SpaceX (NASDAQ: $SPCX) perpetual futures contracts have become the biggest market on decentralized exchange Hyperliquid (CRYPTO: $HYPE).
Hyperliquid’s SpaceX perps, as perpetual futures are known, recorded $1.4 billion U.S. in trading volumes on June 12, the day of the SpaceX initial public offering (IPO).
That makes SpaceX perps the biggest market on Hyperliquid, accounting for about 30% of all trading volume on the exchange.
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Stock-linked perps are growing quickly on Hyperliquid and collectively accounted for $18.8 billion U.S. of trading volumes in the first half of June.
Perpetual futures are derivative contracts that allow people to speculate on the price of a stock or cryptocurrency without actually owning the asset.
Unlike traditional futures contracts, perps have no expiration date, meaning you can hold a position indefinitely, making them popular with investors.
The perps market had been dominated by commodities such as crude oil and cryptocurrencies such as Bitcoin (CRYPTO: $BTC).
However, the market for perps has broadened out to include stocks, with popular names like SpaceX coming to dominate trading volumes.
Hyperliquid serves as around the clock venue for hedging and speculation on U.S. stocks outside regular market hours.
SPCX stock has risen more than 20% since its June 12 IPO. The stock is currently trading at $192.50 U.S. per share.
