PANews reported on June 16th that, according to The Block, SpaceX went public on Nasdaq last Friday with a valuation exceeding $1.7 trillion. On that day, the trading volume of SPCX perpetual contracts on Hyperliquid reached $1.4 billion, accounting for 30% of the total trading volume of HIP-3. In the preceding three weeks, the average daily trading volume of SPCX was only $26 million. In the first half of June, the total trading volume of equity-linked perpetual contracts exceeded $18.8 billion, while the combined trading volume of crude oil and Brent crude oil contracts was $7.66 billion.

As the HIP-3 market has become a 24-hour hedging and speculation venue outside of US stock cash trading hours, market share has shifted from commodity perpetual contracts, which dominated in the first quarter, to equity perpetual contracts. Trade.xyz drives a significant share of HYPE buyback flows through fee distribution. Notably, Bybit, Binance, and Bitget canceled their SpaceX IPO tokenized share allocation plans and issued refunds due to insufficient underlying shares to meet customer subscriptions. HYPE prices rose approximately 10% on the day of SpaceX's listing.