SpaceX: Pre-IPO Perps Price 4.9% From Nasdaq Open

SpaceX listed on Nasdaq at $150 while onchain pre-IPO perps traded at $157.40 the night before, missing the open by 4.9% without order book or reference price. July data across the tokenized equities market reveals $376.3B in perpetuals volume against $7.5B spot, a 50-to-1 ratio. Post-listing perps tracked Nasdaq at 0.996 correlation while spot wrappers reached only 0.95 and slipped to a 13.1% discount in the June rally. Over 70% of open interest concentrates on two venues, exposing structural fragility including a 20% flash crash in SK Hynix perps during off-hours.