Hyperliquid’s HYPE token touched $75.96 on June 16, setting a new all-time high as traders flooded into SPCX-USDC, a perpetual futures contract that tracks SpaceX’s implied valuation. The previous record of roughly $75.48 to $75.52, set earlier this month, lasted about two weeks before the latest leg up erased it.
SPCX and the SpaceX IPO speculation machine
Hyperliquid launched the SPCX-USDC perpetual contract on May 18 under its HIP-3 framework, which governs how synthetic real-world assets get listed on the decentralized exchange. The debut was far from quiet. SPCX pulled in $33 million in trading volume on its very first day.
In the weeks since, cumulative open interest on the contract has surpassed $100 million. The perpetual contract doesn’t give you actual SpaceX equity. You’re betting on where the market thinks SpaceX’s valuation will go, not buying a slice of the rocket company.
The HYPE flywheel: fees, buybacks, and burns
