Would you want pre-IPO exposure to SpaceX?
That is what trade(.)xyz is trying to build on Hyperliquid with SPCX: a 24/7 market for speculation on SpaceX’s implied future public-market price
But this is not SpaceX equity
What you get is a perpetual futures contract
It is a synthetic exposure where your PnL is marked against a reference price, funded periodically, margined in collateral and liquidated if your equity falls below maintenance margin
In a normal BTC or ETH perp, the reference is anchored by a liquid spot market
But with SpaceX, there is no public spot market yet so, how is the mark price constructed when the underlying asset does not trade publicly?
Because everything hinges on that mark price. It dictates your PnL, margin, funding, liquidations, and the underlying settlement risk
The machinery behind it:
L2 (level2 order book) liquidity -> reference/oracle -> mark price -> funding -> equity -> liquidation
It is not a cleanest way to buy equity but it's a synthetic pre-IPO price discovery venue for one of the most inaccessible private companies in the world
The trade is:
long implied SpaceX valuation
+/- funding
+ liquidity risk
+ mark-price risk
+ settlement risk
+ the absence of clean arbitrage against real shares
I’ve been working on a comprehensive deep dive into 24/7 markets. I explore whether they’re genuinely viable, interrogate the true inefficiencies of traditional market infrastructure and break down the systemic risks
Most importantly, I unpack exactly what it would take to make round-the-clock trading work at scale
As I always say, what an absolute privilege it is to have a front-row seat to the real-time evolution of financial markets, working alongside some of the sharpest minds in the industry
congrats trade(.)xyz team!
That is what trade(.)xyz is trying to build on Hyperliquid with SPCX: a 24/7 market for speculation on SpaceX’s implied future public-market price
But this is not SpaceX equity
What you get is a perpetual futures contract
It is a synthetic exposure where your PnL is marked against a reference price, funded periodically, margined in collateral and liquidated if your equity falls below maintenance margin
In a normal BTC or ETH perp, the reference is anchored by a liquid spot market
But with SpaceX, there is no public spot market yet so, how is the mark price constructed when the underlying asset does not trade publicly?
Because everything hinges on that mark price. It dictates your PnL, margin, funding, liquidations, and the underlying settlement risk
The machinery behind it:
L2 (level2 order book) liquidity -> reference/oracle -> mark price -> funding -> equity -> liquidation
It is not a cleanest way to buy equity but it's a synthetic pre-IPO price discovery venue for one of the most inaccessible private companies in the world
The trade is:
long implied SpaceX valuation
+/- funding
+ liquidity risk
+ mark-price risk
+ settlement risk
+ the absence of clean arbitrage against real shares
I’ve been working on a comprehensive deep dive into 24/7 markets. I explore whether they’re genuinely viable, interrogate the true inefficiencies of traditional market infrastructure and break down the systemic risks
Most importantly, I unpack exactly what it would take to make round-the-clock trading work at scale
As I always say, what an absolute privilege it is to have a front-row seat to the real-time evolution of financial markets, working alongside some of the sharpest minds in the industry
congrats trade(.)xyz team!
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