Inside the 24/7 market for SpaceX

SPCX Perpetual provides leveraged exposure to SpaceX shares on trade[XYZ]. We refer to the trade[XYZ] market as SPCX Perpetual and the underlying Nasdaq-listed Class A common stock as SpaceX shares.

The analysis addresses three questions in sequence:

• Is the perpetual price credible?

• Can it be traded around the clock?

• What does holding the position cost?

1) SPCX Perpetual transitions from pre-IPO price discovery to tracking SpaceX shares

• Before the IPO, SPCX Perpetual provides a market-implied price for SpaceX shares. With no public share price available, trade[XYZ] defines the contract around the market-implied expected price per share. SPCX Perpetual therefore enables price discovery before SpaceX shares begin trading on Nasdaq.

• The IPO introduces an independent benchmark for the perpetual price. Once SpaceX shares begin trading on Nasdaq, the price of SPCX Perpetual can be compared directly with the underlying shares. This makes it possible to evaluate how accurately the perpetual reflects prices established in the public market.

• SPCX Perpetual closely tracks SpaceX shares after the IPO. Across 39 sessions when both markets are trading, the mean basis is +0.07%, with 24 sessions within ±1% and a maximum observed premium of +3.58%. The perpetual trades both above and below the underlying, with no persistent premium or discount.

Key takeaway: SPCX Perpetual enables price discovery before the IPO and has closely tracked SpaceX shares since listing, supporting its use as a continuous price reference for SpaceX exposure.

2) SPCX Perpetual remains active when SpaceX shares are not trading

• SPCX Perpetual continues trading through weekends. Median daily volume is approximately $20 million on weekends, compared with $240 million on weekdays. Activity falls substantially when Nasdaq is closed, but trading continues while SpaceX shares are unavailable on the public market.

• Open interest remains stable through the weekend. Median open interest is approximately $88 million on weekdays and $89 million on weekends, despite substantially lower weekend trading volume. This shows that positions are not broadly unwound when SpaceX shares stop trading on Nasdaq.

• Investors can manage SpaceX exposure outside Nasdaq trading days. SPCX Perpetual remains tradable when the underlying shares are unavailable, allowing positions to be opened, adjusted, or closed during weekends. The market therefore extends access to SpaceX exposure beyond the trading schedule of the underlying shares.

Key takeaway: SPCX Perpetual provides 24/7 access to SpaceX exposure, with trading continuing and positions remaining open through weekends.

3) Holding SPCX Perpetual introduces a variable funding cost

• Funding has predominantly been positive since the IPO. SPCX Perpetual funding is positive on 47 of 59 post-IPO days, averages +10.9% annualized, and reaches a maximum of +48.7%. Funding therefore represents a meaningful variable to consider when holding the perpetual over time.

• Positive funding represents a cost for longs and income for shorts. Under trade[XYZ]’s funding mechanism, positive funding transfers payments from long positions to short positions, while negative funding reverses the direction. The realized funding impact depends on the position direction, prevailing funding rates, and holding period.

• Pre-IPO funding is based on the SPCX Perpetual oracle, not the eventual IPO price. Before SpaceX shares trade publicly, funding is determined relative to the perpetual’s oracle rather than the subsequent $135 IPO price. The difference between the pre-IPO perpetual price and eventual IPO price therefore does not determine what traders pay in funding.

Key takeaway: Holding SPCX Perpetual introduces a variable funding payment; since the IPO, positive funding has predominantly represented a cost for longs and income for shorts.

Platform updates

• Listed Reality, Bitget's tokenized equity issuer, with 70 rTokens on Arbitrum. Reality is Bitget's dedicated real-world asset tokenization platform, whose tokens issue and redeem inside the exchange - Bitget routes the order to a US broker-dealer that buys or sells the referenced share, and the token is minted or burned against that. The tokenized stocks range covers mega-cap technology and semiconductor companies (rAAPL, rNVDA, rMSFT), index and country ETFs (rSPY, rQQQ, rEWY) and leveraged and inverse index ETFs (rTQQQ, rSQQQ, rSOXL, rSOXS).

• Listed 78 xStocks tokens referencing Hong Kong–listed equities, xStocks' first batch outside the US market. Tencent, Meituan, Xiaomi, BYD, ICBC, Kuaishou, Pop Mart, Prada, Geely and HKEX itself are now tracker certificates issued under Swiss law and backed by shares held at a regulated European custodian - several of them the H-share lines of Chinese companies. Tokenized equities have to date been capturing almost entirely the Nasdaq and NYSE markets, so this strategic batch by one of the leading issuers adds a third major listing venue to the world of tokenized stocks.

• Added Optimism and Ink deployments for all 741 xStocks.  Kraken owns xStocks and also built Ink, its own Layer 2, which runs on the OP Stack as part of Optimism's Superchain - so both network deployments enabled this week share the same architecture, with Ink being rails for the Kraken ecosystem. Asset market cap, holders and other key asset metrics for xStocks now aggregate across six networks: Ethereum, BNB Chain, Arbitrum, Optimism, Ink and Solana, with new stocks tokenized on a weekly basis.

• Listed 20 recently launched bStocks, Binance's tokenized equities on BNB Chain, taking the total to 57 assets. Binance has been launching new stocks in regular, small but selected weekly batches. This round brings Apple, Amazon, Oracle, Goldman Sachs, Dell, PayPal, CoreWeave, Applied Materials, Bloom Energy, Fluence Energy and Axcelis, alongside leveraged and regular ETFs.

• Listed 480 more Dinari dShares covering their whole ecosystem of 726 assets across six networks: Arbitrum, Avalanche, Base, Blast, Ethereum and HyperEVM. dShares are ERC-20 tokens backed 1:1 by shares held in a custodial brokerage account at Dinari's broker partner Alpaca, where issuance escrows funds onchain and mints on a confirmed brokerage fill. Holders get dividends and automatic split adjustments, but no voting rights. Dinari is registered with the SEC as a transfer agent, which puts a U.S.-regulated registrar behind every token.

Interested in getting listed? Read more here.

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