1. What is SPCXUSD-PERP?
SPCXUSD-PERP is a USD-margined perpetual futures contract that tracks the price of Space Exploration Technologies Corp. (Nasdaq: SPCX) Class A common stock.
It is a synthetic derivative - you trade the price movement without owning shares, receiving dividends, or holding voting rights. SPCXUSD-PERP is not a security and does not constitute beneficial ownership of any equity or equity-linked instrument.
SpaceX is scheduled to complete its IPO on June 12, 2026, listing on the Nasdaq Global Select Market at $135.00 per share - the largest IPO in history at an implied market cap of ~$1.77 trillion. Effective today, SPCXUSD-PERP will be converted from a pre-IPO perpetual contract to a standard equity perpetual contract. See section 3 below for details.
2. Contract Specifications
Parameter | Details |
Underlying | SpaceX Class A Common Stock (Nasdaq: SPCX) |
Contract type | Perpetual (no expiry) |
Settlement asset | USD |
Contract size | 1 SPCX share equivalent |
Tick size | $0.01 |
Minimum notional | qty tick size * price |
Max leverage | 10x |
Funding interval | Every 4 hours (00:00, 08:00, 16:00 UTC) |
Funding rate cap | ±4.00% per interval |
Trading hours | 24/7 |
3. Pre-IPO to Equity Perp Conversion
What changed on June 12, 2026?
Prior to today, SPCXUSD-PERP traded as a pre-IPO perpetual contract. It used a per-share-pricing model referenced against private market pricing and/or competing venue prices, as no Nasdaq price existed yet.
Effective June 12, 2026, upon SpaceX's Nasdaq debut, SPCXUSD-PERP will automatically convert to a standard equity perpetual contract. The pricing model will reference the live Nasdaq spot price of SPCX via our composite index oracle.
What changed for existing positions?
Parameter | Pre-IPO Perp | Equity Perp (Post-Conversion) |
Pricing model | Per-share-price model / competitor venue reference | Nasdaq composite index oracle |
Oracle source | Pre-IPO venue feeds | Live Nasdaq market data (multi-source) |
Mark price reference | Private market / pre-listing price | Nasdaq SPCX spot price |
Leverage | 3x max | 10x max |
Funding interval | 4 hours | 4 hours |
Off-hours behaviour | N/A (pre-IPO pricing was continuous) | Last-price freeze + ±4% band |
Do I need to do anything?
No action required. Existing SPCXUSD-PERP positions have been automatically carried over. The contract ID, margin, and P&L history are preserved. No re-opening of positions is necessary.
What happened to the mark price at conversion?
At the moment of conversion, the mark price transitioned from the pre-IPO reference price to the Nasdaq opening price of SPCX. If SPCX opened significantly above or below the pre-IPO mark price, your unrealised P&L will have adjusted accordingly at that moment. This is expected behaviour and reflects the true price discovery of SPCX in its first moments of public trading.
What if the IPO opening price was very different from the pre-IPO mark price?
This is a known risk of pre-IPO perps disclosed at the time of listing. The IPO opening price is determined by Nasdaq's price discovery process and may differ materially from pre-listing valuations. SpaceX was priced at $135.00 per share at IPO. If the Nasdaq opening price differs from this, your position P&L will reflect the actual opening print.
4. Getting Started
Where can I find SPCXUSD-PERP on Crypto.com Exchange?
Go to Trade → Stocks → Perpetuals and search for SPCX. Available on both web and app.
How is SPCXUSD-PERP different from buying SPCX shares on a broker?
Dimension | SPCXUSD-PERP | Buying SPCX shares |
Ownership | No — synthetic price exposure | Yes — you own shares |
Leverage | Up to 10x | Typically none or limited |
Trading hours | 24/7 | Nasdaq hours only (09:30–16:00 ET) |
Collateral | USD (or other crypto via Multi-Assets Mode) | Fiat / brokerage account |
Dividends | No | Yes (if declared) |
Short selling | Yes, directly | Requires margin account |
Settlement | USD-settled | Share delivery |
5. Pricing & Oracle
Why is the SPCXUSD-PERP price sometimes different from the Nasdaq price?
