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Crypto futures platform WOO X started a prelaunch perpetual futures market that lets users bet on the prices of upcoming tokens that have yet to be issued, a representative told CoinDesk on Wednesday.

Such markets can enable traders to engage in price discovery and hedging strategies well before the tokens are officially launched.

Individual projects will be vetted for premarket listing based on a due diligence process, expected listing timeline, quality of project, and expected liquidity of the token upon listing, WOO X said.

Subject to market conditions and regulatory compliance, upon the token’s official launch and listing on major exchanges, the prelaunch perpetual futures contract will seamlessly convert into a regular perpetual futures contract.

The ORDER token of Orderly Network, an on-chain liquidity provider, is being offered as the first on the market, with prices down 5% since its listing at 08:00 UTC.

The protocol’s native WOO tokens are up 4.5% in the past 24 hours, beating a 2.5% rise in the broad-based CoinDesk 20.