What is a pre-TGE market?

A pre-TGE market is a perpetual contract on a token that hasn't had its token generation event yet, so there is no spot price to track. Orderly prices it from the market's own order book instead and applies tight limits: at most 5x leverage, small open-interest caps, and funding that is calculated but not collected. On SilkDEX today: <a href="/perp/PERP_FASTX_USDC_fastx/">FASTX-USDC</a>.

How the price is set

Every minute the order-book midpoint is sampled ((best bid + best ask) ÷ 2).
It is smoothed with a 24-hour exponential moving average (about an 8-hour half-life).
The result is bounded to [initial price ÷ 4, initial price × 4]; the builder sets the initial price from FDV estimates or OTC quotes.

What happens at launch

The builder adds external price sources and ends the pre-TGE phase; the market becomes a regular one, its caps lift and funding is collected. The switch is one-way.

Risks

A pre-TGE market is created and operated by a builder; Orderly doesn't vet, operate or backstop it.
With no outside price anchor, the price only reflects trading in this one thin order book.
The price can move sharply when the token launches.

FAQ

What is the maximum leverage on a pre-TGE market?

5x. There are also a global open-interest cap and a per-user position cap.

Do I pay funding on a pre-TGE market?

No. Funding is calculated, but the settled amount is zero until the market ends its pre-TGE phase.

Source: Orderly: Pre-TGE listing. SilkDEX figures from Orderly's public API as of 2026-10-13.