Before SpaceX has even rung the opening bell on Nasdaq, crypto traders have already cast their vote. The SPCX-USDC perpetual futures contract on Hyperliquid crossed $500 million in 24-hour trading volume, a staggering figure for a synthetic asset tied to a company that hasn’t yet gone public.
The contract is trading at a 20-35% premium above SpaceX’s IPO price of $135 per share, which puts the implied first-day pop somewhere in the range of 27-35%. In English: the crypto market is betting that SpaceX shares will immediately surge once they start trading on June 12.
A pre-IPO frenzy across crypto platforms
Hyperliquid isn’t the only venue running this trade. Binance and Kraken both launched their own versions of SPCX pre-IPO perpetual futures in late May, and the combined cumulative volume across platforms has already exceeded $2-3 billion by early June.
Open interest on Hyperliquid alone has ranged from $150 million to $293 million. That’s serious money parked in leveraged positions on a stock that doesn’t technically exist yet, at least not in the traditional sense.
