Crypto investor and Co-founder of Moon Rock Capital, Simon Dedic, mentioned on Saturday that the entry points retail merchants confronted round SpaceX’s (SPCX) Nasdaq debut make the case for buying and selling publicity to high-profile non-public corporations by way of onchain perpetual futures on Hyperliquid (HYPE) over centralized exchanges.
“Yesterday’s SpaceX IPO was one other masterclass lesson why it’s best to by no means belief the middlemen in crypto,” Dedic wrote in a put up on X on Saturday.
Dedic mentioned Bybit (MNT), Binance (BNB), and Bitget (BGB) all cancelled their tokenized SpaceX allocations, citing a “share scarcity,” leaving merchants who sought publicity by way of a centralized alternate “empty-handed regardless of all the large guarantees.”https://x.com/sjdedic/standing/2065804565358809484?s=20
He additionally mentioned that SpaceX token holders issued through preStocks faced an undisclosed 180-day lockup that gave them the selection of both promoting at a reduction instantly or ready six months till the lockup ended. “Similar trick each single time,” Dedic wrote. “The intermediaries promise you entry, take their lower, and hand you one thing fully totally different from what you signed up for.”
Dedic mentioned related points may crop up elsewhere on this IPO cycle, citing corporations like Anthropic (ANTHZZX) and OpenAI (OPEAZZX), the place buyers may very well be uncovered by way of layered particular goal autos with out totally understanding the phrases.
Perpetuals As The ‘Superior Car’
The episode solidifies the case for buying and selling financial publicity to such corporations by way of perpetual futures over custodial tokenized-stock merchandise, Dedic mentioned.
“For now, this really makes perps seem like the superior automobile,” he wrote. “If all you need is financial publicity to those names, why take care of custody video games and hidden lockups when you possibly can simply commerce it 24/7 onchain?” “Bullish Hyperliquid, as all the time, I assume,” he added.
Dedic mentioned the longer-term repair is regulatory. “The one factor lacking is regulatory readability,” he wrote, including that the CLARITY Act can be “the one largest catalyst this business has ever had” as soon as handed.
Hyperliquid’s Tokenized Markets Present Fast Progress
Individually, a analysis notice revealed by Grayscale on Friday outlined the expansion of Hyperliquid’s HIP-3 framework, launched in October 2025, which allowed permissionless deployment of perpetual futures markets for equities, commodities, indices, and pre-IPO shares.
Markets in HIP-3 hit a excessive of $3.2 billion in open curiosity in June 2026, and have traded $200 billion since launch, in line with Grayscale.
The notice mentioned the primary S&P 500 (SPY) perpetual futures product was launched on Hyperliquid in March 2026, after S&P Dow Jones Indices licensed the index to a HIP-3 deployer.
Hyperliquid’s position was in comparison with cloud infrastructure by Grayscale. “Hyperliquid platform is extra like Amazon Internet Companies than a inventory alternate,” the agency mentioned, including that open infrastructure that enables builders to “create the merchandise, with the HYPE token capturing worth from each commerce it hosts.”
HYPE’s price was buying and selling at $60, flat over the previous 24 hours. On Stocktwits, retail sentiment round HYPE remained within the ‘impartial’ zone over the previous day, with chatter at ‘low’ ranges.
HYPE’s value has been up over 137% to this point this 12 months.
