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Decentralized exchange Aster has launched a perpetual futures contract tied to Oura Health’s upcoming IPO, giving crypto traders a way to speculate on the Finnish smart ring maker’s public market debut with up to 20x leverage. The OURA/USD1 Pre-IPO Perpetual went live on September 23, just two days after Oura kicked off its IPO roadshow.
Oura is targeting a Nasdaq listing under the ticker ‘OURA,’ with plans to offer 50 million shares priced between $40 and $44. That puts the company’s fundraising target at roughly $2.2 billion, with a fully diluted valuation in the range of $14.1 billion to $15.6 billion.
What Aster is actually offering
The contract is a synthetic perpetual future, which means it tracks the market-implied price per share of Oura without conferring any actual equity ownership. Traders are placing bets on where they think the stock will land, not buying a slice of the company itself.
All settlement happens in USD1, the dollar-pegged stablecoin created by World Liberty Financial. Aster has been deliberately building out a suite of products that use USD1 as the exclusive settlement asset for its real-world asset and select equity perpetual contracts.
The OURA listing is also eligible for Aster’s USD1 RWA Boost rewards campaign, which runs through December 31, 2026. The program is designed to incentivize liquidity provision across these newer contract types, supported by a fund of nearly $28 million earmarked for earlier listings in the same category.
Aster has been expanding this corner of its platform throughout 2026, with pre-IPO perpetuals already live for SpaceX (under the ticker SPCX) and OpenAI.
Oura’s IPO in context
Oura Health filed its S-1 Registration Statement for a Nasdaq listing and began its roadshow on September 21. At the proposed price range of $40 to $44 per share, the IPO would value Oura at between $14.1 billion and $15.6 billion on a fully diluted basis. Around 73% of the proceeds are expected to benefit existing shareholders rather than flow into the company’s treasury, a structure that suggests early investors and insiders are looking to monetize their positions.
The DeFi angle: pre-IPO perps as a product category
Aster’s pre-IPO perpetual contracts give crypto-native traders access to price action that would normally be walled off behind accredited investor requirements, brokerage accounts, and IPO allocation lotteries.
These are synthetic instruments with no claim on actual equity. There is no dividend, no voting right, no corporate governance participation. The 20x leverage ceiling means a 5% move against a fully leveraged position wipes out the entire stake.
The use of USD1 as the settlement layer is worth noting beyond this single listing. World Liberty Financial’s stablecoin is becoming the backbone of Aster’s RWA strategy, and these pre-IPO products serve as a use case for stablecoin adoption, with every trade flowing through USD1 rails rather than traditional banking infrastructure.
What to watch from here
As the IPO roadshow progresses, the perpetual contract’s price on Aster will reflect real-time sentiment from the crypto side of the market. If the perp trades consistently above the $40 to $44 range, that suggests crypto-native traders are more bullish than the underwriters’ pricing. If it trades below, the opposite.
The risk that regulators eventually take a closer look at synthetic pre-IPO instruments on decentralized exchanges is not trivial. These products effectively allow unregistered, leveraged speculation on securities that have not yet been listed on regulated exchanges.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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