1. What Are Pre-IPO Perpetual Futures?
Pre-IPO perpetual futures allow users to trade before an underlying company's official market debut. Users gain exposure to changes in the company's implied valuation — this does not constitute ownership of shares or equity in the company.
Since a pre-IPO company's total outstanding shares may not yet be publicly disclosed, the platform uses a default share count as the basis for futures pricing. Pre-IPO perpetual futures are initially priced using 1 billion shares as the default share count. Once more accurate share data becomes available, the platform may perform a Rebase adjustment.
2. What Is a Rebase?
A Rebase is a proportional adjustment to futures terms.
In simple terms:
- If the actual share count exceeds the default, the futures price is reduced proportionally.
- The user's position size is increased proportionally.
- Overall position value and account equity remain unchanged in principle.
Since the default share count is 1 billion, the Rebase multiplier can be expressed as:
Rebase Multiplier = Actual Disclosed Shares ÷ 1,000,000,000
Example: If a company discloses an actual share count of 2 billion, the Rebase multiplier is 2.
Item | Pre-Rebase | Post-Rebase |
|---|---|---|
Position Size | 10 contracts | 20 contracts |
Mark Price | 1,300 USDT | 650 USDT |
Position Value | 13,000 USDT | 13,000 USDT |
The price appears to decline, but the position size increases proportionally — your overall position value is unaffected by the Rebase itself.
3. What Does a Rebase Affect?
The system automatically adjusts the following during a Rebase:
Item | Adjustment |
|---|---|
Position Size | Multiplied by the Rebase multiplier |
Mark Price | Divided by the Rebase multiplier |
Average Entry Price | Divided by the Rebase multiplier |
Liquidation Price | Adjusted by the Rebase multiplier |
Position Value | Remains unchanged in principle |
Account Equity | Remains unchanged in principle |
Minor discrepancies may occur due to price and quantity precision constraints.
4. Can I Trade During a Rebase?
The platform temporarily restricts trading around a Rebase to protect users and maintain market stability.
Phase | Permitted | Restricted |
|---|---|---|
Pre-Rebase window | Close, reduce, cancel orders | Open, add to positions; modify or set new TP/SL orders |
Rebase in progress | — | All trading operations suspended |
Post-Rebase window | Close, reduce, cancel orders | Open, add to positions; set new TP/SL orders |
Normal trading resumed | Full trading | No additional restrictions |
Refer to official platform announcements and on-page notifications for specific timing.
5. Will My Existing TP/SL Orders Be Retained?
No.
Once a Rebase begins, the system cancels all existing take-profit and stop-loss orders on the affected futures, including:
- Full-position TP/SL orders
- Partial-position TP/SL orders
- Conditional orders
- Trigger orders
- Trailing orders
- Strategy / Bot orders
These orders will not be automatically reinstated after the Rebase. Users must reconfigure them based on the adjusted position size and pricing.
6. Why Does the Price Change So Significantly After a Rebase?
A large price movement following a Rebase reflects the proportional repricing of the futures — not a sudden change in the underlying company's value, and not a proportional change in your account equity. The system adjusts your position size simultaneously to keep your overall position value as consistent as possible.
7. What Do Users Need to Do?
The Rebase is handled automatically by the system. No manual adjustment to positions is required.
That said, users are advised to:
- Monitor platform announcements and on-page alerts ahead of any Rebase.
- Close or reduce positions proactively before a Rebase if you wish to exit.
- Review your position size, average entry price, and account equity once the Rebase is complete.
- Reconfigure all TP/SL orders after the Rebase.
8. Risk Disclosure
The companies underlying Pre-IPO perpetual futures have not yet been officially listed. Their actual share count, valuation, listing timeline, and listing outcome are all subject to uncertainty. The default 1 billion share count serves solely as an initial pricing basis and does not reflect the company's actual outstanding shares.
A Rebase is a mechanical proportional adjustment. It does not guarantee profitability, nor does it reflect the company's actual IPO price.
Pre-IPO perpetual futures may be subject to significant price volatility. Users are strongly advised to manage position sizes and leverage with caution.