> For the complete documentation index, see [llms.txt](https://docs.afx.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.afx.xyz/markets-assets/spacex-perpetuals-spcx.md).

# SpaceX Perpetuals on AFX (SPCX): Trade SpaceX On-Chain Without Owning Private Shares

**Featured Snippet:** SPCX-PERP is a perpetual futures contract on [AFX](https://app.afx.xyz/trade/SPCXUSDC) that tracks the private market valuation of SpaceX. It is USDC-margined, has no expiry date, and trades 24/7 — giving traders directional exposure to one of the world's most valuable private companies without requiring accredited investor status, a private equity brokerage, or ownership of actual SpaceX shares.

### What Is SPCX-PERP?

SpaceX (Space Exploration Technologies Corp.) is a private aerospace company founded by Elon Musk. As a private company, SpaceX shares are not listed on any public stock exchange. Retail access to SpaceX equity has historically been limited to accredited investors through secondary private market platforms — inaccessible to most traders globally.

SPCX-PERP changes that. It is a perpetual derivatives contract whose oracle price tracks SpaceX's private market reference valuation. You deposit USDC, open a long or short position, and your PnL tracks the movement of SpaceX's reference price — without owning a single share, without accredited investor status, and without using a private equity platform.

The contract is priced using an [**oracle price**](https://docs.afx.xyz/trading-rules/oracle-price) that aggregates SpaceX private market reference data. This oracle is the anchor for mark price calculations, which determine your unrealized PnL and liquidation threshold — not the last traded price in the AFX order book.

### Why Trade SpaceX as an On-Chain Perpetual?

**SpaceX is inaccessible to most investors.** SpaceX has remained private while growing into one of the highest-valued private companies in the world. Secondary market trades in SpaceX shares are restricted to qualified/accredited investors and require navigating platforms that are unavailable in most jurisdictions. SPCX-PERP bypasses this entirely — any trader with a USDC balance and an AFX account can take a position.

**Trade the narrative, long or short.** SpaceX's valuation is driven by high-profile events: Starship test launches, Starlink subscriber growth, NASA and DoD contract announcements, and Elon Musk's public statements. SPCX-PERP lets you express a directional view — long if you believe a milestone event will lift valuation, short if you expect a setback.

**No private market infrastructure.** Buying SpaceX secondary shares requires escrow, legal documentation, transfer agent approval, and significant minimum investment. SPCX-PERP requires a USDC deposit and an order.

**24/7 trading.** Private market SpaceX share transactions are slow and infrequent by nature. SPCX-PERP trades continuously, including overnight and on weekends, allowing you to react to SpaceX news in real time regardless of when it breaks.

**No expiry, no rollover.** SPCX-PERP is a perpetual contract. There is no quarterly settlement, no need to roll into the next contract period, and no delivery of shares. You open a position and close it when you choose.

### How SPCX-PERP Is Priced

**Oracle price.** The oracle aggregates SpaceX private market reference data to produce a fair-value anchor for the contract. This oracle price is displayed alongside the last traded price in the AFX interface. When the two diverge, the funding rate mechanism applies pressure to bring SPCX-PERP back toward the oracle reference.

[**Mark price**](https://docs.afx.xyz/trading-rules/mark-price)**.** The mark price is derived from the oracle and a short-window basis adjustment. Mark price governs your unrealized PnL display and your liquidation threshold — a temporary wick in the SPCX-PERP order book does not move your mark price or trigger liquidation.

[**Funding rate**](https://docs.afx.xyz/trading-rules/funding-rate) **(4-hour cycle).** SPCX-PERP uses a **4-hour funding settlement cycle** — more frequent than the 8-hour standard on most crypto perpetuals. Funding payments flow between longs and shorts every 4 hours. When SPCX-PERP trades at a premium to oracle (bullish sentiment dominates), longs pay shorts. When it trades at a discount, shorts pay longs. The current rate and next settlement countdown are visible in the trading interface.

### Key Specs: SPCX-PERP on AFX

<table data-search="false"><thead><tr><th>Spec</th><th>Detail</th></tr></thead><tbody><tr><td>Contract</td><td>SPCX-PERP (SpaceX private market perpetual)</td></tr><tr><td>Margin currency</td><td>USDC</td></tr><tr><td>Settlement network</td><td>Arbitrum (deposits/withdrawals)</td></tr><tr><td>Trading hours</td><td>24/7, continuous</td></tr><tr><td>Expiry</td><td>None (perpetual)</td></tr><tr><td>Order types</td><td>Market, Limit, Stop</td></tr><tr><td>Funding cycle</td><td>Every 4 hours</td></tr><tr><td>Liquidation basis</td><td>Mark price (oracle-anchored)</td></tr><tr><td>Leverage</td><td>See current interface for leverage tiers</td></tr></tbody></table>

