Mechanism · DR
Scalar Derivatives
Perpetual swaps or banded options on scalar variables that look like PM topics (pre-IPO valuations, attention scores, FDV). NOT prediction markets · the trader takes a directional position with leverage and liquidation risk.
Also known as: Perps on scalars · Banded options · Event derivatives
In plain terms
Like a perpetual swap or option, but the underlying is a scalar variable that's also a typical PM topic (pre-IPO valuations, attention scores, FDV).
How it works
Perpetual swap with funding rate (Hyperliquid HIP-3 builder-deployed perps) or option with banded payoff (Stryke CLAMM premium-paid options). NOT a prediction market · the trader takes a directional position with leverage and liquidation risk.
How to identify it
Funding rate, leverage, liquidation, or option-style premium-pay payoffs. The underlying is continuous but the product is a derivative.
Common confusion
Most confused category in coverage roundups. Ventuals (scalar perps on pre-IPO valuations), Noise (attention perps), Premarket (FDV options), Thales (binary options legacy) all get bucketed as 'PMs' but mechanically they're derivatives.
Platforms in this category (3)
- LogX · DeFi SuperApp · perpetuals DEX with leveraged prediction markets on its own Arbitrum Orbit L2
- Ventuals · Trade Perps on Anything, 24/7 · non-deliverable perpetual futures on pre-IPO company valuations
- Premarket · Where markets are born · trade premarket options for TGEs, IPOs and everything else on MegaETH; built by Stryke (formerly Dopex). PIVOTED FROM ARBITRUM/CLAMM TO MegaETH/CLOB.