A SpaceX-linked perpetual contract on Hyperliquid, trading under SPCX, rebounded sharply into Friday’s expected debut after spending three weeks cutting the implied first-day premium on Elon Musk’s rocket and satellite company.

The contract traded between about $176 and $183 on Friday morning, up from a low near $153 earlier this week and above the roughly $157 level seen when CoinDesk wrote Wednesday that crypto traders were marking down the expected IPO pop.

Open interest stood near $216 million, with 24-hour volume above $150 million on Hyperliquid.

SPCX still does not give holders SpaceX shares, allocation rights or any claim on the company. It is a cash-settled derivative. But because SpaceX priced its IPO at a fixed $135 a share, it has become one of the few live markets showing where traders think the stock could open.

At Wednesday’s level near $157, SPCX implied only a roughly 16% premium to the $135 IPO price, down from about 60% when the contract briefly traded near $216 in May. At $183, the implied premium is back near 36%.