SpaceX IPO Spurs $1.4 Billion in Hyperliquid SPCX Perpetual Futures Trading
Forecast Trend Report by Period
SpaceX, Elon Musk’s space company, has completed an initial public offering, driving a sharp surge in trading of Hyperliquid’s SpaceX-linked perpetual futures.
The Block reported on June 15 that “xyz:SPCX,” a SpaceX perpetual futures product in Hyperliquid’s HIP-3 ecosystem, recorded about $1.4 billion in trading volume on the day of the IPO.
That was roughly 30% of total HIP-3 trading volume for the day. The increase was dramatic given that SPCX averaged only about $26 million in daily trading volume in the three weeks before the IPO.
Stock-linked perpetual futures have also been gaining traction more broadly. In the first half of June, trading volume in HIP-3-based stock perpetuals totaled $18.8 billion, far exceeding the $7.66 billion traded in WTI and Brent crude perpetual futures during the same period.
The industry says demand, which had been concentrated in commodities through the first quarter, has recently shifted toward equity-linked products as volatility in US stocks has increased and enthusiasm for large IPOs has grown.
By offering a 24-hour market for stock perpetual futures, Hyperliquid has also been drawing part of the overseas retail demand previously handled by CFD, or contract-for-difference, platforms and centralized exchanges.
Hyperliquid’s core ecosystem token, HYPE, also benefited. As trading fees are used to fund token buybacks, the token rose about 10% on the day of the SpaceX IPO, according to the report.
