Tesla-linked crypto derivatives saw a burst of activity after Elon Musk unveiled a flying Roadster prototype, sending traders into around-the-clock crypto markets while U.S. equities were closed. On Hyperliquid, the TSLA perpetual contract recorded a jump in hourly volume from $2.8 million to $47 million, making it the contract’s second-busiest day since launch.
Trading spikes while U.S. stocks are shut
Overnight trading on Hyperliquid’s Tesla contract rose from $2.8 million to $47 million within a single hour, an increase of about 1,580%, according to the report. The move happened while U.S. stock markets were closed.
The contract price climbed about 4.9% to roughly $378 after Musk demonstrated the prototype on Oct. 15. The vehicle uses SpaceX thruster technology. Tesla’s TSLA shares had closed at $362.44 before the demo.
With only nine hours on the daily candle, the session had already become the contract’s second-busiest day since it was listed a year ago.
Binance leads in volume, Hyperliquid leads in open interest
RootData figures showed Binance remained the biggest venue for Tesla-linked crypto trading, with $279 million in 24-hour volume versus Hyperliquid’s $159 million.
Hyperliquid, though, held the highest open interest at $99 million.
Tesla shares were up about 4.5% in premarket trading.
Not a tokenized share
The TSLA product on Hyperliquid, listed through Trade.xyz, is a perpetual future tied to Tesla’s stock price, not a tokenized share.
It settles in USDC, offers up to 20x leverage and does not require a brokerage account. Because it trades around the clock, it was one of the few ways traders could bet on Tesla’s price while Nasdaq was closed.
Crypto venues become the first reaction market
The move highlighted how always-open crypto exchanges are increasingly becoming the first place investors react to news involving traditional companies.
Tesla is due to report third-quarter earnings on Oct. 21.