Two reasons:
The mark price is a composite of multiple data sources, not a direct one-to-one feed from Nasdaq.
The contract runs on its own independent order book — prices are set by real trades between users.
You can view the index components and their weightings on the SPCXUSD-PERP contract detail page.
How is the price determined when Nasdaq is closed?
When Nasdaq is closed (weekday overnight, weekends, US market holidays), the index price is frozen at the last valid close price. A ±4% price band is enforced — the mark price cannot move more than 4% from the last close until Nasdaq reopens.
Can I be liquidated when Nasdaq is closed?
Yes. The contract trades 24/7 and liquidations can occur at any time, including weekends and US holidays. The ±4% price band limits extreme mark price moves during off-hours, but:
Funding rate charges continue to accrue every 4 hours.
Positions can be liquidated if margin falls below the maintenance threshold.
You remain exposed to price gaps when Nasdaq reopens if major news breaks over the weekend.
6. Funding Rate
How does the funding rate work?
The funding rate is exchanged between long and short position holders every 4 hours.
Does funding continue over weekends?
Yes. Funding is charged every 4 hours regardless of whether Nasdaq is open.
7. Margin & Leverage
What is the maximum leverage?
10x. As your notional position size increases, available leverage decreases and maintenance margin increases. See the SPCXUSD-PERP Leverage & Margin table for full tier details.
Can I use crypto as collateral?
Yes. Multi-Assets Mode is supported — you can use BTC, ETH, and other eligible assets as collateral. Applicable haircuts apply to non-USDT collateral.
What margin modes are supported?
Both isolated margin and cross margin are supported for retail users. Cross margin is supported for Institutional clients.
8. Corporate Actions
Are dividends paid to SPCXUSD-PERP holders?
SpaceX has not declared any dividends as of the date of listing. If a dividend is declared in the future:
Long positions receive a cash credit equivalent to the dividend per share, transferred to the futures wallet at 8:00 PM ET on the business day before the ex-dividend date.
Short positions have an equivalent amount debited.
Crypto.com Exchange will publish advance notice before any dividend adjustment.
What happens if SpaceX does a stock split?
Please refer to Crypto.com Exchange announcement for latest updates.
What happens if SpaceX is acquired or delisted from Nasdaq?
All open positions will be cash-settled at the final reference price on the last trading day. Crypto.com Exchange will announce the settlement date as soon as practicable.
What is SpaceX's lockup expiry and why does it matter?
SpaceX's lockup expires in December 2026 (~180 days post-IPO). Pre-IPO shareholders become free to sell at lockup expiry, which can cause significant price volatility. Manage leverage carefully in the weeks approaching this date.
9. Key Risks
What are the main risks specific to SPCXUSD-PERP?
IPO price gap risk — if you held a pre-IPO position, the transition to live Nasdaq pricing may result in a mark price gap at conversion.
Weekend gap risk — SPCX can open significantly higher or lower than Friday's close if material news breaks. The ±4% band limits off-hours mark price moves but does not protect against the Monday opening gap.
First earnings (expected Sep 2026) — no public earnings history; first release may cause sharp intraday moves.
Regulatory risk — SpaceX operates under FAA, NASA, and DoD contracts; adverse regulatory action can move the stock materially.
Key-person risk — SpaceX's valuation is heavily linked to Elon Musk's continued involvement.
10. Fees
What fees apply?
Standard maker/taker fee tiers apply. No additional fees are charged specifically for TradFi Perp contracts. See the Fee Schedule for your account tier.
11. Country & Region Restrictions
Is SPCXUSD-PERP available in all regions?
No. Not available to users in the United States or other restricted jurisdictions. Here is a full list of geo-restrictions: Perpetual Futures on Traditional Assets Geo-Restrictions
This article is for informational purposes only and does not constitute financial or investment advice. Trading perpetual futures involves significant risk of loss. Crypto.com Exchange reserves the right to update contract specifications at any time. © Crypto.com