Kraken listed PF_SPCXXUSD, a cash-settled SpaceX pre-IPO perpetual for eligible users to trade long or short SPCX with up to 5x leverage, flex margin, no expiry, and hourly funding. Because there is no public SpaceX spot market, it uses Kraken’s own PreMarket Synthetic index with exponential smoothing and a +/-0.25% mark-price clamp to reduce flash-liquidation risk in a thin early market. If SpaceX IPOs, Kraken plans to migrate the contract to SpaceX xStocks-style spot-index pricing, with margin, limits, and funding specs expected to change; the product is excluded in the US, EEA, Canada, Australia, and New Zealand.

TLDR by @Benthic