A synthetic perpetual contract tracking SpaceX shares just crossed $1.3 billion in notional trading volume in a single day. That’s not a typo, and it happened entirely on-chain.
The SPCX perp, built by TradeXYZ on the Hyperliquid blockchain, hit the milestone on June 12, the same day SpaceX officially debuted on Nasdaq at $135 per share. Reports peg the peak volume at $1.34 billion, making it one of the largest single-day performances for any synthetic asset product in crypto history.
How we got here
TradeXYZ launched the SPCX perpetual contract back on May 17-18, roughly a month before SpaceX’s anticipated IPO. The contract debuted with a reference price of $150, which implied a valuation of approximately $1.78 trillion for SpaceX at the time.
SPCX traded in a range between $162 and $185 around its debut window, well above the official IPO price of $135. Daily volumes for SPCX had been building steadily, crossing $300 million and then surging past $500 million on separate occasions before the record-breaking session. Cumulative SPCX-related volume across all trading venues exceeded $2 billion prior to that June 12 peak.
