SpaceX-linked perpetual futures saw a burst of earnings trading across Binance and Hyperliquid, while Binance's dollar open interest fell.
SpaceX perpetual futures trading surged around the company’s October 20 earnings release, even as Binance’s outstanding dollar exposure fell, according to market-data provider Talos.
Talos’s October 22 report puts SpaceX perpetual turnover across Binance and Hyperliquid at about $6 billion in the post-earnings episode it describes, more than eight times the prior day’s volume. Talos also reported that Binance open interest fell about 8% after earnings.
The figures separate trading activity around earnings from exposure left open afterward. Executions can create fee opportunities even while outstanding exposure contracts.
SpaceX’s third-quarter results release scheduled its earnings call for 4:30 p.m. Eastern on October 20. Talos says Binance’s SPCX perpetual gained 8.5% from the earnings print to the following US open.
The turnover figure covers two venues, while the dollar-open-interest figures are Binance’s alone. The two measures have different venue coverage and time windows, limiting comparisons between the trading surge and the positions that remained open.
Volume and open interest measure different activity. Volume counts contracts traded during a period. Open interest counts contracts that remain outstanding, with each buyer-and-seller pair counted once.
Consider an existing long who sells to an existing short buying back to close. The execution adds volume, while both positions close and open interest falls. A busy market can therefore finish with fewer contracts outstanding.
Hyperliquid’s initial-margin formula multiplies position size by mark price and divides by leverage.
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