Tesla-Linked Crypto Derivatives Volume Jumps 1,580% After Musk Reveals Flying Roadster Prototype

Trading in Tesla-linked crypto derivatives surged while U.S. stock markets were closed after Tesla Chief Executive Officer Elon Musk unveiled a new Roadster prototype with flight capability.

CoinDesk reported on October 16 that Musk showcased the flying Roadster prototype on October 15, using SpaceX thruster technology. Following the reveal, the price of a perpetual futures contract tracking Tesla shares on decentralized derivatives exchange Hyperliquid rose about 4.9%.

Tesla shares 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 surged 1,580% to $47 million from $2.8 million.

The jump in activity was also notable. The contract recorded its second-busiest trading day since listing about a year ago. Given that only about nine hours had passed since the start of the trading day, the move underscored strong market interest.

According to RootData, Binance posted the largest 24-hour trading volume in Tesla-linked products at $279 million, while Hyperliquid recorded $159 million. Open interest, however, was highest on Hyperliquid at $99 million. Tesla shares also rose about 4.5% in premarket trading.

The surge shows how 24-hour crypto derivatives markets are being used to reflect company-specific news during hours when traditional financial markets are closed. Hyperliquid's Tesla-linked product is not a tokenized security representing 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 up to 20 times leverage without a separate brokerage 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.