Binance pushes SpaceX perpetuals behind only Bitcoin futures

SpaceX perpetual futures have become Binance’s second-largest futures product by trading volume, generating more than $5.6 billion in rolling 24-hour activity as interest in the aerospace company continues to surge following its Nasdaq debut.

According to Binance, the SPCXUSDT perpetual contract now ranks behind only Bitcoin perpetual futures on the exchange. The company said the product has recorded more than $9 billion in combined trading volume across its pre-IPO and post-IPO phases.

The milestone comes as SpaceX shares continued attracting investor attention after the company’s public listing.

Binance noted that it currently leads both centralized and decentralized trading activity for the contract and also holds the largest open interest position among competing venues. Exchange data showed open interest reached $190.59 million per side as of June 15.

Soon after SpaceX filed its S-1 registration statement, Binance introduced SPCXUSDT to allow traders to speculate on the company before its stock began trading publicly. During that period, the product operated as a pre-IPO perpetual contract on Binance’s decentralized futures platform, with pricing determined through activity on the exchange’s global order book.

Once SpaceX completed its listing, Binance converted the product into a standard perpetual futures contract that tracks real-time Nasdaq pricing. The exchange also said it became the only trading venue to adjust the contract after SpaceX amended its filing to increase share issuance, rebasing positions according to the updated dilution data.

Retail traders continue chasing SpaceX exposure

Binance said the strong activity in SPCXUSDT highlights growing demand from retail investors seeking exposure to prominent public companies through crypto-based trading products.

According to the exchange, more than 80% of demand for direct stock offerings comes from users who do not have easy access to U.S. equity markets. Binance said early trading patterns suggest investors remain interested in products tied to well-known companies before and after public listings.

The exchange’s push into equity-linked products has continued even after its earlier SpaceX IPO campaign was canceled. Binance had planned to offer direct access to SpaceX shares through a partnership with xStocks, but the effort was abandoned after the required allocation of shares could not be secured.

At the time, former Binance CEO Changpeng Zhao said the company refunded participants in full and distributed a tokenized stock airdrop to affected users.

Binance subsequently expanded alternative routes for equity exposure through its stock-trading platform and tokenized securities products.

Equity products gain traction on Binance

Recent figures reported by crypto.news indicate that Binance’s U.S. equities platform averaged about $143 million in daily trading volume during its first nine days after launching on June 1. The report said turnover exceeded $1 billion over that period, while daily active traders peaked at approximately 30,700 and total value locked approached $400 million.

The service provides eligible users outside the U.S. with access to more than 7,000 stocks and exchange-traded funds through fractional trading and crypto-funded accounts.

Alongside traditional equity access, Binance has also expanded its bStocks offering. As previously reported by crypto.news, the first batch of tokenized equities included Nvidia, Tesla, Circle, Micron and Sandisk.

Binance said those assets are backed one-to-one by underlying securities and can be transferred to supported self-custody wallets or used in approved decentralized finance applications.

Looking ahead, Binance said investor sentiment and market conditions will remain important factors influencing demand for SpaceX-related products and tokenized equity exposure after the company’s public listing.