Trading in Tesla-linked cryptocurrency markets accelerated overnight after Elon Musk unveiled a flying version of the Roadster prototype powered by SpaceX thruster technology on October 15.
Volume in Hyperliquid's Tesla perpetual contract surged from $2.8 million to $47 million in a single hour, representing a roughly 1,580% increase. The contract's price rose approximately 4.9% to around $378, compared to Tesla's stock close of $362.44.
The spike marks the contract's second-busiest trading day since its launch a year ago. The surge occurred while U.S. stock markets were closed, highlighting how cryptocurrency exchanges that operate around the clock are becoming early venues for reactions to traditional company news.
Hyperliquid's TSLA contract is a perpetual futures instrument that tracks Tesla's stock price but is not a tokenized share. It settles in USDC, allows up to 20x leverage, and requires no brokerage account. The contract trades continuously, providing access outside regular market hours.
Binance remained the largest venue for Tesla crypto contracts, with $279 million in 24-hour volume compared to Hyperliquid's $159 million, according to RootData. However, Hyperliquid held the most open interest at $99 million. Tesla shares were up approximately 4.5% in premarket trading.
Tesla is scheduled to report third-quarter earnings on October 21.
