Coming Soon: Pre-IPO Perpetual Contract for SPCX with 5x Leverage
A new pre-IPO perp contract for SPCX (SpaceX) – Space Exploration Technologies Corp – will soon be available to trade on BitMEX. The new listing is margined in Tether (USDT) and offers up to 5x leverage so you can long or short SPCX.
Trading for SpaceX will start here at 04:00 UTC on 5 June 2026.
For details on the new Pre-IPO listing, read on. If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,050 in Trading Credits for newly verified users - you can register here.
SPCX Linear Perpetual Contract Specs SPCXUSDT is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular perpetual contract but with some key differences (as detailed at the bottom). SPCX contract details:
Symbol: SPCXUSDT
Margin currency: USDT
Contract Size: 0.01 SPCX
Lot Size: 1
Minimum Trade Amount: 0.01 SPCX
Underlying: .BSPCXT
Max Leverage: 5x
Maker Fee: 0.05%
Taker Fee: 0.05%
Base Initial Margin: 20.00%
Base Maintenance Margin:10.0%
You can trade the SPCXUSDT pre-IPO perpetual contract here, or refer to the full contract specs here.
Key differences between our Pre-IPO listing and other perpetual contracts:
Mark Method: LastPricePreLaunch
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Auto Deleveraging: Enabled
Funding: 0%, no funding is paid or received at the pre-IPO phase
Pre-IPO perps are highly volatile and speculative contracts. Because of this, we’ve changed a few items:
We are using LastPricePreLaunch marking because there is not yet an observable price for SPCX.
To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.
The .BSPCXT index will be constructed by BitMEX upon the successful listing of SpaceX stock on a traditional equity exchange, and subject to BitMEX's determination that a robust and representative spot price index can be reliably produced.
Once such an index exists, we may use our discretion to convert the Pre-IPO perp into a standard equity perp. This means that the Mark Method will be switched to FairPriceStox, and funding will be paid and received as per normal. There may be significant price volatility at the point of conversion, as the prevailing Pre-IPO mark price could differ materially from the IPO listing price.
Other contract specifications are also expected to change upon conversion to a standard equity perpetual, including but not limited to Initial Margin, Maintenance Margin, and Risk Limit thresholds.
In the event that a SpaceX IPO does not occur, or if index prices are otherwise unavailable, BitMEX reserves the right to delist this contract, with the settlement value to be determined by BitMEX at its sole discretion.
As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.
About SPCX, the SpaceX Token
SPCX is the official stock ticker for SpaceX, an American private spacecraft manufacturer, launch service provider, and satellite communications company based in Hawthorne, California. Founded in 2002 by Elon Musk, SpaceX aims to reduce space transportation costs and enable Mars colonisation.
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