Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@Azuma_eth)

Yesterday, Odaily Planet Daily published an article analyzing the huge price differences in the pre-market contracts for SpaceX on platforms such as Binance, OKX, and Hyperliquid – it is recommended to first read "Why are the SpaceX pre-market contracts on different exchanges so varied in price?".

The article mentioned that when Hyperliquid launched the SpaceX pre-market contract SPCX through its ecosystem's HIP-3 market TradeXYZ, it disclosed in its documentation that it used a capital measure of approximately 11.87 billion shares, but this relevant statement was later removed, leading to community speculation about whether the market would undergo a Rebase.

• Odaily Note: The term Rebase refers to adjusting the capital data and corresponding position status based on real-world conditions. For example, on the evening of June 8, Binance announced it would conduct a Rebase on its pre-market contract SPCX, adjusting the capital from the estimated 11.87 billion shares to the 13.08 billion shares disclosed in the latest IPO plan.

TradeXYZ confirms, no Rebase will happen!

Today, TradeXYZ officially responded to this matter.

TradeXYZ stated that including SPCX, the pre-market contracts on TradeXYZ are a type of perpetual contract based on price, tracking the implied expected price per share of Class A common stock (or common stock) in the market. The total number of shares (share count) and the company's market cap are not input parameters in the market rules, oracle pricing methods, or final conversion mechanisms.

Regarding the "11.87 billion shares" figure previously found in the documentation, TradeXYZ explained that the official document included some teaching examples, illustrating how users could derive a "reasonable stock price" based on their expectations for company market cap and total share count. These examples were solely for background understanding, but the team received feedback that these contents could lead to misunderstandings, so they have been removed from the documentation.

As a clarification, TradeXYZ confirmed that in the future, SPCX and all other XYZ markets will not use, disclose, or rely on any calculations based on total capital or market cap. Once SpaceX completes its IPO and there is sufficient external price data available in the market, SPCX is expected to switch to a standard external oracle pricing mechanism. At that time, the contract price is expected to gradually converge with the trading price in the public market following SpaceX's listing.

Translated into plain language, TradeXYZ has confirmed it will not correct capital data through Rebase, and as for the previously mentioned "11.87 billion shares," it was just an example, and shouldn't be taken seriously... In the future, TradeXYZ's pre-market contracts will not reference capital data again; the actual capital number for the company will just be whatever TradeXYZ tracks as the assumption...

Community Controversy: Why aren’t the agreed numbers being counted?

Unsurprisingly, TradeXYZ's statement has caused significant controversy in the community. The core reason is that for participants in SPCX (especially users who only placed orders on Hyperliquid), the prior common expectation was that SPCX's pricing logic had a direct correlation with the number of shares of SpaceX.

The capital figure of "11.87 billion shares" was clearly stated in the official documentation, and TradeXYZ had previously explained that if investors expected SpaceX's valuation at a certain level, while assuming the company's total capital was approximately 11.87 billion shares, they could derive the corresponding reasonable price range. Therefore, many users had already taken it as part of the product rules.

Now, the official information has been removed, with the change of tune stating these contents were merely "teaching examples," which clearly gives some users a feeling of betrayal.

While TradeXYZ’s statement today seems to emphasize another product logic – that unlike Binance, OKX, and other platforms mapping share price through market cap and capital, TradeXYZ prefers to view SPCX as an independent trading market, with prices reflecting market participants' expectations for future SpaceX stock prices, rather than theoretical results derived from capital data.

However, for the vast majority of users, understanding the differences in product rules and designs of different markets frame-by-frame is not easy. At the same time, platforms like Binance and OKX have been conducting public discussions around capital numbers, valuation mapping, and Rebase mechanisms, so the market naturally uses the same logic to assess TradeXYZ and Hyperliquid...

The discrepancy between user cognition and product design ultimately transformed into this debate about product transparency and expectation management.

Will the pre-market contract market change?

Regardless of how this controversy ends, the SpaceX pre-market contracts have already become the largest and most attention-grabbing "IPO rehearsal" in the history of the crypto market.

It is also worth noting that, with Anthropic, OpenAI, and more celebrity companies yet to be listed coming onto the trading market, the pre-market contract space itself is entering a new stage of competition.

In the past, the competition between exchanges was more about who could launch popular assets first, but after the SPCX incident, the market may begin to focus more on another aspect – whose rules are clearer, whose pricing logic is more transparent, and who can provide users with a more stable and more predictable product framework.

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