#What has changed with the SPCX-PERP contract?
Coinbase International Exchange has transitioned its SPCX-PERP contract from a pre-IPO market instrument to a standard stock perpetual future. As SpaceX's IPO approaches, this conversion shifts the focus from speculating on private company valuations to tracking the actual prices of publicly listed shares.
The transition process included a temporary trading pause to facilitate changes in positions and the cancellation of all open orders. Coinbase structured this update to be P&L-neutral, which means that traders did not experience any unintended financial impacts from this mechanical transition. Their profit and loss positions remained intact.
Currently, the SPCX-PERP contract maintains its leverage of up to 5x and continues to settle in USDC. It operates around the clock without any expiry date, offering ongoing trading opportunities.
#Was there a demand for pre-IPO trading?
The SPCX-PERP contract was established in May 2026 and attracted significant attention quickly, achieving millions in notional trading volume shortly after its launch. Various platforms, including Binance, Kraken, BitMEX, and Hyperliquid, have also tapped into the demand for similar pre-IPO contracts and are adapting their offerings as IPO timelines approach.
For interested investors outside the United States, the contract can be accessed through Coinbase Bermuda Ltd., an entity regulated by the Bermuda Monetary Authority. However, US-based traders currently do not have access to this contract.