### SPCX-PERP vs Traditional SpaceX Exposure

<table data-search="false"><thead><tr><th>Feature</th><th>SPCX-PERP (AFX)</th><th>SpaceX Secondary Shares</th><th>SpaceX-adjacent Public Stocks</th></tr></thead><tbody><tr><td>Access requirement</td><td>AFX account + USDC</td><td>Accredited investor status</td><td>Standard brokerage account</td></tr><tr><td>Direct SpaceX exposure</td><td>Yes (oracle-tracked)</td><td>Yes (actual equity)</td><td>Indirect only</td></tr><tr><td>Minimum size</td><td>Small (USDC-denominated)</td><td>Often $10,000–$100,000+</td><td>1 share</td></tr><tr><td>Short selling</td><td>Yes, direct</td><td>No (secondary market only)</td><td>Via options/margin</td></tr><tr><td>Settlement speed</td><td>Real-time withdrawal</td><td>Weeks (transfer approval)</td><td>T+1/T+2</td></tr><tr><td>Trading hours</td><td>24/7</td><td>Infrequent, business hours</td><td>Market hours only</td></tr><tr><td>Self-custody</td><td>Yes (wallet-based)</td><td>No</td><td>No</td></tr></tbody></table>

The practical use case for most traders is access and speed: SPCX-PERP provides real-time price exposure to SpaceX's valuation without the institutional infrastructure that private equity participation normally requires.

### Risk Factors Specific to SPCX-PERP

**Private market valuation opacity.** Unlike public companies, SpaceX does not publish quarterly earnings, revenue, or operational data on a regular disclosure schedule. The oracle price derives from private market reference data, which may update less frequently and with less granularity than public equity prices. Valuation can be influenced by infrequent secondary market transactions and analyst estimates rather than continuous market-discovered price.

**Event-driven volatility.** SpaceX's valuation narrative is closely tied to specific events: Starship test outcomes, Starlink revenue disclosures, government contract awards, regulatory approvals, and Elon Musk's public statements. These events can produce sharp price moves in SPCX-PERP when they occur, with no advance notice of timing.

**4-hour funding accumulation.** Because funding settles every 4 hours (6 times per day), the cost of holding a leveraged position in the direction of consensus sentiment accumulates faster than on an 8-hour cycle. In a persistent bull sentiment environment, longs pay 6 funding periods per day.

[**Leverage**](https://docs.afx.xyz/trading-rules/leverage) **and** [**liquidation**](https://docs.afx.xyz/trading-rules/liquidation)**.** SPCX-PERP positions are marked to mark price — oracle-anchored and manipulation-resistant. However, leveraged positions remain subject to liquidation if the oracle price moves sufficiently against your position to exhaust your margin. Always check your estimated liquidation price before entering.

**Liquidity conditions.** SPCX-PERP is a synthetic tracking a private company. Order book depth may be thinner than on major crypto or commodity pairs. During low-activity periods, the bid-ask spread may widen. Use limit orders when precise execution price matters.

### FAQ

#### Do I need to be an accredited investor to trade SPCX-PERP?

No. SPCX-PERP is a perpetual derivatives contract, not a direct purchase of SpaceX equity. You need an AFX account and USDC on Arbitrum — the same requirements as any other AFX pair. The accredited investor restrictions that apply to purchasing actual SpaceX secondary shares do not apply to trading a derivatives contract that tracks SpaceX's reference price.

#### How is SpaceX's private market price determined for the oracle?

The oracle aggregates SpaceX private market reference data from available sources — secondary market transactions, valuation disclosures, and institutional reference data. Because SpaceX is a private company, this data is less continuous and transparent than public equity pricing. The oracle price updates based on available reference data, and the funding rate mechanism keeps [SPCX-PERP](https://app.afx.xyz/trade/SPCXUSDC) anchored to the oracle reference over time.

#### Can I trade SPCX-PERP when SpaceX makes a major announcement?

Yes. SPCX-PERP trades 24/7. If SpaceX makes an announcement outside of traditional market hours — a Starship launch result, a contract win, or a valuation update — you can open or adjust a position immediately. Be aware that significant announcements may cause rapid price moves and that liquidity conditions during off-hours may result in wider spreads.

***

### Keep Learning

* [Bitcoin vs Gold: Which Is the Better Inflation Hedge?](/markets-assets/bitcoin-vs-gold-which-is-the-better-inflation-hedge.md) — how to think about different asset classes in a portfolio
* [What Is a Funding Rate?](/basics/what-is-funding-rate.md) — understanding the 4-hour funding cycle on SPCX-PERP

Ready to trade SpaceX on-chain? Open a position at [app.afx.xyz/trade/SPCXUSDC](https://app.afx.xyz/trade/SPCXUSDC).

***

*This article is for informational and educational purposes only. It does not constitute financial or investment advice. SPCX-PERP is a derivative contract that tracks SpaceX's private market reference price — it does not represent ownership of SpaceX equity or any rights associated with SpaceX shares. Trading perpetual contracts involves significant risk, including the possibility of losing your entire deposited margin. Not Financial Advice (NFA). Always do your own research.*


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