Binance now controls more than 60% of the entire SpaceX derivatives market across both centralized and decentralized exchanges. One exchange is handling the majority of all synthetic SpaceX trading, everywhere.

The SPCXUSDT perpetual futures contract on Binance recorded over $5.6 billion in 24-hour trading volume as of June 13. Cumulative volume since the contract’s pre-IPO launch has crossed $9 billion, catapulting it to Binance’s second-most traded product overall. Open interest sits at $167.22 million, suggesting traders aren’t just flipping positions for a quick scalp. They’re building and holding them.

How SpaceX became crypto’s hottest trade

The SPCXUSDT perpetual futures contract launched on May 21 as a pre-IPO product, designed to give traders synthetic exposure to SpaceX’s anticipated valuation range of $1.75 to $2 trillion.

During the initial trading phase, Binance executed nearly nine times more trades than OKX, its closest competitor. The data, sourced from Coinglass and CoinMarketCap, covers the full lifecycle from pre-IPO speculation through SpaceX’s post-Nasdaq listing period.

Why Binance is winning this particular race

Shunyet Jan, Binance’s Head of Spot and Derivatives Business, pointed to the exchange’s liquidity depth and product design as the primary drivers of its dominance.

The $167.22 million in open interest tells a more interesting story than raw volume alone. Volume can be inflated by wash trading or high-frequency bots churning positions. Open interest, on the other hand, represents actual capital committed to outstanding contracts.

What this means for investors

Binance’s commanding 60% market share raises a familiar concern about concentration risk. When one venue handles the overwhelming majority of trading for a popular instrument, any disruption to that venue, whether technical, regulatory, or otherwise, can cascade into outsized market impact. Traders holding positions worth $167.22 million in open interest on a single exchange should be aware of that dynamic.