Binance said its SpaceX perpetual futures contract, SPCXUSDT, became a major venue for retail investors seeking exposure to the newly listed company after SpaceX’s Nasdaq debut. The exchange said the contract recorded more than $5.6 billion in 24-hour volume as of June 13, more than $9 billion in cumulative volume across its pre-IPO and post-listing phases, and more than 60% of SpaceX perpetual futures trading across centralized and decentralized venues. Binance also said SPCXUSDT became its second-most traded product behind Bitcoin futures. The scale of the activity highlighted strong retail demand for access to high-profile private and newly public companies through crypto-native products, a trend that may prompt regulatory scrutiny as exchanges push further into equity-linked trading. Separately, market watchers said SpaceX’s rise past a $2.5 trillion valuation just eight days after its IPO, making it the world’s sixth-largest company, was drawing risk capital away from crypto and showing how high-momentum equity stories can compete with digital assets for speculative flows.