SpaceX trillion-dollar level IPO ignites the perpetual contract on the chain.

SpaceX's IPO, with a total market value exceeding $2 trillion, currently appears to have far more winners than losers. One of the biggest winners is Hyperliquid and cryptocurrency exchange Binance, both of which launched perpetual futures products for SpaceX before its official listing. Perpetual futures, also known as perpetual contracts in the trading community, are derivative contracts without an expiration date that are highly favored by global traders and are gradually being integrated into the U.S. market trading system. The U.S. Commodity Futures Trading Commission recently approved the prediction trading platform Kalshi to launch Bitcoin perpetual contracts. Exchange data shows that on Friday, Hyperliquid's SpaceX perpetual contract trading volume exceeded 7 million contracts, with a total trading volume exceeding $1.2 billion; at the same time, SpaceX's stock had a trading volume of approximately 500 million shares on its first day of listing.