MarketPR
The SPCX perpetual contract on Hyperliquid — a pre-IPO synthetic market for SpaceX — has dropped 27% over three weeks as traders mark down the premium once attributed to an anticipated first-day pop.
The contract still trades above SpaceX's $135 offer price, but the gap has narrowed sharply since the May highs.
The Mechanism: Compressing a Speculative Spread A perpetual contract is a derivative with no expiry date; on Hyperliquid, SPCX gives traders exposure to SpaceX before any public listing exists.
The price above $135 represents a speculative spread — the market's collective guess at how much SpaceX shares will appreciate from the offer price on or after the day they actually trade publicly.
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