Thank you for your feedback! Discussions like these from the community are incredibly valuable to us: First off, Pre-IPO perpetuals, as a price discovery tool, inherently carry risks such as price volatility and deviations due to the underlying asset not being publicly traded and having significant pricing discrepancies. The current market trading reflects natural market behavior. Regarding the mark price, you mentioned Hyperliquid, which is also within OKX's price index reference range. The mark price is constructed using a composite index from multiple components. Based on the past 24-hour data, OKX is the largest market for Anthropic-related contract trading, with relatively good order book depth. After receiving your feedback, we conducted a special review of the trading data and found no signs of market manipulation. To clarify further, under the current rules, once the S-1 provides a suggested price, OKX will implement a price cap (Price Band) for the contract as protection. The cap will be set based on the IPO price range, valuation data, and other information disclosed in the S-1 or S-1/A. We welcome further suggestions and communication. As a relatively new product, we will continue to refine and optimize it. 'Pre-IPO Perpetual Futures Rules': https://www.(okx.com)/zh-hans/help/pre-ipo-perpetual-futures