Binance, Aster List $OPENAI Perp At $1,600 Before $1T IPO

Key Points

• Binance Futures listed the OPENAIUSDT Pre-IPO Perpetual and Aster DEX listed $OPENAI as an RWA perp on the same day, May 26, 2026, with the underlying tokenized share trading near $1,600.
• OpenAI is targeting a September 2026 IPO at a $1 trillion valuation with Goldman Sachs and Morgan Stanley advising, after a $122 billion March 2026 funding round priced the company at $852 billion.
• Aster DEX gives any wallet permissionless access to OpenAI pre-IPO price discovery with up to 5x leverage, 0% maker fees, 50-millisecond block times, and a 1.2x trading points bonus active until June 2.

Binance Futures listed the OPENAIUSDT Pre-IPO Perpetual and Aster DEX listed the $OPENAI RWA perp on the same day, May 26, 2026, with the tokenized OpenAI share trading near $1,600 ahead of the company’s $1 trillion target September IPO. Shunyet Jan, head of spot and derivatives at Binance, said the $280 million in five-day volume from the SpaceX Pre-IPO Perpetual gave the exchange confidence to expand the category. For a DeFi wallet on Aster, the contract opens permissionless 5x leverage on pre-IPO equity exposure with 0% maker fees.

Binance Futures Adds $OPENAI Perp After $280M SpaceX Test

The OPENAIUSDT Pre-IPO Perpetual is margined and settled in USDT and tracks the market-implied share price of OpenAI Group PBC, not the actual stock. No equity ownership is involved.

Binance launched the SpaceX Pre-IPO Perpetual earlier in 2026 as the first product in this category, and the contract crossed $280 million in cumulative trading volume within five days of launch.

That demand gave Binance the structural signal to expand. Shunyet Jan, head of spot and derivatives, framed the SpaceX volume as the trigger for a full pre-IPO product category.

OpenAI is the second listing. The reference asset is the OpenAI Group PBC valued at $852 billion after the March 2026 funding round that raised $122 billion.

The contract is a price-tracking derivative, not equity. Settlement remains in USDT, and exposure ends at the perp’s mark price rather than any underlying share.

Aster DEX Mirrors The Listing With 5x Leverage On-Chain

The more interesting story for DeFi traders is Aster DEX taking the same trade on the same day.

Aster listed $OPENAI as a Real World Asset perpetual with up to 5x leverage. The exchange runs on its own chain with 50-millisecond block times and 0% maker fees.

Aster recently launched native chase orders, the first of their kind on a DEX, which automatically reprice every second to track the best bid or ask.

A 1.2x trading points bonus runs until June 2, 23:59 UTC, which means early volume is being actively incentivized on the decentralized side.

The Aster market accepts long and short positions, letting wallets express directional bets on the September listing without a brokerage account.

For a DeFi wallet, the Aster listing is the meaningful one. It gives users in restricted regions, and any wallet on Aster’s chain, direct access to OpenAI pre-IPO price discovery with no KYC.

Strip away the wrapper and this is permissionless leverage on the most-anticipated tech IPO of 2026, with arbitrage between Binance and Aster keeping the price tight across both venues.

Why The $1T September IPO Reframes The Perp Price Range

OpenAI is being prepared for a September 2026 IPO at a $1 trillion valuation, with Goldman Sachs and Morgan Stanley advising.

The tokenized OPENAI stock on PreStocks is already trading near $1,600, against a $3.2 million market cap and roughly 2,003 OPENAI tokens in circulation. The 24-hour volume sits around $1.35 million to $1.43 million.

OpenAI’s revenue run rate is $24 billion annualized, with a projected $14 billion in 2026 losses and no path to profitability before 2030 per Coin Gabbar’s review of the disclosure stack.

This builds on our earlier read on chain-level Secondary Markets infrastructure, which framed how Ethereum and rivals compete for RWA settlement.

The pre-IPO perp is the rare RWA wrapper where retail wallets get earlier and more permissionless access than accredited-investor SPVs offered through Forge Global, EquityZen, or Linqto.

If a wallet wants to track the broader RWA tokenization stack, browse RWA Insider’s Secondary Markets coverage for the latest reads.

The single biggest catalyst still ahead is the public S-1 filing with the SEC, which will tighten the price discovery range as the listing date approaches.

Whether the $OPENAI perp converges on the $1 trillion IPO mark or unwinds on a delay depends on whether the September listing holds. The S-1 filing and the first month of dual-venue volume will tell.

Track more Secondary Markets coverage from RWA Insider as pre-IPO and tokenized equity perpetuals expand through 2026.