SpaceX IPO Drives Hyperliquid’s SPCX Perpetual Futures Volume to $1.4 Billion

SpaceX, Elon Musk’s space company, has completed its initial public offering, and trading in a SpaceX-linked perpetual futures contract on Hyperliquid surged alongside it.

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 accounted for about 30% of all HIP-3 trading volume that day. The contract had averaged only about $26 million in daily volume during the three weeks before the IPO, underscoring the scale of the jump.

The growth of stock-linked perpetual futures has also drawn attention. In the first half of June, trading volume in HIP-3-based stock perpetual futures totaled $18.8 billion, far exceeding the $7.66 billion traded in WTI crude and Brent crude perpetual futures over the same period.

Industry participants say demand, which had been centered on commodities through the first quarter, has recently shifted toward stock-linked products as volatility in U.S. equities increased and enthusiasm for large IPOs gathered pace.

Hyperliquid, which offers a 24-hour market for stock perpetual futures, is drawing some demand from overseas retail investors who had traditionally used CFD platforms or centralized exchanges.

Hyperliquid’s ecosystem token, HYPE, also benefited. With trading fees used to fund token buybacks, the token rose about 10% on the day of the SpaceX IPO, the report said.