In one of the most highly anticipated and highest-valued IPOs in history, Elon Musk's SpaceX debuted on the Nasdaq last Friday at a valuation of over $1.7 trillion. Meanwhile, Hyperliquid’s HIP-3 perp for SPCX (xyz:SPCX) recorded $1.4 billion in volume on the day, as the pair accounted for 30% of all HIP-3 volume that session.

For added context, in the three weeks before SPCX's IPO, the xyz:SPCX pair had averaged just $26 million in volume per day.

In terms of the broader HIP-3 ecosystem, stock-linked perps collectively saw over $18.8 billion of volume in the first half of June, against $7.66 billion for crude oil and Brent combined.

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The mix has rotated decisively from commodity perps that dominated the first quarter of 2026 to equity perps, likely as the broader U.S. stock market corrected and volatility picked up last week from late May and early June.

With HIP-3 markets now serving as a 24/7 venue for hedging and speculation on U.S. equities outside cash-session hours, it has pulled open interest and fee revenue away from centralized markets and equity CFD venues, which previously dominated offshore retail equity speculation.

It also creates a new dependency for Hyperliquid. Trade.xyz now drives a meaningful share of (HYPE) buyback flow via fee distribution while SPCX-style IPO concentration events become a recurring catalyst. The price of HYPE itself rose by ~10% on the day of the SpaceX debut.

Of note, Bybit, Binance, and Bitget canceled their planned allocations for tokenized shares of the SpaceX IPO and issued refunds after failing to secure enough underlying shares to fulfill customer subscriptions.

It will be worth watching how Hyperliquid’s volumes and the HYPE token fare during the next series of high-profile IPOs lined up for 2026, from Anthropic to OpenAI.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.