SPCX jumped more than 20% in after-hours trading Tuesday, a sharp move that put the spotlight on the token's perpetual contract on the Hyperliquid platform. HYPE, the platform's native token, rose 12% on the back of the SPCX surge.
Hyperliquid perp in focus
The SPCX perpetual futures contract saw increased attention as the token's price accelerated. Perpetual swaps allow leveraged bets without an expiration date, and activity on the Hyperliquid perp stood out during the after-hours session, a period typically marked by lower volume.
HYPE lifted by the move
HYPE spiked 12% shortly after SPCX's rally began. The correlation between the two suggests traders are treating them as linked, though the specific trigger for the SPCX jump wasn't immediately clear. HYPE is the native asset of the Hyperliquid ecosystem, which hosts the SPCX perpetual contract.
After-hours trading in digital assets can amplify price swings due to thinner liquidity. Both tokens experienced significant volatility in the session. The reason behind the initial SPCX surge remains unknown, leaving market participants to watch for any announcements or order flow that could explain the move.
