SpaceX IPO fuels $1.4 billion trading frenzy on Hyperliquid as SPCX perp becomes HIP-3’s biggest market
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In one of the most highly anticipated and highest-valued IPOs in history, Elon Musk's SpaceX debuted on the Nasdaq last Friday at a valuation of over $1.7 trillion.
Key facts
In terms of the broader HIP-3 ecosystem, stock-linked perps collectively saw over $18.8 billion of volume in the first half of June, against $7.66 billion for crude oil and Brent combined
With HIP-3 markets now serving as a 24/7 venue for hedging and speculation on U.S. equities outside cash-session hours, it has pulled open interest and fee revenue away from centralized markets
For added context, in the three weeks before SPCX's IPO, the xyz:SPCX pair had averaged $26 million in volume per day
In one of the most highly anticipated and highest-valued IPOs in history, Elon Musk's SpaceX debuted on the Nasdaq last Friday at a valuation of over $1.7 trillion
Summary
For added context, in the three weeks before SPCX's IPO, the xyz:SPCX pair had averaged $26 million in volume per day. In terms of the broader HIP-3 ecosystem, stock-linked perps collectively saw over $18.8 billion of volume in the first half of June, against $7.66 billion for crude oil and Brent combined. The mix has rotated decisively from commodity perps that dominated the first quarter of 2026 to equity perps, likely as the broader U.S. stock market corrected and volatility picked up last week from late May and early June. With HIP-3 markets now serving as a 24/7 venue for hedging and speculation on U.S. equities outside cash-session hours, it has pulled open interest and fee revenue away from centralized markets and equity CFD venues, which previously dominated offshore retail equity speculation.