Elon Musk’s SpaceX began public trading on Nasdaq last Friday at a valuation above $1.7 trillion, marking one of the largest debuts on record. The listing immediately fueled activity in crypto-linked derivatives, with the SPCX perpetual contract under the HIP-3 protocol recording $1.4 billion in volume in a single session, accounting for 30% of all HIP-3 trading that day.
Trading volumes and activity accelerate sharply
In the three weeks before the listing, SPCX averaged $26 million in daily volume, a stark contrast to the spike seen during the debut. The increase came alongside a broader rise in equity-linked perpetual trading on HIP-3, which reached $18.8 billion in the first half of June. That figure far exceeded the $7.66 billion recorded across crude oil and Brent futures combined on the platform.
The shift reflects changing market behavior as volatility in U.S. equities increased from late May into early June. Traders moved away from commodity-linked contracts, which had dominated earlier in 2026, and toward equity exposure that could be accessed beyond traditional market hours.
Equity-linked derivatives gain ground over traditional markets
HIP-3’s structure allows around-the-clock trading and hedging on U.S. equities, drawing activity away from traditional derivatives and contract-for-difference platforms. This shift has also supported liquidity for Hyperliquid’s native token, HYPE, which rose about 10% on the day SpaceX shares began trading.
At the same time, several digital platforms abandoned planned offerings of tokenized SpaceX shares after failing to secure enough underlying stock. Funds were returned to users, and speculative demand concentrated further into SPCX perpetual contracts.
Post-listing data shows sustained momentum
Following the debut weekend, SPCX has maintained an average daily volume of $950 million. Open interest has stabilized near $4.2 billion, representing roughly a quarter of total open interest on HIP-3.
Funding rates have remained negative since the start of the week, indicating traders holding short positions are paying a premium to those with long exposure. This suggests expectations of a moderation in price after the initial surge tied to the listing.
Fee generation and token stability strengthen
The increase in activity has reshaped the derivatives mix on the platform. Equity-linked contracts generated $2.4 million in fees within 72 hours of SpaceX’s debut, more than double the fees from commodity futures over the same period.
HYPE has held above $155 despite a broader market dip. The token’s stability is linked to the protocol capturing about 0.08% of total notional trading volume as revenue, effectively creating a yield tied to trading activity.
Focus shifts to upcoming ipo-linked contracts
Attention is now turning to future listings, with firms such as Anthropic and OpenAI expected to test whether this momentum can continue. Early activity in Anthropic’s pre-listing futures has already exceeded $200 million in notional volume, with pricing تشير to a potential debut valuation near $150 billion.
These upcoming launches are likely to determine whether demand for equity-linked perpetuals and HYPE can be sustained through mid-2026.
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