SpaceX-Linked SPCX Perpetual Rises 7.23% After Earnings Call

A SpaceX-linked perpetual futures contract on Hyperliquid rose 7.23% after the company’s earnings call, adding about $1.09 million to the paper gain on the largest tracked long position.

The SPCX contract traded at $161.72 in an Oct. 21 reading, up from about $150.81 when the call began Oct. 20 at 4:30 p.m. ET (20:30 UTC). Its 24-hour trading volume was about $277 million, while the notional value of outstanding contracts stood near $151 million.

One on-chain address held about 100,100 long contracts worth approximately $16.19 million at the quoted price. The position had an average entry price of $135.602 and an unrealized profit of about $2.61 million. The $10.91 increase in the contract price since the call began added roughly $1.09 million to that paper gain.

SPCX is a perpetual futures contract traded on a crypto platform; its quote is distinct from the price of SpaceX shares. During the call, SpaceX projected $33 billion to $37 billion in revenue for the first quarter of 2027, above the roughly $22 billion analysts had expected. SpaceX and Tesla have also formed independent board committees to discuss a possible merger.