Price the IPO
before the IPO.
OpenAI and Anthropic aren't public. They already trade as perps on Lighter, on Robinhood Chain. PREPS is the live desk for them: price, volume, funding across venues, and where every price comes from.
Every private name, trading now.
Every private-company perp on Lighter, read straight from its public API and live stream. Click a market for its chart, its trades and funding across venues.
OPENAI
Tradeslive
Funding across venuesas reported
A desk that shows its sources.
Who sets the price, on every row
Lighter reports where each market's price comes from. When traders on Lighter set it, the row says price discovery. When it follows an outside feed, it says oracle. Read live, never assumed.
Funding across venues
OpenAI and Anthropic also trade on other exchanges. See Lighter's funding next to Binance and Bybit, as each venue reports it.
Live, from your browser
One snapshot on load, then Lighter's read-only stream: every mark change and every trade as it prints. No server of ours in between.
No valuations, no guesses
A contract price is not a company valuation, and Lighter does not publish a conversion. PREPS shows what the market reports, and nothing it cannot back.
No wallet, no keys
The desk only reads. It never asks you to connect, sign or deposit anything. Trading happens on Lighter itself.
Three steps. Then just watch.
Open the desk
One request loads every market, its price source and funding across venues. No account, no wallet.
Pick a market
OpenAI, Anthropic, SpaceX or Shein. The chart, the tape and the funding panel switch to it.
Read the source
Check who sets the price before you trade it anywhere. Then the stream keeps every number live.
Things it answers at a glance.
$PREPS on Robinhood Chain.
The PREPS token launches on Pons, on Robinhood Chain. The only contract address is the one on this page. Anything else is an impostor.
$PREPS is not needed to use the desk. Verify the address here and on @prepsRH before you buy anywhere.
Perps can lose more than your margin.
These are leveraged futures on companies with no listing. Prices can gap, funding can swing, and positions can be liquidated. PREPS reports what the market says; it does not trade for you and it is not financial advice.
Questions
What is a pre-IPO perp?
A perpetual future on a company that has no public listing. You never own a share; you take a leveraged long or short position on the price the market sets, with funding paid between longs and shorts. On Lighter, OpenAI and Anthropic trade this way today.
Is the price a valuation of the company?
No. PREPS shows the contract's price as Lighter reports it. Lighter does not publish how one contract unit maps to a company valuation, so PREPS does not print one.
What does "price discovery" mean here?
Lighter reports, for every market, where its price comes from. When the source is Lighter's own internal price, traders on Lighter are setting it. When it is an oracle, such as Pyth, the price follows an outside reference. Sources can change, so PREPS reads them live.
Is the data live?
Yes. Your browser reads Lighter's public API and its read-only stream directly. Open your browser's network panel and you can watch the requests go out. If Lighter does not answer, the desk says so instead of showing stale numbers.
Can I trade on PREPS?
Not today. PREPS reads; it never asks for a wallet and never holds funds. Trading happens on Lighter itself.
Who can trade these markets?
Perps on Lighter via Robinhood Chain are restricted in several jurisdictions. Check your own eligibility before trading.