A 5x-leveraged SpaceX-linked perpetual contract on Hyperliquid, tickered SPCX, has fallen about 27% over the past three weeks from its mid-May launch, trading near $157 after briefly touching $230. Despite the slide, SPCX still trades above SpaceX’s fixed $135 IPO offer price, implying an expected first-day premium of roughly 16%, down from about 60% in May, according to CoinDesk. The cash-settled derivative gives no claim on SpaceX shares and may be weakening amid broader crypto market pressure and investors raising cash for the oversubscribed offering.