From CoinDesk · By Oliver Knight
Trading in Hyperliquid’s Tesla contract rose from $2.8 million to $47 million in a single hour overnight. It is already the contract’s second-busiest day since launch.
The contract’s price rose about 5% to roughly $378. Binance’s Tesla contract was still the largest, with $279 million in 24-hour volume against Hyperliquid’s $159 million, according to RootData.
The contract tracks Tesla’s stock price but is not a tokenized share. It trades around the clock and allows up to 20x leverage.
Traders rushed into Tesla-linked crypto markets overnight after Elon Musk unveiled a flying version of the Roadster, with trading on Hyperliquid jumping while U.S. stock markets were closed.
The surge shows how crypto exchanges that never close are becoming the first place investors react to news about traditional companies.
Musk demonstrated the prototype, which uses SpaceX thruster technology, on Oct. 15, after Tesla TSLA shares closed at $362.44. Hyperliquid’s TSLA perpetual contract rose about 4.9% to roughly $378, and hourly trading volume leapt about 1,580%, from $2.8 million to $47 million.
TLSA market on Hyperliquid (Hyperliquid)
It is already the contract’s second-busiest day since listing a year ago, with the daily candle only nine hours old. Binance remained the largest venue, with $279 million in 24-hour volume versus Hyperliquid’s $159 million, according to RootData, but Hyperliquid held the most open interest, at $99 million. Tesla shares were up about 4.5% in premarket trading.
Hyperliquid’s contract, listed through Trade.xyz, is a perpetual future that tracks Tesla’s stock price rather than a tokenized share. It settles in USDC, allows up to 20x leverage and requires no brokerage account. The contract trades around the clock, so it was one of the few ways to bet on Tesla’s price while Nasdaq was closed. Tesla is due to report third-quarter earnings on Oct. 21.