Trade SpaceX on Hyperliquid

SpaceX's perp started trading before the IPO and converted to a normal stock perp once the shares listed on Nasdaq.

Updated Fact-checked November 4, 2026 Data as of 2026-11-04 10:16 UTC 12 sources
Short answer

Yes. trade.xyz's xyz:SPCX perpetual references one share of Space Exploration Technologies Corp. Class A common stock (Nasdaq: SPCX), quoted in USD and settled in USDC. It launched as a pre-IPO market and converted to a standard, externally priced stock perp after SpaceX listed on Nasdaq on June 12, 2026. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SPCX traded $209M with $168M open interest at a mark of $136.86 (Hyperliquid API).

Live market data

xyz:SPCX HIP-3 · run by trade.xyz
Live
Mark price
$136.86
24h change
−0.94%
24h volume
$209M
Open interest
$168M
Funding (1h)
+0.0026%
Funding (annualized)
+23.0%
Max leverage
20x
Taker / maker fee
0.009% / 0.003%

Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.

Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.

What xyz:SPCX tracks now

xyz:SPCX references one share of Space Exploration Technologies Corp. Class A common stock (Nasdaq: SPCX), quoted in US dollars and settled in USDC. trade.xyz describes SpaceX as a developer of launch vehicles, spacecraft, satellite communications (Starlink) and AI technology. Since the listing, the market works like any other trade.xyz US-stock perp: an external price 24/5 from pre-market, regular, after-hours and overnight trading, and internal pricing on weekends.

You get price exposure, not shares: no votes, no dividends, no claim on the company.

From pre-IPO perp to stock perp

xyz:SPCX is the clearest example of how a trade.xyz pre-IPO perpetual works. It opened before SpaceX was public, at a discretionary $150 reference price, trading on trade.xyz’s internal mechanism (a 30-minute moving average driven by the order book) with ±30% bands. trade.xyz’s spec listed an anticipated listing date of June 12, 2026, with a 60-day grace period.

SpaceX priced its IPO at $135 a share on June 11, 2026 and began trading on Nasdaq on June 12 (IPOScoop). trade.xyz then converted the market to a standard perp, with the oracle following the external Nasdaq price. The contract was continuous through the switch; positions didn’t close. trade.xyz marks it “Converted” in its pre-IPO index.

The same mechanism now applies to Anthropic, which trade.xyz lists as xyz:ANT.

Hours: 24/5 external price, 24/7 trading

xyz:SPCX trades every hour of the week, but the price it follows doesn’t. trade.xyz’s relayer takes an external price 24/5, from Sunday 8:05 PM to Friday 8:00 PM ET, stitching together pre-market (4:00–9:30 AM), the regular session, after-hours (to 8:00 PM) and the overnight session on Blue Ocean ATS (8:05 PM–4:00 AM). From Friday 8:00 PM to Sunday 8:05 PM ET, and on US equity holidays, the oracle switches to internal pricing: a 30-minute moving average that follows Hyperliquid’s own order book, held inside discovery bounds. When the external feed returns, the price snaps back to it, so weekend positions can gap at the open. Earnings and other big news that lands on a weekend gets priced here first.

SPCX’s weekend bound is unusual: 5% per band with five re-anchors per direction, more room than any other large US stock on trade.xyz (most have one or two). At most that allows roughly +34% / −26% from Friday’s close before a hard cap, which reflects how far a newly listed stock can move.

Watch out for the old Ventuals market

Ventuals, an earlier HIP-3 deployer, ran a SpaceX market (vntl:SPACEX) on a different scale; it still publishes a mark around $2,000 even though it is delisted. Price sites that scrape every Hyperliquid market sometimes show it. It isn’t tradable and isn’t the SpaceX share price.

Contract specs

xyz:SPCX · trade.xyz

Tracks1 share of Space Exploration Technologies Corp. Class A common stock (Nasdaq: SPCX).
Price sourceExternally derived fair price from trade.xyz’s relayer, which aggregates venues and data providers; updated about every 3 seconds.
External hoursExternal price 24/5: Sunday 8:05 PM to Friday 8:00 PM ET (pre-market, regular session, after-hours and the Blue Ocean ATS overnight session).
Outside those hoursFriday 8:00 PM to Sunday 8:05 PM ET and US equity holidays: the market keeps trading and the oracle switches to trade.xyz’s internal pricing (a 30-minute moving average driven by the order book), limited by discovery bounds.
Max leverage20x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits5% per band, 5 re-anchors per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz Specification Index (reviewed November 4, 2026)

How to trade it

  1. Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
  2. Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
  3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
  4. Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for xyz:SPCX. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first.
  5. Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
  6. Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.

Risks

  • It's a perp, not the asset. You get cash-settled price exposure in USDC. No share ownership, votes or dividends, and the price you trade can drift from the underlying, especially when its home market is closed.
  • The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
  • Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
  • Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
  • Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
  • Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.

Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.

Questions people ask

Can you trade SpaceX stock on Hyperliquid?

You can trade a perpetual that tracks it. trade.xyz's xyz:SPCX references one SpaceX Class A share (Nasdaq: SPCX), margined and settled in USDC. You don't own shares.

Is the Hyperliquid SpaceX market still pre-IPO?

No. trade.xyz launched SPCX as a pre-IPO perp from a $150 reference price, then converted it to a standard stock perp after SpaceX began trading on Nasdaq on June 12, 2026. It now follows the listed share price.

Why does another SpaceX market on Hyperliquid show a price near $2,000?

That is Ventuals' vntl:SPACEX, a different contract on a different scale. Ventuals delisted its markets; a delisted HIP-3 market can keep publishing a price, but it can't be traded. Use xyz:SPCX.

Can I trade SpaceX on Hyperliquid on weekends?

Yes. xyz:SPCX trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on internal pricing, limited to 5% bands with up to five re-anchors per direction.

Can I trade this on Hyperliquid from the US?

No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.

Sources

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Pre-IPO specification index
  3. trade.xyz docs: Pre-IPO perpetuals
  4. trade.xyz docs: US stocks (external coverage, Blue Ocean overnight session)
  5. trade.xyz docs: Discovery bounds
  6. trade.xyz docs: Fees and growth mode
  7. IPOScoop: SpaceX (SPCX) climbs in Nasdaq debut after record IPO
  8. trade.xyz docs: General disclaimer (restricted persons)
  9. The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
  10. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
  11. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  12. Hyperliquid Docs: Fees (HIP-3 and growth mode)