After SpaceX's stock split, platforms diverge in handling, with a certain on-chain SPCX whale benefiting an additional $560,000 compared to the Rebase scenario.

**June 10 Update (via Hyperinsight monitoring: t.me/HyperInsight):** SpaceX’s recent equity adjustment has triggered a divergence in on-chain contract prices for its SPCX token. Since the June 3 S-1/A filing, SpaceX’s fully diluted share count has risen from ~1.187 billion to 1.308 billion—an approximate 10% jump. In response, SPCX contract prices across platforms have continued to decline; Hyperliquid’s SPCX contract currently trades at $163. Amid the misalignment between equity changes and actual valuation, trading platforms have taken divergent approaches. One platform used a Rebase (adjusting the contract multiplier by ~1.1x) to smooth price discrepancies, while trade.xyz stated it “does not rely on market capitalization or total share data” and made no adjustments. Notably, a Hyperliquid whale has held the largest long position in SPCX since its May 18 launch: it went long with 1x leverage at an average entry price of $197. If the Rebase mechanism applied to this position, the whale’s average entry would drop to ~$174, leading to an expected unrealized loss of $240,000. But under trade.xyz’s pricing rules, the whale’s actual accumulated loss has already hit $800,000 (with partial liquidations)—$560,000 more in losses than the Rebase scenario would produce. Address: 0x9bb933d7fe63c0bbfdd92f9596ed47e25e7877a1. **HyperInsight Bot Launch:** Add @HyperInsightBot to your Telegram group, grant it admin privileges (with message-sending permission enabled), and it will automatically sync on-chain information for you.