SpaceX perpetual futures traded about $6 billion after earnings
Talos reported roughly $6 billion in SpaceX perpetual-futures turnover across Binance and Hyperliquid around the October 20 earnings release, more than eight times the previous day’s volume. Binance open interest fell about 8%, while its SPCX contract rose 8.5% from the earnings release to the next U.S. market open. The figures are not directly comparable: turnover measures trades, while open interest measures positions still outstanding. The report says actual fee revenue from the surge cannot be determined from combined turnover alone, because venue, fee tiers, maker/taker status, rebates, growth-mode settings and fee splits vary. Hyperliquid deployers may receive up to half of fees, while fees allocated to its assistance fund are converted into HYPE and burned.
