Hyperliquid Surpasses Binance in SPCX Perpetual Contract Open Interest

Hyperliquid's SPCX perpetual contract has surpassed Binance in open interest, with a dominance dashboard showing Hyperliquid at approximately 28% above Binance. This development gives Hyperliquid a clear liquidity signal in one of the most active real-world asset derivative trades in crypto.

The move is significant because centralized exchanges usually dominate high-volume retail derivatives products. The SPCX contract allows traders to gain leveraged exposure to SpaceX-linked pricing, but it is not an actual claim on Class A shares or an IPO allocation.

Hyperliquid's advantage on open interest suggests that traders are keeping more outstanding SPCX exposure onchain even as Binance 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.