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Binance to Launch Limit Order Trading for SpaceX SPCX Token on 12 June
Binance Stocks will begin accepting limit orders for the SpaceX stock token SPCX at 09:05 UTC on 12 June, giving users access to the long-awaited listing through whole-share trading.
According to Binance, the first day will be limited to GTC and day limit orders. Market orders will be unavailable until the official start of trading. The move comes as investors prepare for SpaceX’s public debut at a fixed IPO price of $135 per share.
Orders Will Remain Queued Until Trading Opens on Nasdaq
Binance said users should not expect SPCX to begin trading immediately after the regular market open.
Referring to previous Nasdaq IPOs, the exchange noted that high-profile listings often spend hours in price discovery before the opening process determines the first public trading price. Orders submitted before that point will remain queued and will be executed only after the official opening of trading on Nasdaq.
First-day trading will end at 20:00 UTC on 12 June. The market will open at 13:30 UTC on 15 June 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 for National Market System stocks. If prices move outside the permitted 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 cancelled, while limit orders will remain active.
Fractional share orders and notional-value-based orders will also be unavailable during the first five minutes of live trading on 12 June and during the first five minutes after the open on 15 June.
Partner brokers may introduce additional restrictions, including limits on net purchases. Under this control, new buy orders may be rejected, while sell orders aimed at reducing risk may still be allowed.
Fully paid securities lending for SPCX will become available once T+1 stock settlement is established.
Hyperliquid Traders Have Already Started Pricing SpaceX
Before the IPO, price discovery was taking place mainly on Hyperliquid through a 5x leveraged contract also trading under the ticker SPCX.
The contract is a cash-settled derivative and does not provide ownership of SpaceX shares or the right to receive IPO share allocations. Instead, it allows traders to speculate on where the shares will trade after listing.
The synthetic product started at around $216 in mid-May and briefly reached $230 before falling for three consecutive weeks. By Wednesday, it was trading near $157, roughly 27% lower.
Despite the decline, the contract is still trading above SpaceX’s IPO price of $135, implying a first-day premium of around 16%.
See also: "Significant Changes in XRP Exchange Outflows: Increase Observed"
