PiCK
Tesla-Linked Crypto Derivatives Volume Jumps 1,580% After Musk Unveils Flying Roadster Prototype
Summary
- After CEO Musk unveiled a flying Roadster prototype, the price of Tesla-linked perpetual futures on Hyperliquid rose about 4.9%.
- The perpetual futures contract's hourly trading volume jumped about 1,580% to $47 million from $2.8 million, marking its second-most active trading day since listing about a year ago.
- The 24-hour trading volume in Tesla-linked products was $279 million on Binance and $159 million on Hyperliquid, while open interest was largest on Hyperliquid at $99 million.
Forecast Trend Report by Period
Trading in Tesla-linked crypto derivatives surged while US stock markets were closed after Elon Musk unveiled a new Roadster prototype with flight capability.
CoinDesk reported on October 16 that Musk had presented the flying Roadster prototype on October 15 using SpaceX thruster technology. After the reveal, the price of a perpetual futures contract tracking Tesla shares on decentralized derivatives exchange Hyperliquid rose about 4.9%.
Tesla stock ended the regular session at $362.44, but the Tesla-linked perpetual futures contract on Hyperliquid climbed to about $378. Hourly trading volume in the product jumped about 1,580% to $47 million from $2.8 million.
The spike in activity was also notable. The contract recorded its second-busiest trading day since listing about a year ago. With only about nine hours having passed since the start of the trading day, the move underscored strong market interest.
According to RootData, Binance recorded the largest 24-hour trading volume in Tesla-linked products at $279 million, while Hyperliquid posted $159 million. Hyperliquid, however, had the largest open interest at $99 million. Tesla shares also rose about 4.5% in premarket trading.
The surge in trading highlighted how 24-hour crypto derivatives markets are being used to price in company-specific news when traditional financial markets are closed. Hyperliquid's Tesla-linked product is not a tokenized security backed by actual shares, but a perpetual futures contract that tracks Tesla's stock price.
The product was listed through Trade.xyz and is settled in the stablecoin USDC. It allows traders to use leverage of up to 20 times without a separate securities account and can be traded around the clock regardless of Nasdaq regular trading hours.
Tesla is scheduled to report third-quarter earnings on October 21.
