Binance now controls more than 60% of the entire SpaceX derivatives market across both centralized and decentralized exchanges. One exchange is handling the majority of all synthetic SpaceX trading, everywhere.
The SPCXUSDT perpetual futures contract on Binance recorded over $5.6 billion in 24-hour trading volume as of June 13. Cumulative volume since the contract’s pre-IPO launch has crossed $9 billion, catapulting it to Binance’s second-most traded product overall. Open interest sits at $167.22 million, suggesting traders aren’t just flipping positions for a quick scalp. They’re building and holding them.
How SpaceX became crypto’s hottest trade
The SPCXUSDT perpetual futures contract launched on May 21 as a pre-IPO product, designed to give traders synthetic exposure to SpaceX’s anticipated valuation range of $1.75 to $2 trillion.
During the initial trading phase, Binance executed nearly nine times more trades than OKX, its closest competitor. The data, sourced from Coinglass and CoinMarketCap, covers the full lifecycle from pre-IPO speculation through SpaceX’s post-Nasdaq listing period.
