Coinbase converts SpaceX pre-IPO perpetual future to standard equity contract ahead of June listing
The SPCX-PERP transition marks another step in crypto's quiet merger with traditional equity markets.
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.
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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.