SpaceX IPO fuels $1.4 billion trading frenzy on Hyperliquid as SPCX perp becomes HIP-3's biggest market

In one of the most highly anticipated and highest-valued IPOs in history, Elon Musk's SpaceX debuted on the Nasdaq last Friday at a valuation of over $1.7 trillion. Meanwhile, Hyperliquid’s HIP-3 perp for SPCX (xyz:SPCX) recorded $1.4 billion in volume on the day, as the pair accounted for 30% of all HIP-3 volume that session.

For added context, in the three weeks before SPCX's IPO, the xyz:SPCX pair had averaged just $26 million in volume per day.

In terms of the broader HIP-3 ecosystem, stock-linked perps collectively saw over $18.8 billion of volume in the first half of June, against $7.66 billion for crude oil and Brent combined.

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The mix has rotated decisively from commodity perps that dominated the first quarter of 2026 to equity perps, likely as the broader U.S. stock market corrected and volatility picked up last week from late May and early June.