Aug 19, 2026
Traders using perpetual futures contracts—the dominant price discovery mechanism for bitcoin and ether—applied the same tools to value SpaceX as a private company, producing a more accurate valuation for what became the biggest IPO in history than traditional Wall Street estimates, though the stock subsequently diverged from their pricing.
Traders using perpetual futures contracts—the dominant price discovery mechanism for bitcoin and ether—applied the same tools to value SpaceX as a private company, producing a more accurate valuation for what became the biggest IPO in history than traditional Wall Street estimates, though the stock subsequently diverged from their pricing.
Monthly trading volumes for tokenized real-world asset (RWA) perpetual futures have grown more than fivefold to $470 billion, driven primarily by tokenized equity products. Public equities now represent 46% of the RWA perpetuals market with $2 billion in open interest, while Solana captures 95% of on-chain tokenized stock trading volume.
The UK's Financial Conduct Authority has listed Hyperliquid and Hyper Foundation as unauthorized firms, while CME's chief warned that crypto perpetuals could be a 'disaster waiting to happen,' highlighting growing regulatory concerns about the platform amid its Wall Street expansion.
Coinbase unveiled a new product allowing eligible non-U.S. users to trade perpetual futures contracts tied to pre-IPO companies. SpaceX is the first offering, with contracts tracking the company ahead of its planned $75 billion IPO.