Binance Dominates SpaceX Derivatives Trading

SpaceX's record-breaking $85.7 billion IPO sent shockwaves through the crypto markets, with Binance leading the way in trading volume. The SPCXUSDT perpetual futures contract on Binance topped $5.6 billion in daily volume, making it the exchange's second-busiest product behind only BTCUSDT.

The surge in trading activity came after SpaceX priced its shares at $135 per share and later exercised the greenshoe option, lifting total proceeds to $85.7 billion. The public debut pushed SpaceX above the $2 trillion valuation area, making it one of the most active new equity narratives across both stock and crypto markets.

Binance positioned itself early in the trade with SPCXUSDT pre-IPO perpetual futures, giving users synthetic exposure before SpaceX shares were available on Nasdaq. The product used USDT settlement, 5x maximum leverage, and 24/7 trading, making it accessible to global crypto derivatives traders.

Other venues also saw significant activity, with TradeXYZ's Hyperliquid market attracting $1 billion in SPCX perp volume and Backpack's Solana-based tokenized SPCX clearing more than $60 million in 24-hour volume. However, Binance held more than 60% of the SpaceX derivatives market across centralized and decentralized venues.