SpaceX IPO drives $1.4B in Hyperliquid trading, SPCX perp leads

SpaceX’s initial public offering triggered roughly $1.4 billion of trading on the Hyperliquid exchange after the company’s shares began public trading. The SPCX perpetual futures contract, added under Hyperliquid Improvement Proposal 3 (HIP-3), recorded the highest volume and open interest among markets launched under the proposal.

The SPCX perpetual lets traders hold positions linked to SpaceX’s IPO price without an expiration date. Positions are maintained with margin and periodic funding payments that align the contract with the underlying public share price.

Participants ranged from retail traders and short-term speculators to institutional entities. Some used the SPCX contract for leveraged exposure to price moves, others for short-term trading, and institutions for hedging directional risk. Market makers and liquidity providers increased quotes and capacity to handle the surge in orders.

Hyperliquid logged about $1.4 billion of transactions tied to the IPO during the opening sessions, and funding rates and bid-ask spreads shifted as long and short balances changed. Volume and open interest in SPCX outpaced other single-asset and equity-linked contracts added under HIP-3.

HIP-3 is the protocol framework that governs how new markets are proposed, approved and launched on Hyperliquid. The SPCX listing used that framework to list a single-asset, equity-linked perpetual shortly after SpaceX’s public debut.

Perpetual contracts are common in digital-asset trading and allow continuous positions through periodic funding exchanges between long and short holders. On Hyperliquid, activity tied to SpaceX’s IPO concentrated in the SPCX perpetual, which accounted for the largest share of the platform’s IPO-related trading.