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Solana and Hyperliquid vie for perps and tokenized stock trading after SpaceX IPO
The rise of onchain derivatives during periods when major venues like CME are closed is driving demand for perpetual futures and tokenized stocks, according to Jito Foundation’s Brian Smith.
CoinDesk frames the SpaceX IPO as a catalyst for competition in crypto trading venues, pointing to Solana and Hyperliquid as two ecosystems where tokenized stocks and perpetual futures, or perps, are actively traded.
In an argument attributed to Brian Smith, president of the Jito Foundation, the focus is less on headline fee revenue and more on an adoption shift as traders move to onchain derivatives platforms, even for markets being repriced in real time when traditional venues are unavailable.
Smith also links the recent surge to a broader trend he says has been unfolding in 2026, with traders turning to onchain platforms during the conflict with Iran and using them to access real time pricing while CME was closed.
The piece concludes that perps could act as a wedge to bring more traditional finance activity onchain, and it suggests that whoever captures the most trading volume during the weekend, the so called Sunday volume, could gain an edge over the longer term.
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