The IPO perp race has a hidden winner. Pyth Pro is the reason exchanges can launch markets for the biggest new listings from day one. Most traders only see the ticker appear. I’m more interested in what had to be ready before the first trade even existed. An IPO has no public price until the opening auction prints. There is no chart, history or mature feed waiting to be reused. Exchanges may have demand lined up, but without reliable pricing at the opening bell, there is no serious perp market to launch. Pyth has now solved that cold-start problem repeatedly. CRCL, FIG, CBRS and SPCX all arrived with day-one Pyth feeds. For Cerebras, where IPO demand reportedly ran 20x oversubscribed, the CBRS feed went live with the first Nasdaq cross and remained available across the full 24/5 trading window. Coinbase, Binance, Lighter, Trade[XYZ], Aster and Avantis were among the exchanges using it. SPCX pushed the signal even further. The Pyth team says essentially every exchange listing SpaceX today is powered by Pyth. That should matter to the $HYPE and $BNB crowd. The hottest new perp markets are not won after launch. They are won before the opening bell, when exchanges secure the data needed to list while attention and demand are at their highest. Pyth’s advantage comes from sourcing prices directly from exchanges, market makers and trading firms involved in price discovery. It is not waiting for a wholesale vendor to create the feed and pass it through another layer. Four major IPOs. Four feeds ready on day one. That looks less like a lucky streak and more like a repeatable infrastructure advantage. As equity perps expand, the market-data provider that consistently arrives at the opening bell becomes difficult for exchanges to replace. Pyth Pro is building that position now. Explore Pyth Pro: https://app.pyth.com/explore #Altcoin Season# #RWA