SpaceX (SPCX) Price on Hyperliquid

SPCX is a perpetual referencing SpaceX (Nasdaq: SPCX) on Hyperliquid via trade.xyz. It launched as a pre-IPO synthetic, priced the largest IPO in history on June 12, 2026, and converted to a standard equity perp after the listing. It trades 24/7 with up to 20x leverage and USDC margin.

SPCX is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 20x leverage.

HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals.

SPCX started life as a pre-IPO perpetual, which is what makes it the reference case for the whole category. Before SpaceX had a ticker, the contract was one of the only liquid venues anywhere to take a directional view on the company, and it tracked the listing closely enough that the June 12, 2026 IPO validated the model rather than embarrassing it. SpaceX priced at $135 per share, raised roughly $75 billion in the largest IPO ever, opened at $150, ran as high as $176 intraday, and closed its first session at $160.95. The contract then converted to a standard equity perp. What it offers now is different from what it offered pre-listing but still not replicable at a broker: 24/7 trading including weekends and overnight, up to 20x leverage on isolated USDC margin, one-click shorting, and no brokerage account or jurisdictional gatekeeping. Newly public mega-caps trade on news flow that lands at unpredictable hours (Starship test outcomes, Starlink revenue updates, government contract awards, Elon Musk statements), and SPCX is open when Nasdaq is not. It sits in the same margin account as BTC, ETH, and HYPE perps, which is the practical draw for anyone running the space and defense theme alongside crypto rather than in a separate brokerage.

SPCX-PERP now references the listed Nasdaq share price through the trade.xyz oracle rather than the pre-IPO secondary-market feed it used before June 2026. Leverage was raised from 5x to 20x after the listing, and as a HIP-3 builder market the base fee schedule is 0.09% taker and 0.03% maker. Volatility has stayed severe: the stock hit an all-time high near $225 within days of the debut before pulling back hard, and 20x on a name that moves like that is a fast route to liquidation. Catalysts to watch are Starship launch cadence and anomalies, Starlink subscriber and revenue disclosures, NASA and DoD contract awards, lockup expiry windows, and the first few earnings prints, which have no historical baseline for the market to anchor on. Funding tends to run positive during execution streaks. Because the underlying is now a liquid listed equity, the perp tracks it far more tightly than it did in the pre-IPO era, but weekend gaps still land in the perp first.