Hyperliquid’s SpaceX-linked perpetual futures market is maintaining robust open interest near $170 million, underscoring persistent trader interest in synthetic exposure to the newly public rocket company even as its Nasdaq-listed shares have fallen sharply from early post-IPO levels.
The decentralized exchange’s xyz:SPCX contract, which tracks SpaceX equity without requiring ownership of actual shares, has become one of the most closely watched real-world asset markets on the platform in the weeks following the June listing.
SpaceX priced its initial public offering (IPO) at $135 per share on June 12, 2026, and closed its debut session near $161 after strong first-day demand. Since then the stock has retreated, recently trading in the mid-$110s after briefly touching post-IPO lows near $111.
On Hyperliquid the synthetic perpetual has followed a similar path, recently indicated around $116. Despite the price weakness, open interest has held firm in the $170 million range on recent snapshots, after earlier peaks that pushed aggregated figures across venues above $250 million around the IPO window.
Pre-IPO Buildup and IPO-Day Surge Drive Early Volume
The Hyperliquid SpaceX market launched in mid-May 2026 under the HIP-3 framework through builders such as Trade.xyz. From the outset it functioned as a continuous, 24/7 price-discovery venue for a company that had previously been accessible mainly to private-market investors.
Early trading saw the contract climb well above the eventual IPO reference price, at times implying valuations near $2.5 trillion before converging closer to the $135 offer level as listing approached.
Open interest accumulated steadily in the run-up. By early June, Hyperliquid alone frequently showed more than $100 million in open interest, while total open interest across Hyperliquid, Binance and other platforms exceeded $215–250 million. Cumulative volume across venues reached the low billions of dollars in the weeks before the IPO.
On listing day itself, Hyperliquid recorded approximately $1.4 billion in SPCX perpetual volume, a figure that represented a significant share of the platform’s HIP-3 activity that session and helped establish the exchange as a primary venue for synthetic SpaceX exposure.
The contract’s design proved advantageous during the transition. Because the perpetual is synthetic and settles via funding rates against a mark price rather than requiring physical share delivery, it avoided the allocation and settlement frictions that affected some centralized tokenized-share products. After the Nasdaq open, the Hyperliquid market automatically shifted from pure pre-IPO discovery to a standard equity-linked perpetual that continues to track the live public price with leverage available up to 20 times.
Around the IPO, Dinari introduced a fully backed tokenized SpaceX equity product, $SPCXD, for spot trading on Hyperliquid’s HyperCore layer. While the spot tokenized shares added another on-chain avenue, the large majority of reported volume and open-interest figures have continued to center on the perpetual futures market, where leverage and continuous trading attract active speculative and hedging flows.
Sustained Open Interest Reflects Ongoing Speculative Demand
In the post-IPO period the stock’s decline has tested the market’s resilience. Selling pressure, concerns over upcoming share unlocks, and broader market caution have pushed SpaceX shares lower from their first-day highs. Yet Hyperliquid open interest has not collapsed.
This persistence highlights several structural features of the Hyperliquid market. Traders can express directional views or hedge exposure around the clock, including weekends and after traditional equity market hours. Funding rates periodically rebalance long and short positions, while the high leverage available amplifies both gains and risks.
Read: SpaceX’s Tokenized Stock Adds 25% Holders in a Month While Volume Drops 31%
Earlier episodes, including a sharp pre-IPO flash crash that liquidated more than $1.5 million in positions, illustrated the volatility that can accompany thin order books or sudden sentiment shifts. Nevertheless, spreads have tightened considerably since launch, and daily volumes have remained meaningful relative to the open interest outstanding.
The SpaceX market also fits into Hyperliquid’s broader growth in real-world asset perpetuals. Equity-linked and commodity contracts under the HIP-3 framework have accounted for a rising share of platform volume and open interest, helping push Hyperliquid’s total open interest into the multi-billion-dollar range.
For SpaceX specifically, the combination of pre-IPO discovery, IPO-day liquidity, and continued post-listing activity has demonstrated how decentralized infrastructure can support large-scale synthetic trading of high-profile traditional assets.
Also read: Can SpaceX Stock Reclaim $175 as August Share Unlock Nears?
