Pre-launch markets let you trade the idea of a token before it’s live – price discovery, speculation, hedging, and, sometimes, airdrop hunting. They’re spicy. They’re confusing. And they don’t behave like normal perps.
Hyperliquid and Aevo lead the pack with two different approaches: Hyperliquid’s hyperps (oracle-free, funding vs a moving average) and Aevo’s pre-launch futures (hard leverage caps, no funding). Both matter right now because on-chain derivatives are exploding in volume – Hyperliquid just posted a record August.
What are pre-launch markets?
A pre-launch market is a derivatives contract that tracks a token before it lists anywhere. Once the token lists, the contract typically converts to a standard perp tied to a real index/spot. That bridge – from “price of hype” to “price with spot” – is the whole game. On Aevo, these contracts automatically become regular perps after TGE/listing.
Where they trade (and how they differ)
Hyperliquid: hyperps in a nutshell
- No external spot oracle. Funding is determined relative to a moving-average hyperp mark price instead of spot – meant to reduce manipulation during pre-TGE periods with thin or nonexistent spot.
- Leverage & risk framing. Third-party research notes up to 3× leverage on hyperps and market-wide OI caps as risk controls (figures can change; check live specs).
- Real-world traction. Hyperliquid just set a monthly revenue record (~$106M fees) on nearly $400B volume – evidence these markets aren’t niche anymore.
Aevo: pre-launch token futures
- Hard leverage cap. Initial margin 50% (max 2×), maintenance 48%, plus position size caps. No index price and no funding – design choices to tame volatility before listing. Settles in USDC. Fees: taker 25 bps, maker −10 bps rebate, liquidation 5%. Specs can be updated; always check the docs page.
- Incentives. Aevo runs programs like Aevo Airdrops for active pre-launch traders/stakers (eligibility tiers apply; not guaranteed).
Quick comparison
| Feature | Hyperliquid (hyperps) | Aevo (pre-launch futures) |
|---|---|---|
| Oracle / Index | No external spot oracle; funding vs moving-average hyperp mark | No index price; no funding |
| Funding | Yes, relative to hyperp MA | None |
| Leverage (typical) | Up to ~3× (per third-party research; verify live) | Max 2× (50% initial margin; 48% maintenance) |
| Caps / Limits | Market OI caps noted by researchers | Max position size (e.g., $50k; subject to change) |
| After TGE | Hyperp can transition to standard perp | Converts to regular perp |
| Incentives | — | Aevo Airdrops / trading campaigns (terms vary) |
Sources: Hyperliquid docs; Aevo docs; Keyrock research on hyperps; Aevo airdrops page.
Caution: Specs (leverage, caps, fees) change often. Always re-check the live docs before publishing.
Funding, margin, liquidation – plain English
- Funding keeps perp prices tethered. On Hyperliquid pre-launch markets, funding is computed vs a moving-average hyperp mark – no spot oracle – so funding can behave differently around news bursts. On Aevo pre-launch, there’s no funding at all. Your PnL is driven purely by entry/exit.
- Margin sets how big you can go. Aevo’s 50% initial margin → max 2×; maintenance 48% means you can be liquidated fast if you size to the edge.
- Liquidations can cluster when positioning is crowded, which is common around airdrop/points news.
Airdrops and points: do trades qualify?
Sometimes. Aevo has run Aevo Airdrops for active pre-launch traders and AEVO stakers – volume multipliers by tier. None of this guarantees allocations for any specific token; terms can change mid-campaign. Treat airdrops as optional upside, not the plan.
What the market is telling us (right now)
On-chain perps have gone mainstream this year. Hyperliquid just printed a record August (fees ≈ $106M; volume ≈ $400B), with multiple outlets tracking its rising share vs centralized venues. That backdrop explains why pre-launch venues get so much attention: they’re liquid, 24/7, and fast to list narratives.
Case study: when pre-launch goes off the rails
Recent XPL pre-market action on Hyperliquid saw a whale-driven spike, swept liquidity, and a wave of liquidations – prompting the team to introduce new safeguards. Translation: pre-launch is fragile; single players can move it. Risk settings matter.
Risk controls you can actually use
- Sizing: Pre-launch ≠ blue-chip perp. Use smaller notional, wider stops.
- Leverage: Stay well below the platform max. 1–1.5× goes a long way.
- Funding awareness: On Hyperliquid, funding can flip with momentum; on Aevo, there’s none – so no “carry” either.
- Events calendar: Track TGE windows, unlocks, and campaign deadlines; liquidity changes around them.
- Kill-switch: Pre-define a max daily loss; walk away when hit.
- Counterparty/platform risk: Use reputable venues; keep only active margin on the exchange.
How this ties to tokenomics (don’t skip)
Pre-launch prices often reflect FDV fantasies more than near-term circulating cap. After listing, unlock schedules and emissions smash into reality. If you only look at the pre-TGE price, you’ll miss the dilution curve that drives medium-term PnL. Link this article to your tokenomics explainer to help readers model that curve.
Step-by-step: a simple pre-launch trade template
- Pick venue + contract. Confirm leverage rules, fees, caps on the docs page.
- Set thesis + invalidation. What specific event/pricing disqualifies your idea?
- Size small. Pre-launch slippage is real; keep room for error.
- Track funding (if any). On Hyperliquid, funding vs MA can whipsaw around momentum bursts.
- Pre-program exits. Scale out before listing day chaos; don’t hold out for the perfect print.
- Record everything. Screenshots, fills, fees. You’ll need it for review (and taxes).
FAQs
Do pre-launch markets predict listing price?
Sometimes they’re decent signals; often they overshoot on hype, then normalize when real float and borrow appear.
Why does Aevo block funding on pre-launch?
To avoid circular pricing when there’s no spot index; funding with no spot can be gamed. Aevo leans on hard margin rules instead.
Why does Hyperliquid avoid a spot oracle?
Hyperps compute funding vs a moving-average mark to reduce oracle manipulation during pre-TGE periods.
Can trading help with airdrops?
Sometimes – e.g., Aevo Airdrops for active pre-launch traders/stakers. Read the current terms; nothing is guaranteed.
Conclusion
Pre-launch markets are where narratives price in before reality shows up. Hyperliquid and Aevo built two credible but very different systems; learn the rules, size with respect, and assume the tape can move faster than your fingers.
