TradeXYZ’s SPCX perpetual market on Hyperliquid spiked to $228.74 after Nasdaq closed, extending SpaceX-linked trading beyond normal U.S. equity-market hours.
The move came after SPCX ended regular Nasdaq trading near $192.50, up about 19.6% on the session. The after-hours crypto perp print put the Hyperliquid market well above the stock’s latest traditional-market level and nearly 70% above SpaceX’s $135 IPO price.
The volume was just as important as the price. The SPCX perp on Hyperliquid exceeded $1 billion in 24-hour trading volume again, confirming that SpaceX-linked perpetuals have become one of the most active equity-style markets on crypto rails.
SPCX has become one of the clearest examples of 24/7 equity-linked price discovery moving onto crypto infrastructure. Unlike regular shares, the TradeXYZ contract is a perpetual derivative. It gives traders synthetic exposure to SpaceX-linked pricing but does not represent ownership of SpaceX stock, voting rights, dividends or a direct claim on Class A shares.
Backpack’s Solana SPCX Also Sees Heavy Demand
The SpaceX trade is not limited to Hyperliquid. Backpack’s tokenized SPCX on Solana also drew heavy activity, with trailing 24-hour volume surpassing $60 million.
That gives the market two different crypto-native tracks for the same equity narrative. TradeXYZ’s Hyperliquid product is a perpetual derivative built for leveraged long and short exposure. Backpack’s Solana product is a tokenized stock product issued through Backpack Securities and brought onchain through Sunrise.
The distinction matters for users. Perps are synthetic trading instruments. Tokenized stocks are designed to track equity ownership exposure through a different structure, with minting and redemption mechanics tied to the issuer’s framework. Traders may group both under the SPCX ticker, but the rights, risk profile and settlement mechanics are not the same.
Hyperliquid Becomes The After-Hours SpaceX Market
The latest spike adds to a run of heavy SpaceX-linked activity on Hyperliquid. The SPCX perp had already pulled ahead of Binance by open interest, showing that more outstanding leverage was sitting onchain than on the largest centralized crypto exchange tracking the same theme.
That liquidity concentration matters because open interest measures active positions rather than short-term volume alone. A deeper onchain perp market can become a reference point when traditional markets are shut, especially around high-attention listings such as SpaceX.
Before the Nasdaq debut, SPCX pre-IPO perp volume topped $500 million as traders used synthetic markets to price the listing before public shares began trading. The latest $1 billion-plus volume day shows that activity did not disappear once the stock opened. It shifted into after-hours trading, leverage and cross-venue price discovery.
SpaceX Trade Becomes A Market-Structure Test
The $228.74 print shows how fast crypto derivatives can detach from the latest equity close when demand keeps building outside traditional trading hours. It does not mean SpaceX stock itself traded at that price on Nasdaq. It shows where the perpetual market was willing to price exposure while the stock market was closed.
That gap can be useful, but it can also increase risk. Perps can move on thinner after-hours liquidity, leverage, funding pressure and momentum flows. Traders using SPCX as a stock proxy can face liquidation risk even if Nasdaq shares are not moving at the same time.
For Hyperliquid, TradeXYZ, Backpack and Solana, the bigger signal is product-market fit. SpaceX has turned SPCX into a live test of whether crypto-native markets can become always-on trading rails for public equity narratives. A Hyperliquid perp above $1 billion in daily volume and a Solana tokenized stock above $60 million show that the SpaceX trade is no longer just a Nasdaq story.
