SpaceX IPO sparks $1.4B trading on Hyperliquid

Elon Musk's SpaceX IPO, valued at over $1.7 trillion, has ignited a significant trading frenzy on the Hyperliquid exchange. The SPCX perpetual contract (xyz:SPCX) alone saw $1.4 billion in volume on its debut day, capturing 30% of all trading activity within the HIP-3 market. This surge highlights a major shift in the derivatives market, with stock-linked perpetuals now dominating over commodities like crude oil and Brent, which previously led trading volumes in the first quarter.