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SPACEX-USDH Perpetual Contract on Hyperliquid Plunges 45% Overnight, Liquidates $1.51M

GateNews
Derivatives DataPrice Volatility
SPACEX-4.07%

According to CoinDesk, the SPACEX-USDH perpetual contract on Hyperliquid crashed from $2,277 to $1,254 on May 28 late evening (Beijing time), marking a 45% decline within 30 minutes before recovering partially to $2,157.

The flash crash triggered liquidations across 1,393 positions from 405 traders, with a total notional loss of $1.51 million. Median margin for liquidated positions was only $31, indicating retail-focused participation. The synthetic perpetual tracks SpaceX's private valuation as the company remains unlisted.

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