Coinbase International Exchange has completed the conversion of its SPCX-PERP contract from a pre-IPO market instrument to a standard stock perpetual future. The shift coincides with SpaceX’s anticipated IPO, turning what was once a speculative bet on private company valuations into a derivative that tracks publicly listed share prices.

How the transition worked

The conversion process involved a trading pause, cancellation of all open orders, and a rebasing of existing positions. Coinbase designed the switch to be P&L-neutral, meaning traders’ profit-and-loss positions carried over without artificial gains or losses from the mechanical change itself.

The SPCX-PERP contract continues to offer up to 5x leverage and settles in USDC. It trades around the clock, seven days a week, with no expiry date.

Pre-IPO trading saw strong demand

The SPCX-PERP contract launched in May 2026 as a pre-IPO instrument, and trading volumes reached millions in notional value shortly after debut.

Coinbase isn’t the only platform that recognized the appetite. Binance, Kraken, BitMEX, and Hyperliquid have all offered similar pre-IPO contract structures, and several have undergone or are undergoing comparable transitions as IPO dates approach.

The contract is available to eligible non-US customers through Coinbase Bermuda Ltd., which operates under regulation from the Bermuda Monetary Authority. US-based traders remain locked out.