Tokenized Tesla surges as Elon Musk unveils SpaceX-powered flying Roadster prototype

Traders rushed into Tesla-linked crypto markets overnight after Elon Musk unveiled a flying version of the Roadster, with trading on Hyperliquid jumping while U.S. stock markets were closed.

The surge shows how crypto exchanges that never close are becoming the first place investors react to news about traditional companies.

Musk demonstrated the prototype, which uses SpaceX thruster technology, on Oct. 15, after Tesla TSLA shares closed at $362.44. Hyperliquid’s TSLA perpetual contract rose about 4.9% to roughly $378, and hourly trading volume leapt about 1,580%, from $2.8 million to $47 million.

It is already the contract’s second-busiest day since listing a year ago, with the daily candle only nine hours old. Binance remained the largest venue, with $279 million in 24-hour volume versus Hyperliquid’s $159 million, according to RootData, but Hyperliquid held the most open interest, at $99 million. Tesla shares were up about 4.5% in premarket trading.

Hyperliquid’s contract, listed through Trade.xyz, is a perpetual future that tracks Tesla’s stock price rather than a tokenized share. It settles in USDC, allows up to 20x leverage and requires no brokerage account. The contract trades around the clock, so it was one of the few ways to bet on Tesla’s price while Nasdaq was closed. Tesla is due to report third-quarter earnings on Oct. 21.