With Elon Musk's unveiling of SpaceX's flying Roadster prototype, tokenized Teslas surged.

Volume on Hyperliquid's Tesla contract rose to $47 million in the hour after Elon Musk's flying roadster demo, up from $2.8 million, as U.S. stocks closed.

Trading on the Tesla Hyperliquid contract rose from $2.8 million to $47 million in one hour overnight. This is the second busiest contract day since launch.

The price of the contract increased by about 5 percent and reached about $378. According to RootData, Binance's Tesla contract remained the largest with $279 million in 24-hour volume versus Hyperliquid's $159 million.

The contract tracks Tesla's stock price, but is not a tokenized share. It trades around the clock and allows up to 20x leverage.

Traders flocked to Tesla-related crypto markets overnight after Elon Musk unveiled a flying version of the Roadster, and trading on Hyperliquid surged while US stock markets were closed.

The surge shows how crypto exchanges, which never close, are the first place investors react to news about traditional companies.

Musk unveiled the prototype, which uses SpaceX's thruster technology, on Oct. 15 after Tesla's TSLA stock closed at $362.44. The TSLA Hyperliquid perpetual contract rose about 4.9 percent to about $378, with hourly trading volume up about 1,580 percent from $2.8 million to $47 million.

This is the contract's second busiest day since it was registered a year ago, and the daily candle has lasted only 9 hours. According to RootData, Binance remained the biggest venue with $279 million in 24-hour volume versus Hyperliquid's $159 million, but Hyperliquid had the most interest with $99 million. Tesla shares rose about 4.5 percent in premarket trading.

The Hyperliquid contract, listed through Trade.xyz, is a perpetual future that tracks Tesla's share price rather than a tokenized share. It is settled in USDC, allows up to 20x leverage and does not require a brokerage account. The contract trades around the clock, so it was one of the few ways to bet on Tesla's price when the Nasdaq was closed. Tesla is scheduled to report third-quarter earnings on October 21.