Tesla’s Flying Roadster Sends Hyperliquid Trading Volume Soaring 1,500%

Trading in Tesla-linked (NASDAQ: $TSLA) crypto derivatives surged overnight after Elon Musk unveiled a flying version of the Roadster.

Hyperliquid's (CRYPTO: $HYPE) TSLA perpetual futures contract has climbed about 3.7% to roughly $374 over the past day. Hourly trading volume jumped from $2.8 million to $47 million, an increase of about 1,580%.

The contract was already on track for its second-busiest day since launching roughly a year ago, despite the daily trading candle being just nine hours old.

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Musk demonstrated the redesigned Roadster on Thursday, showcasing a prototype equipped with SpaceX-developed thruster technology. The vehicle performed aerial maneuvers during the presentation, drawing attention to Tesla's long-delayed sports car. Production is now targeted for 2028.

Hyperliquid was not the largest venue for Tesla-linked derivatives by trading volume. Binance recorded $279 million in 24-hour volume, compared with $159 million on Hyperliquid, according to RootData data cited in the original report.

However, Hyperliquid had the highest open interest at $99 million, indicating the amount of outstanding positions in its market.

The contract is offered through Trade.xyz and tracks Tesla's share price without representing ownership of actual Tesla stock. It settles in USDC (CRYPTO: $USDC) and supports leverage of up to 20 times, allowing traders to take larger positions relative to their collateral.

Tesla shares closed Thursday at $362.44, down around 1.3% over the day. However, the company's shares gained up to 12% at some point in premarket trading following the announcement.

Next week, Tesla is scheduled to report its third-quarter financial results on October 21, according to the company's investor relations website.

As reported, Tesla held its Bitcoin (CRYPTO: $BTC) treasury steady at 11,509 BTC in the second quarter, making no purchases or sales since 2022. The company recorded a $112 million after-tax loss on its Bitcoin holdings as the cryptocurrency fell about 14% during the quarter.