Hyperliquid's SpaceX Pre-IPO Contract Flash Crashes 45%, Liquidating $1.5M

On Thursday, a synthetic perpetual contract on Hyperliquid that reflects SpaceX's private market valuation experienced a drastic decline of nearly 45% within 30 minutes, leading to the liquidation of 1,393 positions from 405 users, resulting in a total loss of $1.51 million. The SPACEX-USDH contract fell from $2,277 to $1,254 before making a partial recovery to $2,169. This sharp drop was attributed to low liquidity, with only $4.87 million in trading volume and $2.9 million in open interest over the previous day, which left the market susceptible to significant sell orders. Analysts noted a potential pricing anomaly related to Ventuals' HIP-3 infrastructure, though Hyperliquid has yet to acknowledge any pricing error. SpaceX is aiming for a public listing as soon as June, which has sparked speculative interest. At the time of reporting, Hyperliquid's HYPE token was valued at $61.81, and the platform was functioning normally.