Hyperliquid and Binance perp trading highlights blockchain challenge to Wall Street after SpaceX IPO

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Highlights

SpaceX perpetual futures on Hyperliquid traded between $153 and $180 before the first stock trade at $150, with $1.2 billion in volume on debut day.
SpaceX shares opened at $150, hit an intraday high of $176.52, and closed at $160.95, achieving a market capitalization above $2.1 trillion.
The close tracking of SpaceX perp pricing and stock trading intensifies competitive pressure on traditional exchanges as products like perps gain market relevance.

Perp pricing tracks SpaceX debut

As reported by CNBC, perpetual futures linked to SpaceX on exchanges such as Hyperliquid and Binance are drawing attention after traders used them as an early way to express views on the company ahead of its initial public offering. The contracts, known as perps, have no expiration date and are gaining traction among international traders while also becoming more relevant to U.S. market structure.

As bankers worked to price the offering and early indications pointed to a first price as high as $175, SpaceX perps on Hyperliquid traded as high as $180 around the opening bell and as low as $153 before the first stock trade at $150. More than 7 million SpaceX perps traded on Hyperliquid on Friday for over $1.2 billion in volume, according to exchange data compiled by CNBC, while about 500 million SpaceX shares changed hands in the debut session.

After reaching an intraday high of $176.52, SpaceX closes at $160.95, giving it a first-day market capitalization of more than $2.1 trillion. David Schamis, founding partner at Atlas Merchant Capital and chief executive of Hyperliquid Strategies, says the contracts are not simply a retail speculation tool and argues that perp markets are increasingly leading price formation ahead of listings.

Pressure builds on traditional exchanges

The close alignment between perp pricing and SpaceX’s early stock trading is keeping pressure on traditional exchanges as investment products evolve toward event contracts and perpetual futures. Earlier this month, shares of CME, Cboe and Nasdaq slid after Kalshi announced it will offer perpetual futures under the supervision of the Commodity Futures Trading Commission.

By conventional finance standards, the SpaceX offering is still viewed as a smooth execution despite its scale. Jared Dillian, author of the Daily Dirtnap, says bankers priced the deal effectively by allowing a modest first-day rise without leaving excessive money on the table, while avoiding trading disruptions.

For digital-asset advocates, the episode offers support for the idea that decentralized exchanges can provide a new trading layer for major securities. Hyperliquid’s tradable token is up more than 150% this year, according to CoinMarketCap data, and Schamis says crypto-based rails rather than bitcoin’s short-term price moves may prove the more durable part of the sector’s long-term value.

In our earlier coverage of SpaceX’s IPO debut, we highlighted the bullish case built around the company’s multiple business lines, including Starlink, computing services, and satellite and launch operations. We also noted how the deal’s fixed-price structure was viewed as a way to curb flipping and support steadier post-listing trading, with potential catalysts ahead such as index inclusion and heightened activity around early reporting milestones.

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