According to industry sources, on July 16, Coinbase listed perpetual futures (SKHY-PERP) tracking SK Hynix ADR, allowing traders to bet on price movements with up to 20x leverage and 24-hour trading without holding underlying shares.
Binance's SK Hynix ADR product (SKHYUSDT) generated $1.56 billion in 24-hour trading volume as of July 15, ranking third among Binance perpetual futures. Crypto exchanges are expanding beyond listed stocks to pre-IPO companies; Trade.xyz offers perpetual futures on China's largest DRAM maker, CXMT, before its official listing, enabling global investors to trade expected valuations without direct market access.