Coinbase International Exchange has completed the conversion of its SPCX-PERP contract from a pre-IPO market instrument to a standard stock perpetual future. The shift coincides with SpaceX’s anticipated IPO, turning what was once a speculative bet on private company valuations into a derivative that tracks publicly listed share prices.
How the transition worked
The conversion process involved a trading pause, cancellation of all open orders, and a rebasing of existing positions. Coinbase designed the switch to be P&L-neutral, meaning traders’ profit-and-loss positions carried over without artificial gains or losses from the mechanical change itself.
The SPCX-PERP contract continues to offer up to 5x leverage and settles in USDC. It trades around the clock, seven days a week, with no expiry date.
Pre-IPO trading saw strong demand
