Hyperliquid Surpasses Binance in SPCX Perpetual Open Interest

Hyperliquid has taken the lead over Binance in open interest for its SPCX perpetual contract, which is linked to SpaceX. According to the latest dominance dashboard, Hyperliquid's open interest is roughly 28% higher than Binance's.

This shift gives Hyperliquid a clear liquidity signal in one of the most active real-world asset derivative trades in crypto. Open interest measures the value of active futures positions still open in the market, not just how much volume changed hands over a short window.

The SPCX contract is trading near $165.25, with aggregate futures open interest around $482.98 million and 24-hour futures volume near $9.13 billion. Spot volume was much smaller, near $19.81 million, showing that most of the current activity remains concentrated in derivatives rather than direct spot-style exposure.

The OI gap matters because it suggests traders are keeping more outstanding SPCX exposure onchain even as Binance, Coinbase, Bybit and other platforms compete for the same trade. This can strengthen Hyperliquid's role in price discovery, especially when traders use the platform for continuous positioning outside normal stock-market hours.

The shift also benefits the broader Hyperliquid narrative around HIP-3 and Trade.xyz. SPCX is one of the clearest examples of how Hyperliquid has moved beyond crypto-only pairs into stocks, commodities, indices and pre-IPO-style derivatives.