- Binance Stocks will open whole-share limit order trading for SpaceX stock token SPCX.
- Day-one trading ends at 20:00 UTC on June 12 and resumes at 13:30 UTC on June 15.
- Hyperliquid’s SPCX contract has fallen 27% from its May peak but is still above $135.
Binance Stocks will begin accepting limit orders for SpaceX stock token SPCX at 09:05 UTC on June 12, giving users access to the highly anticipated listing through whole-share trading.
According to Binance, the first day will be limited to GTC and day limit orders. Market orders will not be available before trading officially starts. The move comes as investors prepare for SpaceX’s public debut at a fixed IPO price of $135 per share.
Orders Will Queue Until Nasdaq Opens Trading
Binance said users should not expect SPCX to start trading immediately at the normal market open.
Drawing from previous Nasdaq IPOs, the exchange noted that high-profile listings often spend hours in price discovery before the opening cross determines the first public trading price. Orders submitted before then will remain in the queue and will only execute after Nasdaq officially opens trading.
Day-one trading will end at 20:00 UTC on June 12. The market will reopen at 13:30 UTC on June 15 during regular trading hours.
Pre-market, after-hours, and overnight sessions will not be available on the first day. Binance also warned that these sessions may remain disabled for several days while exchanges monitor liquidity and market conditions.
Trading Restrictions Will Apply
SPCX will be subject to the Limit Up-Limit Down mechanism used across National Market System stocks. If prices move outside the allowed range, trading will be halted until Nasdaq lifts the pause.
During a halt, users will not be able to submit new orders. Pending market orders will be canceled, while limit orders will remain active.
Fractional share orders and amount-based orders will also be unavailable during the first five minutes of live trading on June 12 and during the first five minutes after the June 15 reopening.
Partner brokers may impose additional restrictions, including caps on net buying. Under those controls, new buy orders could be rejected while sell orders aimed at reducing risk may still be allowed.
Fully Paid Securities Lending for SPCX will become available after shares settle on a T+1 basis.
Hyperliquid Traders Have Already Started Pricing SpaceX
Ahead of the IPO, price discovery has largely taken place on Hyperliquid through a 5x-leveraged perpetual contract also trading under the ticker SPCX.
The contract is a cash-settled derivative and does not provide ownership of SpaceX shares or rights to IPO allocations. Instead, it allows traders to speculate on where the stock may trade after listing.
The synthetic product launched at around $216 in mid-May and briefly reached $230 before falling for three straight weeks. By Wednesday, it traded near $157, down roughly 27%.
Despite the decline, the contract still trades above SpaceX’s $135 IPO price, implying a first-day premium of around 16%.
Related: SpaceX-Themed Tokens Enter CoinMarketCap Top 10 Trending List
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