Altcoins News
By Julie Binoche
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What SPCX Actually Is. HIP-3 is Hyperliquid's framework for listing perpetual contracts tied to real-world assets,…
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Energy Markets Left Behind. The crude oil and Brent comparison is worth sitting with for a second.
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What Traders Are Betting On. There's a broader pattern here that goes beyond SpaceX.
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SpaceX went public. Crypto traders lost their minds.
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The SPCX perpetual contract on Hyperliquid — basically a crypto-native bet on SpaceX stock — pulled in $1.
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And it's not just SPCX. Stock-linked HIP-3 markets as a whole crossed $18.8 billion in combined volume this month.
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It's a format that's been growing quietly for a while. Stock-linked crypto instruments have been kicking around in various forms — some regulated, some not really — but the…
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The appetite for this kind of product probably isn't surprising if you've watched crypto traders for any length of time.
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The crude oil and Brent comparison is worth sitting with for a second. Those are massive, globally traded commodities.
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See also: Coinbase Derivatives Adds 24/7 Gold and Silver Futures as Oil Contracts Loom
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Crude oil perpetuals aren't going anywhere. But the gap closed fast, and it closed because of equity-linked demand, not commodity demand.
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No official comments have been made about future changes or additions to SPCX contract offerings.
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What's clear is that SPCX didn't just perform well — it became the benchmark. The largest market on HIP-3, full stop, beating out everything else the platform offers.
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There's a broader pattern here that goes beyond SpaceX. High-profile public offerings have always moved markets, but the speed at which crypto-native instruments can capture that…
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That accessibility probably explains a chunk of the $1.4 billion. Some of it is genuine conviction on SpaceX's valuation. Some of it is probably speculation.
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