Elon Musk’s space venture SpaceX continues to attract strong investor interest even after its NASDAQ debut. Global cryptocurrency exchanges have emerged as unexpected new platforms for trading U.S. tech stocks.
Industry reports from Wednesday reveal that the average daily trading volume for SpaceX perpetual futures on Binance and OKX has skyrocketed to approximately 1.32 billion USD since their listing. This marks a sevenfold increase from the pre-listing average of about 180 million USD between June 7-10.
Binance introduced the SPCXUSDT perpetual futures product based on SpaceX in May, allowing investors to speculate on SpaceX’s valuation and stock performance without owning actual shares. Pre-listing trades focused on initial public offering (IPO)-driven value changes, while post-listing activity tracks real-time stock movements.
Trading volume exploded on SpaceX’s listing day, June 12. Binance reported a staggering 5.848 billion USD in SPCXUSDT trades, while OKX saw 1.44 billion USD, totaling an impressive 7.288 billion USD across both platforms.
The fervor persisted post-listing, with combined trading volumes reaching 478 million USD on June 13 and 289 million USD on June 14.
June 15 saw another surge, with Binance recording 2.374 billion USD and OKX 824 million USD in trades, amounting to a combined 3.198 billion USD.
To put this in perspective, the average daily trading volume across both exchanges from June 7-10 was about 180 million USD. In contrast, June 13-15 saw an average daily volume exceeding 1.32 billion USD, more than seven times higher than pre-listing levels.
Industry analysts attribute this boom to the familiar trading environment for cryptocurrency investors. Those accustomed to trading Bitcoin (BTC) or Ethereum (ETH) futures can now invest in U.S. growth stocks without opening separate brokerage accounts or navigating unlisted stock platforms.
Kim Min-seung, research director at Korbit, explains that even before the advent of real-world asset (RWA) tokens like stock tokens, futures trading often outpaced spot trading on overseas exchanges. This trend is driven by demand for delta-neutral strategies and the allure of leveraged trading for higher potential returns.
He adds that for Binance or OKX users, trading SpaceX futures isn’t much different from trading Bitcoin futures. It appears that cryptocurrency futures traders are simply shifting their focus to SpaceX, currently one of the hottest assets in the market.