Today's Edition
ABU DHABI (ALETIHAD)
SpaceX perpetual futures have become Binance’s second-largest traded product after Bitcoin perpetuals, according to a media statement issued by Binance.
Binance said it captured more than 60% market share for SpaceX derivatives trading across centralised and decentralised exchange venues.
Perpetual futures are derivative contracts that allow traders to take price exposure without owning the underlying asset and without a fixed expiry date. In the case of SpaceX perpetual futures, the contracts provide trading exposure linked to SpaceX, but they do not represent ownership of the underlying asset, according to the risk disclosure in the statement.
Binance said its SpaceX perpetual futures, traded under SPCXUSDT, recorded more than $5.6 billion in trading volume as of June 13, 9am UTC, citing Coinglass and CoinMarketCap data.
The media statement said Binance also led centralised and decentralised exchange venues in SPCXUSDT open interest at $167.22 million on a one-sided count. Open interest refers to the value of outstanding derivative positions that have not yet been closed or settled.
Binance said it recorded more than $9 billion in accumulated SPCXUSDT trading volume across SpaceX’s pre-IPO and post-public listing period on Nasdaq.
The company said it successfully transitioned the pre-IPO perpetual contract into a standard TradFi perpetual following SpaceX’s Nasdaq listing.
The statement said Binance was the only exchange to successfully rebase its SpaceX pre-IPO perpetual contract after SpaceX disclosed a higher share count in its S-1/A filing, ensuring users were not negatively affected by dilution.
“SpaceX's public listing was one of the most closely watched market events globally. SpaceX derivatives have become Binance's second-largest traded product, capturing more than 60% market share across CEX and DEX venues, and demonstrating the appeal of our liquidity and product design,” said Shunyet Jan, Head of Spot and Derivatives Business at Binance.
“Our range of products — Pre-IPO futures, standard TradFi futures, stock trading, and tokenised securities — lets users access opportunities across different market lifecycles,” Jan said.
Binance said it also offers SpaceX stock and bStock tokenised securities, giving users portfolio diversification and hedging opportunities.
The statement said Binance now offers more than 7,000 stocks and exchange-traded funds for trading, alongside a broad range of digital assets, as it moves towards its vision of becoming a multi-asset financial super app.
