Binance’s SpaceX perpetual futures contract, SPCXUSDT, has skyrocketed to become the exchange’s second most traded futures product, trailing only Bitcoin. The contract has generated over $5.6 billion in 24-hour trading volume, reflecting intense demand for exposure to the aerospace giant following its recent Nasdaq listing.
The milestone was announced by Binance, which highlighted that SPCXUSDT has amassed more than $9 billion in combined trading volume since its pre-IPO launch. The product now leads both centralized and decentralized exchanges in activity and boasts the largest open interest among competitors, reaching $190.59 million per side as of mid-June.
Binance introduced the pre-IPO perpetual contract shortly after SpaceX filed its S-1 registration, allowing traders to speculate on the company’s stock before its public debut. Pricing was determined through the global order book on Binance’s decentralized futures platform. Once SpaceX listed, the contract transitioned to a standard perpetual tracking real-time Nasdaq prices. Notably, Binance was the only venue to adjust positions when SpaceX amended its filing to increase share issuance, rebasing contracts to account for dilution.
The surge in SPCXUSDT underscores retail investors’ eagerness for exposure to prominent public companies via crypto derivatives. Binance noted that over 80% of demand for direct stock offerings comes from users without easy access to U.S. equity markets. Early trading patterns indicate sustained interest in products tied to high-profile companies, both before and after IPOs.
Binance’s push into equity-linked products continues despite a previous failed attempt to offer direct SpaceX shares through a partnership with xStocks. After that initiative was scrapped due to allocation issues, former CEO Changpeng Zhao confirmed full refunds and a tokenized stock airdrop for affected users. The exchange has since expanded alternative routes for equity exposure, including its stock-trading platform and tokenized securities.
Data from crypto.news reveals that Binance’s U.S. equities platform averaged $143 million in daily volume during its first nine days, surpassing $1 billion in total turnover. The service offers over 7,000 stocks and ETFs via fractional trading and crypto-funded accounts. Additionally, Binance’s bStocks initiative—backed one-to-one by underlying securities—includes tokenized shares of Nvidia, Tesla, Circle, Micron, and Sandisk, with support for self-custody wallets and DeFi applications.
Looking ahead, Binance stated that investor sentiment and market conditions will be key drivers for SpaceX perpetuals and broader tokenized equity products post-listing.