Pre-launch Perpetuals

Pre-Launch Perpetuals are markets that enable trading of tokens before their official launch. When the token launches and begins trading on external exchanges (e.g., Binance), the Demex Pre-Launch Perpetual converts into a standard perpetual contract.

Key Features

Pre-Launch Perpetuals have several unique characteristics that distinguish them from standard perpetual contracts on Demex:

• No underlying spot oracle price during the pre-launch phase

• Taker Fees start at 30 bps and decrease to 21 bps depending on your fee tier

• Maker Rebates start at 15 bps and increase to 20 bps depending on your fee tier

• Max leverage 5x

Existing pre-launch perps on Demex and their supply assumptions

1. $HYPE (Hyperliquid) is assumed to have a total supply of 1 billion tokens

Pre-launch to Vanilla Perpetual Conversion

Pre-launch markets are converted to standard perpetual contracts when the token has a spot listing on centralized exchanges.

Supply Rebasing

Sometimes, a token's expected total supply during the pre-launch phase differs from the actual total supply at launch. This discrepancy can cause significant price differences between pre-launch and launch prices.

To handle such scenarios, Demex implements a rebasing mechanism to adjust pre-launch markets to match the actual launch token supply.

Rebasing Process Example

Suppose a hypothetical token $COIN launches a pre-launch market with an expected total supply of 1 billion tokens. The token trades at $1 on Demex, implying traders expect a $1 billion fully diluted valuation (FDV).

If $COIN's team decides to launch with a 10 billion total supply instead of 1 billion, Demex would need to rebase all positions. Positions are rebased to reflect the new supply:

• If Alice holds 10 contracts at $1 per $COIN (worth $10)

• After rebasing, Alice holds 100 contracts at $0.1 per $COIN (still worth $10)

• The notional value of positions remains unchanged

• Trading resumes with the rebased values

Important Notes

• All rebasing events are announced in advance through platform notifications and social media

• Users' position notional values remain unchanged through the rebasing process

• Your liquidation price will adjust by the same ratio as the price change. For example, if the price is divided by 10, your liquidation price will also be divided by 10

Getting Started

To trade Pre-Launch Token Perpetuals on Demex:

1. Navigate to the Perpetuals section

2. Look for markets tagged as "Pre-Launch"

3. Deposit USDC as collateral

4. Begin trading with the specified parameters

For more information about specific pre-launch markets or upcoming token launches, please refer to our announcements on social media or contact our support team.