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Rebase is a developer community established by Chinese Web 3.0 developers in their spare time. It is a geek organization dedicated to helping geeks make better use of technological innovation and promote social change. Rebase University is an open-source university without borders, where geeks collaborate to learn, research, and share open-source projects, and spread open-source culture.
Event-related news
SpaceX Stock Pre-Market Arbitrage Review: 10% Spread Still Existed Yesterday
Odaily News: Ahead of the SpaceX IPO, the SPCX pre-market contract on several CEXs and on-chain Perp DEXs presented arbitrage opportunities due to differences in share count calculations and rebase mechanisms, which multiple KOLs capitalized on. Among them, crypto KOL Silicon Bird | Ray shared: “Last night, I went long on BN and short on HL, still capturing a 10-point arbitrage opportunity. BN issued a rebase announcement last night. Since the initially estimated share count (11.87B) differed from the actual share count (13.08B), SPCXUSDT positions will be converted at a ratio of 1.1. This means BN’s SPCX price will be divided by 1.1, while the position size will be multiplied by 1.1. This created a massive arbitrage opportunity because SPCX on Hyperliquid was also originally launched based on the 11.87B share count. However, the documentation clearly states that Hyperliquid’s SPCX will not rebase (as an HIP-3 DEX, trade.xyz doesn’t have this capability either). Hyperliquid’s current SPCX tracks the Class A common stock price. I submitted a ticket to trade.xyz and received a clear response confirming there will be no rebase.” Additionally, he analyzed the reasons behind "SPCX on trade.xyz will not rebase," stating: “There are several key reasons. Those familiar with Hyperliquid and trade.xyz understand their relationship: the former is a trading-specific L1 blockchain, while the latter is a DEX based on Hyperliquid’s HIP-3. trade.xyz is somewhat like an outsourced team, essentially just setting up a platform within Hyperliquid’s ecosystem.1. We need to understand that a rebase is an extremely complex operation, involving halting trading, forced liquidations, and reopening positions. This is a major engineering challenge even for large CEXs (such as OKX and BN, which are undergoing this rebase). Smaller exchanges like Bitget have simply given up and opted for a relist. For an on-chain team dependent on another blockchain, this is an even more daunting task.2. When trade.xyz first launched the contract, it mentioned an estimated share count of 11.87B. However, they later realized this could be controversial and promptly removed any mention of the estimated share count from their documentation. They clearly emphasized that the price tracked by SPCX on trade.xyz is the Class A common stock price of SPCX, and added extensive disclaimers stating there will be no rebase.”Crypto KOL KyleChen also posted last night: “The optimal hedging strategy should be on OKX’s pre-market perpetual. The IPO subscription cost is 142u, leaving around 14% profit margin. Comparison of three pre-market platforms:- OKX Pre SpacX: 162u, essentially confirmed as per-share price- Binance current price: 167u, with an announced rebase scheduled for 6/10 at a factor of 1.1, resulting in an adjusted price around 151.2u- Hyperliquid: 168u, its pre-market contract is provided via trade.xyz based on HIP-3. From a technical infrastructure standpoint, the contract does not directly supp
OKX Rebases SPACEX Pre-Market Contract and Renames It to SPCX
Odaily News According to an official announcement, OKX has executed a Rebase (proportional adjustment) on the SPACEXUSDT pre-market contract at 15:10 on June 2 (UTC+8), and simultaneously renamed the contract to SPCXUSDT. This adjustment aims to align the contract parameters from the estimated equity to the actual equity disclosed by SpaceX in its S-1 filing, with an adjustment ratio of 12.52x.It is reported that this Rebase will proportionally adjust user positions and orders, while the position value and account equity will remain unchanged in principle. During the adjustment period, order placement, modification, and cancellation services will be suspended for approximately 5 minutes, and some order types will be canceled and need to be reset. Additionally, following the contract rename, the relevant API identifiers will also be updated simultaneously.
