stable coins
By Dan Saada
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How the SPCX Contract Actually Works. It's a perpetual futures contract, so there's no expiry date.
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Hyperliquid and the Regulatory Question. Hyperliquid isn't operating in a vacuum here. The platform is actively engaging with U.S.
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Crypto traders just priced SpaceX at $2.5 trillion. No IPO filing. No public float. Just a perpetual futures contract launched by Trade.
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The contract, called SPCX, started trading with a reference price of $150. Within hours it climbed to $216. That move alone tells you something about the appetite here.
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SpaceX, for context, is one of the most closely watched private companies on the planet. Satellite internet through Starlink. Reusable rockets. Contracts with NASA.
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It's a perpetual futures contract, so there's no expiry date. Traders go long or short based on where they think SpaceX would be valued if it went public. Settlement is in USDC.
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But that's kind of the point. The contract isn't trying to replace equity ownership. It's trying to give traders a live, continuous read on what the market thinks SpaceX is worth.
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The 24/7 nature of it matters too. Traditional pre-IPO investing is illiquid, slow, and gated. You wait months or years for a liquidity event.
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Hyperliquid isn't operating in a vacuum here. The platform is actively engaging with U.S. lawmakers over concerns about market surveillance and compliance.
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Read also: Elliptic CEO Simone Maini Warns AI Agents Are Breaking Crypto Compliance
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Regulators are increasingly asking whether on-chain derivatives need to follow the same rules as traditional exchange-traded products. It's a fair question.
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Hyperliquid seems to know it can't just ignore all that. The engagement with lawmakers looks like a strategic call — get ahead of the regulatory conversation rather than wait for…
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The broader trend here is real, though. Decentralized exchanges have been pushing into increasingly sophisticated financial products for a while now.
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There's also a price discovery angle that's hard to dismiss. SpaceX doesn't publish detailed financials. It doesn't have a public float.
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Related: SBI and Rakuten Push Into Crypto Trusts as 11 Japanese Firms Watch Regulations
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