{"id":14860,"date":"2026-10-23T19:49:48","date_gmt":"2026-10-23T19:49:48","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=14860"},"modified":"2026-10-23T19:49:48","modified_gmt":"2026-10-23T19:49:48","slug":"spacex-perpetual-futures-traded-about-6-billion-after-earnings","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=14860","title":{"rendered":"SpaceX perpetual futures traded about $6 billion after earnings"},"content":{"rendered":"

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SpaceX perpetual futures trading surged around the company\u2019s October 20 earnings release, even as Binance\u2019s outstanding dollar exposure fell, according to market-data provider Talos.<\/p>\n

Talos\u2019s October 22 report puts SpaceX perpetual turnover across Binance and Hyperliquid at about $6 billion in the post-earnings episode it describes, more than eight times the prior day\u2019s volume. Talos also reported that Binance open interest fell about 8% after earnings.<\/p>\n

The figures separate trading activity around earnings from exposure left open afterward. Executions can create fee opportunities even while outstanding exposure contracts.<\/p>\n

SpaceX\u2019s third-quarter results release scheduled its earnings call for 4:30 p.m. Eastern on October 20. Talos says Binance\u2019s SPCX perpetual gained 8.5% from the earnings print to the following US open.<\/p>\n

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The turnover figure covers two venues, while the dollar-open-interest figures are Binance\u2019s alone. The two measures have different venue coverage and time windows, limiting comparisons between the trading surge and the positions that remained open.<\/p>\n

How SpaceX perpetual futures generate fees<\/h2>\n

Volume and open interest measure different activity. Volume counts contracts traded during a period. Open interest counts contracts that remain outstanding, with each buyer-and-seller pair counted once.<\/p>\n

Consider an existing long who sells to an existing short buying back to close. The execution adds volume, while both positions close and open interest falls. A busy market can therefore finish with fewer contracts outstanding.<\/p>\n

Hyperliquid\u2019s initial-margin formula multiplies position size by mark price and divides by leverage. Shared collateral and unrealized profits can affect margin available for other positions.<\/p>\n

The current SPCX specification from market operator trade[XYZ] references one SpaceX Class A share quoted in dollars and permits cross margin with maximum leverage of 20 times.<\/p>\n

These are derivative positions referencing the share\u2019s price. Perpetual contracts use funding payments designed to help align their prices with the underlying in contracts with no scheduled expiry. The notional value of trading those contracts is consequently a different measure from purchases of the underlying stock.<\/p>\n