The Beluga Brief
Posts
🐳 Weekly Edition: Hyperliquid SPCX Perp Hits $1.4B in 24hr Volume on Historic IPO Day

🐳 Weekly Edition: Hyperliquid SPCX Perp Hits $1.4B in 24hr Volume on Historic IPO Day

Could pre-IPO price discovery be moving onchain?

Beluga & Will McKinnon
June 12, 2026

Bitcoin and the crypto market as a whole continue to swing back and forth as neither Trump nor the Iranian leadership seem to be able to agree on whether or not a deal has been made. Like something straight out of a movie, Iranian media has even accused the White House of manufacturing the ceasefire story to keep the markets happy heading into the SpaceX IPO.

Hyperliquid SpaceX Perpetual

It may not be a token, but SPCX has still dominated onchain trading this week as the SPXC perp on Hyperliquid has done almost $1.4B in volume in the last 24 hours alone. The market is what’s known as a “synthetic perpetual” which functions by tracking a reference price and settling in cash, without ever actually transferring actual shares.

This has obvious beneficial implications from a regulatory angle, but it also meant that Hyperliquid (and the underlying issuer Trade.xyz) avoided the embarrassing fate several other venues met: Binance, Bybit, and Bitget were also forced to cancel their tokenized SpaceX allocation campaigns after xStocks was unable to source the shares. Binance alone had pulled in over $500M in subscriptions only for participants to end up leaving with empty hands.

This was a major test for the tokenized perp model, and despite some volatility and liquidations I think it’s safe to say it was a resounding success — even CNBC was tracking the price of SpaceX on Hyperliquid!