair's 24-hour volume and whether the company's other pair trades more, and move your price closer to the market rather than raising your size.
• The balance is there but the order is rejected: look at the quote currency. USD1 pairs need USD1, USDT pairs need USDT, both on BNB Smart Chain.
• Something looks wrong with a fill or a liquidation: execution in this tab comes from Binance's partner, the Aster protocol — the screen says "Provided by Aster" — so trade-level questions go to Aster support, not Binance support.
• The pair you read about is missing: availability and listings change. Open the live table and look at what is actually trading today.

One more practical point before you start: access. Aster's terms exclude residents of, and people located in, Russia, Ukraine, the USA, Canada, the United Kingdom, China, North Korea, Cuba, Iran, Venezuela and Syria, and Binance Wallet itself is available only to a verified Binance account. Check in the app during sign-up whether the Perpetuals tab opens where you live. If you would rather start with the busiest pairs in the tab — gold turned over about $330M in 24 hours on 21 October — the stocks, gold and oil pairs in the same tab are a calmer place to learn the buttons.

When you are ready to try it with a real amount, open Binance Wallet, finish the backup, keep 20–30 USDT on the pair you chose and the lowest leverage it offers, and treat the first trade as tuition rather than an investment. You will learn more from one small position with a stop loss than from a week of reading about valuations.