Related news
TradeXYZ confirms that SPCX will not undergo a Rebase: The initial share count was provided for illustrative purposes only and has now been removed from the documentation
TradeXYZ stated on X regarding its SPCX pre-market contract product that TradeXYZ's pre-market contract is a price-based perpetual contract that tracks the market-implied price per share of Class A common stock (or common stock). Neither the total share count nor the company's market capitalization are input parameters for this market's rules, oracle pricing methodology, or final conversion mechanism.Previously, the official documentation included some educational examples illustrating how users could derive a "reasonable stock price" if they had expectations about the company's market cap and total shares outstanding. These examples were intended solely to help users understand the context, but we received feedback suggesting that this content could easily lead to misunderstandings. Therefore, it has now been removed from the documentation.In SPCX, as well as in all other XYZ markets, TradeXYZ will not use, publish, or rely on any calculation basis derived from total share count or market capitalization. Once SpaceX completes its IPO and sufficient external price data becomes available in the market, SPCX is expected to transition to a standard external oracle pricing mechanism. At that point, the contract price is expected to gradually converge toward SpaceX's public market trading price post-listing.
SpaceX Stock Pre-Market Arbitrage Review: 10% Spread Still Existed Yesterday
Odaily News: Ahead of the SpaceX IPO, the SPCX pre-market contract on several CEXs and on-chain Perp DEXs presented arbitrage opportunities due to differences in share count calculations and rebase mechanisms, which multiple KOLs capitalized on. Among them, crypto KOL Silicon Bird | Ray shared: “Last night, I went long on BN and short on HL, still capturing a 10-point arbitrage opportunity. BN issued a rebase announcement last night. Since the initially estimated share count (11.87B) differed from the actual share count (13.08B), SPCXUSDT positions will be converted at a ratio of 1.1. This means BN’s SPCX price will be divided by 1.1, while the position size will be multiplied by 1.1. This created a massive arbitrage opportunity because SPCX on Hyperliquid was also originally launched based on the 11.87B share count. However, the documentation clearly states that Hyperliquid’s SPCX will not rebase (as an HIP-3 DEX, trade.xyz doesn’t have this capability either). Hyperliquid’s current SPCX tracks the Class A common stock price. I submitted a ticket to trade.xyz and received a clear response confirming there will be no rebase.” Additionally, he analyzed the reasons behind "SPCX on trade.xyz will not rebase," stating: “There are several key reasons. Those familiar with Hyperliquid and trade.xyz understand their relationship: the former is a trading-specific L1 blockchain, while the latter is a DEX based on Hyperliquid’s HIP-3. trade.xyz is somewhat like an outsourced team, essentially just setting up a platform within Hyperliquid’s ecosystem.1. We need to understand that a rebase is an extremely complex operation, involving halting trading, forced liquidations, and reopening positions. This is a major engineering challenge even for large CEXs (such as OKX and BN, which are undergoing this rebase). Smaller exchanges like Bitget have simply given up and opted for a relist. For an on-chain team dependent on another blockchain, this is an even more daunting task.2. When trade.xyz first launched the contract, it mentioned an estimated share count of 11.87B. However, they later realized this could be controversial and promptly removed any mention of the estimated share count from their documentation. They clearly emphasized that the price tracked by SPCX on trade.xyz is the Class A common stock price of SPCX, and added extensive disclaimers stating there will be no rebase.”Crypto KOL KyleChen also posted last night: “The optimal hedging strategy should be on OKX’s pre-market perpetual. The IPO subscription cost is 142u, leaving around 14% profit margin. Comparison of three pre-market platforms:- OKX Pre SpacX: 162u, essentially confirmed as per-share price- Binance current price: 167u, with an announced rebase scheduled for 6/10 at a factor of 1.1, resulting in an adjusted price around 151.2u- Hyperliquid: 168u, its pre-market contract is provided via trade.xyz based on HIP-3. From a technical infrastructure standpoint, the contract does not directly supp
OKX Rebases SPACEX Pre-Market Contract and Renames It to SPCX
Odaily News According to an official announcement, OKX has executed a Rebase (proportional adjustment) on the SPACEXUSDT pre-market contract at 15:10 on June 2 (UTC+8), and simultaneously renamed the contract to SPCXUSDT. This adjustment aims to align the contract parameters from the estimated equity to the actual equity disclosed by SpaceX in its S-1 filing, with an adjustment ratio of 12.52x.It is reported that this Rebase will proportionally adjust user positions and orders, while the position value and account equity will remain unchanged in principle. During the adjustment period, order placement, modification, and cancellation services will be suspended for approximately 5 minutes, and some order types will be canceled and need to be reset. Additionally, following the contract rename, the relevant API identifiers will also be updated simultaneously.