SpaceX (NASDAQ: $SPCX) perpetual futures contracts have become the biggest market on decentralized exchange Hyperliquid (CRYPTO: $HYPE).
Hyperliquid’s SpaceX perps, as perpetual futures are known, recorded $1.4 billion U.S. in trading volumes on June 12, the day of the SpaceX initial public offering (IPO)
That makes SpaceX perps the biggest market on Hyperliquid, accounting for about 30% of all trading volume on the exchange. More From Cryptoprowl: Stock-linked perps are growing quickly on Hyperliquid and collectively accounted for $18.8 billion U.S. of trading volumes in the first half of June. Perpetual futures are derivative contracts that allow people to speculate on the price of a stock or cryptocurrency without actually owning the asset.
Unlike traditional futures contracts, perps have no expiration date, meaning you can hold a position indefinitely, making them popular with investors. The perps market had been dominated by commodities such as crude oil and cryptocurrencies such as Bitcoin (CRYPTO: $BTC). However, the market for perps has broadened out to include stocks, with popular names like SpaceX coming to dominate trading volumes.