FTX has opened up trading of a new derivative contract tied to Robinhood ahead of the trading app’s initial public offering. 

Robinhood submitted its S-1 to go public at the end of March. FTX CEO Sam Bankman-Fried hinted back in December that the exchange might launch a pre-IPO Robinhood contract.

It wouldn’t be the first such product that FTX has rolled out. The exchange created markets for synthetic shares in Coinbase and Airbnb ahead of their market debuts. The pre-IPO contract is designed to roll into a tokenized representation of the real stock once it is listed.

As for Robinhood’s FTX debut, the contract (ticker: HOOD) was trading at around $90 at the time of writing.