$SPCX debuted on the Nasdaq-100 weeks ago. Now it's already trading with 20x leverage on RISEx. ARK Invest keeps buying. Grantham calls it third-rate AI. For the first time, that disagreement doesn't wait for the opening bell. It's priced 24/7. Tokenized equities were once a narrative. Now they're becoming infrastructure. This isn't just another listing on a perp DEX. It's the birth of a new order flow category where IPOs can become globally tradable, continuously hedged, and infinitely more expressive than their TradFi counterparts. The metric that matters isn't today's price. It's tonight's funding rate. Because while Wall Street is asleep, price discovery keeps working.
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