Perpetual Futures

SpaceX stock perpetuals also climbed to $812M notional open interest, concentrated on Hyperliquid and Binance.

The exchange argues the product should be treated as a Dodd-Frank swap and says the agency skipped required analysis.

Commentary pointed to Binance spot selling into the rally and framed $66,000 as near-term upside.

HyperDash data shows margin falling from about $100,000 to roughly $14,000 and all-time perps losses at $803,800.

Analysts called derivatives “the prize” but expect limited near-term earnings impact from the new slate.

The US rollout pairs stock/ETF transfers with a roadmap for options, perps variants, and prediction markets.

The move opens an onshore pathway for a core crypto price-discovery product long dominated by offshore venues.

SPCX perpetuals printed a $159.89 pre-open VWAP, while tokenized “IPO access” campaigns were canceled after allocations failed.

Kalshi says its newly launched U.S. perps crossed $1B in volume, offering an early demand signal.

SPCX pre-IPO perps drew $2.1B on Binance in 18 days and $115M+ OI on Hyperliquid ahead of expected Thursday pricing.

The exchange is pitching the products as regulated derivatives as MiCA’s July 1, 2026 authorization deadline approaches.

The note spotlights $1.06B annualized fees, $220B 30-day perp volume, and $2B+ in cumulative HYPE repurchases since Jan. 2025.

Worldcoin whipsawed from above $0.60 to around $0.40 as Hayes cited a falling SpaceX pre-IPO perp chart.

Negative perp funding and $1.28B in long liquidations met a fresh Zcash infinite-mint bug headline and a DeFi TVL slide.

Liquidation estimates show $2.6B of shorts at risk into $66K versus $1.2B on a drop to $57K, while ETFs logged a $3M inflow.

Hayes cited macro risk and “AI IPO” mania, while 10x Research flagged rich valuation and a June token unlock overhang.

The USDC-settled perpetual futures contract offers eligible international users 24/7 exposure to SpaceX's estimated pre-listing valuation.

The exchange is pairing the bank rails with access to spot markets, perpetual futures, and Advanced Trade on one platform.

Eligible US institutions can onboard immediately via a CFTC-regulated FCM pathway, with broader access expected later.

The $72K–$74K support zone and a $77K reclaim level are in focus as liquidations top $200M.