SpaceX-Linked Perpetual Futures Trade $5.6 Billion Around Earnings

SpaceX-linked SPCX perpetual futures traded about $5.6 billion across Binance and Hyperliquid around the company’s Oct. 20 earnings release, more than eight times the previous day’s volume. The activity marked a sharp increase in trading around the results, though the total does not show how many distinct positions traders opened.

Trading peaked during the hour that included Wednesday, Oct. 21’s U.S. market open. Binance’s SPCX contract rose 8.5% from the earnings release to that open.

Open interest, which measures contracts that remain outstanding, fell about 8% after the release. The figure does not identify which venues it covers or its measurement cutoff. Volume counts contracts traded over a period; open interest reflects contracts still open. The two measures together do not establish how many new positions traders opened.

SpaceX reported $14.575 billion in revenue for the quarter ended Sept. 30, up 161% from a year earlier, and $4.4 billion in net income. The company scheduled its results webcast for 4:30 p.m. ET (20:30 UTC) on Oct. 20, after the U.S. market close.

Across the broader Oct. 15-21 reporting period, Binance-only SPCX perpetual volume was $8.9 billion, up 35.8%. That weekly figure covers a different period and only one venue, so it is not directly comparable with the $5.6 billion cross-venue total around the earnings release.

Hyperliquid’s SPCX contract also posted a gain after the earnings call. The trading total does not establish how much fee revenue Binance, Hyperliquid or market deployers retained. Hyperliquid’s fees vary with users’ rolling 14-day volume tier and maker or taker status, while realized fees for this period were not quantified.