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.

BlockBeats News, June 10th, according to Hyperinsight monitoring, SpaceX's recent equity adjustment has caused on-chain contract price divergence. Since the S-1/A filing on June 3rd, the fully diluted shares have increased from approximately 1.187 billion to 1.308 billion, a growth of about 10%. In response to this, the contract price of SPCX on various platforms has continued to decline, with Hyperliquid currently at $163.

Facing the misalignment between equity and actual valuation, different platforms have shown divergent approaches: a certain trading platform has chosen to smooth the price through a Rebase (contract multiplier adjusted by about 1.1 times), while trade.xyz has stated that it "does not rely on market capitalization or total share data" and has not made any adjustments.

A whale on Hyperliquid, since the first day of SPCX's launch on May 18th, has been going long with 1x leverage, with an average entry price of $197, holding the largest long position. If the Rebase mechanism is adopted, the average entry price can be lowered to around $174, with an expected unrealized loss of $240,000; however, under trade.xyz's pricing rules, the actual accumulated loss has already reached $800,000 (partially liquidated), exceeding the former by about $560,000 in losses.

Address: 0x9bb933d7fe63c0bbfdd92f9596ed47e25e7877a1

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