Coinbase Pre-IPO Perps Push Crypto Rails Deeper Into Private Markets

TL;DRCoinbase has launched pre-IPO perpetual futures, beginning with SpaceX exposure for eligible non-US traders.The product turns private-company price speculation into a 24/7 crypto-rails derivatives market.The opportunity is clear, but so are the risks: these contracts are synthetic, volatile and not the same as owning private shares.Private-Market Exposure Moves Onto Crypto RailsCoinbase’s move into pre-IPO perpetual futures is turning one of the hottest corners of private-market specu