October 25, 2026 – Crypto venues let traders bet on SpaceX shares around the clock. After a blowout quarter, perpetual futures volume jumped more than eightfold.
In Summary
SpaceX perps traded about $5.6 billion across Binance and Hyperliquid after results, Talos data show.
That volume was more than eight times the prior day’s level.
SpaceX said third-quarter revenue rose 161% to $14.6 billion.
The perp moved hours before the Nasdaq stock could react at the next open.
Most of SpaceX’s $19.59 billion in quarterly capex went to its AI unit.
Trading in SpaceX perps surged after the company’s blowout results. Perpetual futures on SpaceX shares traded about $5.6 billion across Binance and Hyperliquid, data firm Talos reported. That was more than eight times the prior day’s volume. The Binance contract also rose 8.5% from the earnings release to the next US open.
Perpetual futures, or perps, are crypto-style contracts with no expiry date. They track an asset’s price and trade around the clock. As a result, traders can react to news outside US trading hours. They give no ownership rights, though. Instead, regular funding payments keep their price close to the underlying stock.
What SpaceX reported
SpaceX released its third-quarter results after the market close on 20 October, in a filing with the SEC. Revenue rose 161% to $14.6 billion. Net income reached $4.4 billion, against a $1.1 billion loss a year earlier. Adjusted earnings before interest, taxes, depreciation and amortisation hit $8.8 billion.
Most of the growth came from AI. The Super Intelligence segment, which includes Grok, earned $7.56 billion, up from $813 million. Its August purchase of Cursor, at an implied equity value of $60 billion, added $608 million of revenue. Starlink also grew fast, with connectivity revenue up 69% to $5.25 billion. Consumer subscribers reached 13.6 million, up from 7.2 million a year earlier.
How SpaceX perps beat the stock to the news
The perps moved first. On Hyperliquid, the SPCX contract closed the UTC day at $159.59, its public API shows. The Nasdaq stock, by contrast, had closed at $147.79 before the results. It only caught up the next day, closing at $159.31, Nasdaq data show.
However, the rally did not last. The stock fell 9.14% on 22 October, as the wider tech selloff hit. Likewise, the perp slid, ending that UTC day at $146.49. Stock trading was heavy throughout. About 220.8 million SPCX shares changed hands on 21 October, nearly double the 117.2 million traded on 20 October.
Where SpaceX perps traded
Hyperliquid was the smaller venue. Catenaa estimates its SPCX market traded about $346 million on 21 October and $244 million on 20 October. Binance therefore likely handled most of the $5.6 billion. In addition, Talos found open interest on Binance fell about 8% after the results, which suggests some traders took profits.
Fees on the Hyperliquid market are very low. The market runs in “growth mode,” which cuts protocol fees by 90%, according to Hyperliquid documentation. Its API also shows a maximum leverage of 20 times on the contract. Open interest stood at about 1.03 million contracts on 24 October, worth roughly $152 million. The contract sits on a market run by an outside deployer, XYZ, under Hyperliquid’s HIP-3 standard.
The episode shows the appeal of these products. Earnings often land after the closing bell, and perps fill that gap. However, they also bring leverage and thin overnight trading. For now, SpaceX perps have shown how crypto venues can lead price discovery after hours.
