Hyperliquid Surpasses Binance in SPCX Perpetual Contract Open Interest

The Hyperliquid SPCX perpetual contract has surpassed Binance in open interest, with Hyperliquid leading by around 28%. This shift gives Hyperliquid a significant advantage in liquidity for 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 linked to SpaceX and has seen significant trading activity since its listing. The latest data shows that the 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, at around $19.81 million.

This development highlights Hyperliquid's growing role in price discovery for major public-market assets. The platform is testing whether onchain perps can hold deeper outstanding positioning when a major equity listing becomes available through crypto rails. However, the OI gap does not remove the risks associated with SPCX perps, including leverage risk and tracking risk.