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SPCX perpetual futures on Hyperliquid flipped Solana (SOL). The tokenized version of SpaceX also broke above $1B in daily volumes on HIP-3.
Crypto natives are starting to warm up to SPCX trading, achieving the most active day of trading following the IPO on June 12. Based on Hyperliquid volumes data, SPCX volumes moved ahead of Solana (SOL) trading, while moving close to the volumes of the ETH/USD trading pair.
SPCX recovered from the initial slump to briefly trade nearly $230 on HIP-3. The decentralized trading contract trades at a premium compared to the price on traditional markets, which hovers at around $192.
SPCX activity on Hyperliquid picked up four days after the IPO, as the perpetual futures contract traded with up to 20% premium to traditional markets. | Source: Hyperliquid HIP-3As a result, the Hyperliquid venue may become an arbitrage tool, offering a more volatile version of SPCX trading. At one point, the premium on Hyperliquid was over 20% above traditional markets. Hyperliquid also valued the SPCX IPO higher even before the shares started trading.
Hyperliquid has also become a market for quickly flipping SPCX, a move that has been discouraged for traditional retail investors.
As Cryptopolitan reported, crypto companies could not get direct exposure to SPCX allocations, leading to the shift to futures trading on Binance and Hyperliquid. Currently, Binance holds over 60% of perpetual futures trading for SPCX, but Hyperliquid’s markets are catching up.
SPCX becomes a top 3 asset on HIP-3
In the past 24 hours, SPCX trading became more active. HIP-3 contracts increased their maximum leverage from 5X to 10X, building the opportunity for risky directional bets.
SPCX reached $302.33M in open interest on HIP-3, with over $1.1B in volumes for the past 24 hours. The
The current SPCX trading follows a trajectory similar to crypto tokens, with significant influence from whales. SPCX traders are still waiting for the effect of the accelerated index inclusion when SPCX gets added to the Nasdaq and the S&P500 in the next two weeks. Pension fund buying may become a major factor for the new stock, leading to accelerated trading on HIP-3.
HIP-3 traders attempt to short SPCX
Despite the general enthusiasm for SPCX, HIP-3 whales are predominantly going short on the stock. A total of 36 positions are shorting SPCX, with most carrying unrealized losses. The biggest short position is at $23.34M notional value, carrying $4.38M in unrealized losses.
Only 24 whales have taken a long position on SPCX, with the biggest position at around $21M in notional value.
At this point, short positions may bet on the normalization of SPCX trading and a shrinking premium compared to traditional markets. Long positions are simply bullish on SPCX, after the stock made Elon Musk the first trillionaire in business.
SPCX is also appealing to crypto traders for its signs of momentum and conviction. As a result, the perpetual futures version trades with some similarities to meme stocks or even meme tokens. As a result, short positions are squeezed for significant losses.
The current perpetual futures trading is a snapshot of sentiment just days after the IPO. In the coming months, SPCX will face other factors, including the SpaceX Q2 results and the first unlocks for large-scale early investors.
SPCX is the latest opportunity for crypto traders to recover some of their losses from the past nine months since October 2025, by focusing on direct access to equities and trying to capture directional moves.
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