Perpetual Futures Passed The Test By Predicting Where SpaceX Would Open
Hyperliquid’s SPCX perpetual futures traded within what became the stock’s first-day range for most of the week before the IPO, giving traders a continuous 24-hour read on investor sentiment before Nasdaq opened.
SpaceX closed its first day at $160.95, valuing the company at $2.2 trillion. The shares jumped another 20% to $192.46 Monday.
“The SpaceX premium was not a forecast,” said D2 Finance portfolio manager Luca Parlamento. “It was exposure that re-priced the second a cash market existed to re-price against. That is what pre-IPO perps actually are: a place to hold the opening basis until the bell.”
SPCX became Hyperliquid’s second-most active market after Bitcoin on listing day, with volume slowing to around $500 million in the following 24 hours.
