SpaceX IPO助攻！Hyperliquid成散戶新戰場，股票合約半個月成交188億鎂

SpaceX goes public to boost, decentralized platform Hyperliquid stock contracts half-month trading surpasses $18.8 billion; but due to operator consolidation, OpenAI and Anthropic contracts have ceased trading.

SpaceX assists, Hyperliquid perpetual stock contracts trading volume surges

Elon Musk's company SpaceX (stock ticker: SPCX) went public last Friday on NASDAQ, with a valuation exceeding $1.7 trillion, and after the stock price rose yesterday, the market cap further broke through $2.5 trillion, making Hyperliquid, a decentralized trading platform, quite active. In its HIP-3 perpetual contract market, contracts linked to SpaceX (xyz:SPCX) on the day of listing hit a trading volume of $1.4 billion, accounting for 30% of all HIP-3 market trading volume during the same period.

According to The Block, in the first three weeks before SpaceX's IPO, the average daily trading volume of the xyz:SPCX contract was only $26 million, but it rapidly increased after listing. On the second day after SpaceX's listing, 24-hour trading volume still reached the level of $1 billion.

Image source: HyperDash Hyperliquid's xyz:SPCX on the second day after SpaceX's listing, 24-hour trading volume still around $1 billion.

Within the entire HIP-3 ecosystem, perpetual contracts linked to stocks in the first half of June exceeded $18.8 billion in total trading volume, vastly surpassing the combined $7.66 billion in crude oil and Brent crude oil perpetual contracts.

Hyperliquid leverages 24-hour trading to capture overseas retail stock markets

The Block analysis suggests that this trading trend shift is mainly because, from late May to early June, the US stock market experienced corrections and increased volatility, causing market funds to shift from commodity perpetual contracts, which dominated in Q1, to stock perpetual contracts.

Currently, the HIP-3 market has become a venue for US stocks to hedge and speculate around the clock outside regular trading hours. It has successfully attracted a large number of open interest and fee income from centralized markets and stock CFD platforms that previously dominated overseas retail stock speculation.

This shift has also created a new dependency for Hyperliquid. Hyperliquid allocates about 97% of trading fees to an aid fund, establishing a direct link between trading volume and token demand through an automatic buyback mechanism.

Large IPOs like SpaceX, the biggest in history, serve as recurring catalysts, driving the HYPE token price up about 10% on the day of SpaceX's listing, and as of writing, the price surged to $69, approaching the historic high of $75.48 in early June.

Image source: CoinGecko HYPE token price has recently been on an upward trend

HYPE spot ETF trading volume approaches $900 million

Meanwhile, about a month after the launch of the first HYPE spot ETFs, there are currently three products on the market, including 2THYP issued by 21Shares, BBHYP issued by Bitwise, and GHYPG issued by Grayscale.

All three ETFs hold HYPE tokens directly and transfer staking rewards to investors. Since their launch, the total trading volume has approached $900 million, with net inflows reaching $153 million.

Based on current HYPE staking levels, the annualized reward rate is approximately 2.25%. The trading volume distribution among these three products is uneven, mainly concentrated in BBHYP and 2THYP, while GHYPG, the latest launched, is still gradually growing in volume.

HIP-3 market consolidation, OpenAI and Anthropic contracts cease trading

However, after SpaceX, those looking to continue deploying large IPO perpetual contracts on Hyperliquid, such as investors in OpenAI and Anthropic, may need to seek other avenues.

According to CoinDesk, Ventuals, one of the teams responsible for providing real-world asset (RWA) perpetual contracts on Hyperliquid, announced it would close its market and join another project within the ecosystem, causing the perpetual contracts linked to OpenAI and Anthropic valuations to stop trading, with all open positions automatically settled.

These contracts previously allowed traders to speculate on the valuation changes of these companies before they went public. The team stated that during its operation, it generated over $650 million in trading volume.

Image source: X Ventuals announced it would close its market and join another project within the ecosystem, leading to the halt of perpetual contracts linked to OpenAI and Anthropic valuations.

This closure highlights the accelerating consolidation among HIP-3 market operators. Another Hyperliquid native project, TradeXYZ, has become the dominant player, accounting for nearly 97% of HIP-3 market trading volume.

Including the aforementioned pre-IPO perpetual contracts for SpaceX, provided by TradeXYZ, which accurately predicted SpaceX's strong debut and the opening price breaking $135.

According to data from DefiLlama, as crypto trading platforms extend their reach into traditional Wall Street markets, Hyperliquid has processed a total of about $234 billion in perpetual contracts over the past month.

Further reading:
11 employees, earning $900 million annually! How Hyperliquid founder built the largest Perp DEX without relying on fundraising

Hyperliquid challenges Polymarket! New prediction markets to replace oracle governance with "Validator Governance"