SpaceX synthetic perpetual futures are averaging $18M in daily volume on Hyperliquid and Binance as crypto traders speculate on the company's IPO valuation.

The SpaceX IPO hype fuels a crypto shadow market, enabling traders to bet on pre-listing prices using perpetual futures.

Traders are using synthetic contracts to speculate on SpaceX's potential IPO, with $18M daily trading volume. Crypto exchanges target retail demand.