SPCX Perp Hits $150: OI +16.5% to $347M, Funding Flat
SpaceX perp climbs 6.6% to $150 as the stock tape firms
SPCX, the perpetual tracking SpaceX stock, traded at $150.19 at the time of this snapshot, up 6.6% over 24 hours. Binance Futures printed $150.12 and OKX $150.17, a spread of a few cents, while the OKX book showed a 24-hour range of $140.34 to $152.87. Trading was heavy for a single-name contract: aggregated spot and perp volume across venues reached about $2.9 billion in a day, with roughly $2 billion of that on Binance alone. The move follows a stretch where the underlying equity rebounded off the low-$140s after its August pullback, and crypto perp venues have been tracking that recovery closely since the June IPO.
Open interest jumps 16.5% to $346.8 million
Total open interest across the eleven venues carrying SPCX perps rose to $346.8 million, up 16.5% in 24 hours. The growth is broad rather than concentrated in one venue. Gate holds the largest pool at $143.4 million, a 41.3% share, and added 25.9% on the day. OKX is second at $61.9 million, Bitget third at $51.3 million with a 12.7% gain, and Bybit grew its own book 19.5% to $36.7 million. WhiteBIT, a smaller venue, was the fastest riser among the top five at +21.7%. Positions are being opened into strength across several venues at once, which points to fresh directional demand rather than one exchange absorbing flow while others trim.
Flat funding separates this leg from a squeeze
Despite the price gain and the OI build, funding rates remain pinned near zero. The volume-weighted average across venues is slightly negative, around -0.00004, with Binance essentially flat, Gate and Bitget at zero, and Bybit marginally negative at -0.00014. In a short squeeze, funding usually spikes positive as crowded shorts are forced to cover and longs pay up to keep positions. That is not happening here. The market is not paying a premium for leverage, which suggests the advance is being absorbed by spot buyers and measured perp entries rather than a wave of leveraged chasing. Anyone reading the tape as pure short covering would have to explain why funding stayed cold through the whole move.
What to watch next on the SPCX perp
The setup puts SPCX in a zone where the next move depends on whether positioning can keep growing. The levels that matter are the 24-hour high of $152.87 and the low of $140.34. A break above $152.87 with OI still climbing and funding still flat would look like spot-led continuation. A push that stalls while OI rolls over would instead suggest the new longs entered near a local top and could unwind quickly. Watch Gate, which carries over 40% of total OI, and OKX as the two early tells, since flow on those books has led venue-level changes all day. Data as of 11:00 Beijing time on September 4, 2026, covering Binance, OKX, Bybit, Gate, Bitget, WhiteBIT, KuCoin and other major exchanges.