According to Odaily, SpaceX’s listing on Nasdaq last Friday at a valuation of more than $1.7 trillion was followed by a sharp increase in trading activity for SpaceX-related HIP-3 perpetual contracts on Hyperliquid. The main focus was the SPCX perpetual market, where the xyz:SPCX trading pair became one of the most active instruments across the HIP-3 ecosystem on the day of the IPO-driven move.
SPCX volume jumps to $1.4 billion in a single day
Data cited in the report shows that xyz:SPCX reached $1.4 billion in daily trading volume. That amount represented 30% of all HIP-3 trading volume for the same day, giving the SpaceX-linked perpetual contract a large share of activity within the category. The figure also shows how strongly the IPO event expanded trading interest around on-chain derivatives tied to stock exposure.
The contrast with earlier activity was substantial. In the three weeks before the SpaceX IPO, xyz:SPCX had an average daily trading volume of only about $26 million. Compared with the $1.4 billion recorded on the day highlighted in the report, the increase shows that the IPO materially amplified trading volume for the SpaceX-linked market on Hyperliquid.
Stock-linked perpetuals outpace some commodity contracts
The broader HIP-3 data also points to stronger activity in stock-linked perpetual contracts. In the first half of June, cumulative trading volume for stock-linked perpetuals exceeded $18.8 billion. By comparison, crude oil and Brent crude perpetual contracts together recorded $7.66 billion in volume over the same period.
Based on those figures, stock-linked perpetual contracts in the HIP-3 ecosystem traded at a higher volume than the combined total of those two traditional commodity-linked perpetual markets. The report states that, as high-profile stocks such as SpaceX enter on-chain trading venues, platforms including Hyperliquid are becoming an important entry point for crypto users seeking exposure to traditional assets through perpetual contracts.