TradeXYZ launched $SPCX perps at $135 implying a $1.78t spacex valuation. price is now $99.50. polymarket "IPO above $135" probability dropped to 20% and falling for 6 straight days. june 11 IPO is the single biggest credibility test for hyperliquid's entire HIP-3 model. if tradexyz price discovery lands within 5% of nasdaq open it validates a $62b/month RWA perp market that grew 857% quarter over quarter. if it misses by 20%+ the oracle trust assumption behind $3b in open interest gets repriced overnight. first time a DEX has actual skin in a major IPO outcome
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