OKX to execute rebase on SPACEXUSDT pre-market perpetual futures and rename it to SPCXUSDT
Dear OKX users,
OKX will execute a rebase (proportional adjustment) on the SPACEXUSDT pre-market perpetual futures at 07:10:00 (UTC) on June 2, 2026, aligning the contract parameters from the estimated share count to the actual disclosed share count. At the same time, the contract will be renamed to SPCXUSDT.
What is the rebase
The rebase is a one-time, proportional adjustment of contract parameters. OKX Pre-IPO perpetual contracts use a per-share pricing basis — contract price × the underlying company's total share count ≈ company valuation. Before the S-1 publicly discloses the actual share count, OKX can only price the contract based on an estimated share count. The rebase is the one-time operation that, after the S-1 publicly discloses the actual share count, switches the contract's pricing basis from the estimated share count to the actual share count. Its core design principle is value neutrality — your position value and account equity remain consistent before and after the rebase.
For the full mechanism, execution flow, and examples, please refer to: Pre-IPO Perpetual Futures
Schedule
Rebase start: 07:00:00 (UTC) on June 2, 2026
Rebase execution: approximately 5 minutes
Post-only phase: begins once the rebase is complete; OKX will determine its duration based on market liquidity conditions and will manually resume normal trading after confirmation.
Rebase basis
Item | Value |
Estimated total share count (at listing) | 1 billion |
Actual total share count (disclosed in S-1) | 12.52 billion |
Adjustment ratio to_ratio (actual / estimated) | 12.52 |
Rebase impact: changes to positions and open orders
The rebase applies the adjustment ratio (actual share count ÷ estimated share count) proportionally to your positions, open orders, and prices, ensuring your position value and account equity remain consistent before and after. The specific rules are as follows:
Item | Adjustment rule |
Position quantity | × 12.52 |
Mark price | ÷ 12.52 |
Open limit orders | quantity × 12.52, price ÷ 12.52 |
TP/SL (including trailing TP/SL, etc.) | cancelled, not retained |
Unrealized PnL | Your existing unrealized PnL is settled and converted to realized PnL through the rebase, and credited to your account balance. |
Position value, account equity | unchanged (minor differences due to rounding only) |
Example: Suppose that before the rebase you hold 100 long SPACEXUSDT contracts, the mark price at the time of the rebase is 2,500 USDT, and you have one open limit buy order of 10 contracts at 2,400 USDT. After the rebase:
Item | Before rebase | After rebase (ratio = 12.52) |
Position quantity | 100 contracts | 100 × 12.52 = 1,252 contracts |
Mark price | 2,500 USDT | 2,500 ÷ 12.52 = 199.68 USDT |
Position value | 250,000 USDT | ≈ 250,000 USDT (unchanged) |
Open limit buy order | 10 contracts at 2,400 USDT | Order quantity: 10 × 12.52 = 125.2 contracts; Order price: 2,400 ÷ 12.52 = 191.69 USDT |
Service impact
During the approximately 5-minute rebase execution: order placement, modification, and cancellation are all suspended.
During the Post-only phase (duration determined by OKX based on market liquidity): only Post-only orders can be placed or modified; other order types (market orders, IOC, FOK, plain limit orders, TP/SL, and trigger orders) cannot be placed or modified, but can be cancelled.
Your TP/SL orders on this contract (including trailing TP/SL, etc.) will be cancelled once trading is halted for the rebase and will not be retained. After trading resumes, please re-set your TP/SL based on the adjusted mark price and position quantity.
API (contract rename)
This rebase will also rename the contract to SPCXUSDT pre-market perpetual futures. After the rename, OKX will no longer support using instId = SPACEX-USDT-SWAP or instFamily = SPACEX-USDT to subscribe to this contract's WebSocket channels or to send HTTP requests via OpenAPI. Please use instId = SPCX-USDT-SWAP or instFamily = SPCX-USDT for queries and trading once the rename takes effect.
For details, see: Rename SPACEX Perpetual Contract – OKX API guide | OKX technical support | OKX.
Risk warning
The rebase involves proportional adjustments to position quantity and to the prices and quantities of open orders. Please manage your positions prudently before the rebase, and promptly verify your positions and open orders once the rebase is complete.
Risk warning: Digital asset holdings involve a high degree of risk and can fluctuate greatly. You should only invest in products you are familiar with and where you understand the associated risks. OKX is not responsible for any losses you may incur from trading digital assets. Investors may lose the entire value of their investment.
OKX Team
June 1, 2026