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Pre-IPO perps work best once a company has entered the registered filing process and is only days or weeks from listing. All five cases and HPC submitted to the SEC fell inside that window. They traded as IPOPs for just 1 to 25 days, and their final pre-open quotes landed within 0.44% to 7.23% of the opening price. That window works because the information set gets richer quickly. The S-1 becomes public, the offering range gets revised indications appear closer to the bell. #DailyOrbit