Hyperliquid’s SPACEX-USDH perpetual contract suffered a violent flash crash on Thursday afternoon, plunging from an open of $2,277 to a low of $1,254, a near-45% collapse, within a single 30-minute window before partially recovering to around $2,169.
The move liquidated 405 users across 1,393 positions, wiping $1.51 million in notional value, Hyperliquid data shows.
What makes the episode particularly striking is the volume concentration. Over the past 24 hours the contract had drifted quietly, generating just $4.87 million in total trading volume across an open interest base of under $2.9 million.
The Hyperliquid SPACEX-USDH is a crypto perpetual contract for SpaceX’s market valuation. As the company is private, people cannot buy its stock ahead of its anticipated IPO.
To get around this, Hyperliquid created a synthetic perpetual contract that allows investors to bet on what they think the company will be worth.
Traders aren’t buying actual shares of Elon Musk’s rocket company, nor do they get any ownership or shareholder rights.
Source: hyperliquid
Hyperliquid’s Pre-IPO SpaceX Contracts Suffers 45% Flash Crash, Liquidating $1.5 Million
A dramatic flash crash hit Hyperliquid’s pre-IPO SpaceX contracts, wiping out 45% of value in minutes and triggering roughly $1.5 million in liquidations.
Even tokenized private-market… pic.twitter.com/JQndFxwq7D
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