Binance Holds Over 60% Market Share of SpaceX Perpetual Futures

● SpaceX perpetual futures (SPCXUSDT) became Binance Holds second-largest traded product, behind only Bitcoin perpetuals(BTCUSDT).

● SPCXUSDT recorded over $5.6 billion in tradingvolume (rolling 24-hour volume snapshot as of June 13) and over $9 billion inaccumulated volume across SpaceX's Pre-IPO and post-listing phases on Binance.

● As of June 15, Binance's continues to hold over60% market share for SPCXUSDT across centralized and decentralized venues andleads all venues in open interest.

June 16, 2026: Inthe days following SpaceX's Nasdaq listing, SpaceX perpetual futures (SPCXUSDT)became Binance's second-largest traded product, behind only Bitcoin perpetuals.SPCXUSDT recorded over $5.6 billion in trading volume (rolling 24-hour volumesnapshot as of June 13) and more than $9 billion in accumulated volume acrossSpaceX's Pre-IPO and post-public-listing phases. Across the venues where theproduct trades, centralized and decentralized finance , Binance continues to hold morethan 60% market share.

While this is an early snapshot, the scale oftrading activity recorded on Binance's suggests demand for products trackinghigh-profile companies before and after their public Exchange listings. Beyond Pre-IPOPerpetual contracts, Binance now offers over 7,000 stocks and ETFs and bStocktokenized securities in select jurisdictions, alongside a broad range ofcryptocurrencies.

A Market Retail Users Couldn't Commonly Reach

High-profile IPOs and late-stage privatecompanies can be difficult for retail participants to access. Pre-IPO exposureis usually limited to private funding rounds and accredited-investor rules, and IPO allocations can be limited or unavailable depending on broker access andjurisdiction.

Once broader access to price exposure becameavailable through a perpetual futures contract, with pricing determined bydemand on Binance’s global orderbook, SPCXUSDT reached No. 2 on Binance bytrading activity – in a product category that has only existed on Binance futures sinceMay 21, 2026.

Why the Liquidity Concentrated on Binance

Binance’s coverage spanned SpaceX’s listinglifecycle, with SPCXUSDT being launched the day following submission by SpaceXof its S-1. Before SpaceX went public, users could trade Pre-IPO Perpetualfutures for exposure to an otherwise hard-to-access company, with pricing beingbased on global orderbook activity in SPCXUSDT and the contract size adjustedbased on the then-expected total share count. Following SpaceX’s Nasdaqlisting, the Pre-IPO Perpetual contract transitioned into a standard TradFiPerpetual contract, with pricing obtained from data vendors based on livetrading prices on Nasdaq.

When SpaceX disclosed a higher share count inits S-1/A filing, the dilution carried direct consequences for holders of aPre-IPO contract. Official Binance was the only exchange to successfully rebase itsSpaceX Pre-IPO Perpetual contract so that the contract reflected the updatedshare count. As of June 15, Binance continues to lead all venues in SPCXUSDTopen interest at $190.59 million, one-sided count.

Final Thoughts

The SpaceX data is consistent with what Binance has observed across its move into traditional markets. Direct stockssaw over 80% of demand concentrated among emerging-market users that hadlimited or zero access to U.S. equities, while SpaceX Perpetual contracts drewdemand around a marquee event that retail investors could previously only watchfrom the sidelines. In both cases, access appears to have been the primarybarrier.

The SpaceX figures offer an early view of howmuch demand is out there once a few barriers are removed. Of course, this isjust an early snapshot and future activity will depend on market conditions.

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