Binance captures 60% of SpaceX derivatives market

Trading volume for the SPCXUSDT contract topped $5.6 billion in the last 24 hours, contributing to a total accumulated volume exceeding $9 billion since the transition from pre-IPO status. Open interest for the product currently sits at $167.22 million, positioning the exchange as the primary liquidity hub for traders seeking exposure to the aerospace firm.

Binance managed the technical shift from pre-IPO contracts to standard perpetuals by rebasing the instruments following SpaceX's S-1/A filing. This adjustment protected users from potential dilution impacts after the company updated its share count. Shunyet Jan, Head of Spot and Derivatives Business at Binance, noted that the product’s success highlights the demand for diverse financial instruments that bridge traditional market events with digital asset infrastructure. The platform currently supports over 7,000 stocks and ETFs, signaling a broader push to function as a comprehensive multi-asset financial ecosystem.