🦤 LEMUR v1.0.0 — Pre-IPO Perpetual Trend Follower

Trade pre-IPO companies as perpetuals on Hyperliquid XYZ. Today that's only SpaceX (xyz:SPCX). When trade.xyz lists Anthropic, OpenAI, Stripe, Databricks, etc., Lemur picks them up automatically via the structural IPOP signature.

Why this strategy exists

Hyperliquid XYZ is one of the only venues where retail can perp-trade private companies. IPOPs (Pre-IPO Perpetuals) are a unique product:

• 24/7 trading (vs 23/5 for equity perps)
• Internal oracle until the company actually IPOs (30-min EWMA price discovery)
• Funding multiplier 0.005 (vs 0.5 for standard XYZ perps — 100x smaller funding cost)
• Discovery Bounds throttle price velocity to prevent gap moves

Lemur captures the directional alpha on these markets while the standard equity perp space lacks them.

Auto-discovery: how Lemur finds IPOPs

Per the trade.xyz design docs, IPOPs have two structural signatures: