BlockBeats report, May 29: On Thursday, the SPACEX-USDH perpetual contract on the Hyperliquid platform experienced a sharp crash, with the price dropping from $2,277 to as low as $1,254 within 30 minutes—a decline of nearly 45%—before partially recovering to around $2,169. The plunge triggered the liquidation of 1,393 positions across 405 users, resulting in total liquidated losses of $1.51 million.
Data shows that the contract’s total trading volume over the past 24 hours was only approximately $4.87 million, with open interest under $2.9 million, indicating extremely low market depth. A large sell order nearly immediately pierced the liquidity, triggering a cascading decline. The users who were liquidated were primarily retail traders, with a median margin of only about $31 and widespread use of approximately 3x leverage.
SPACEX-USDH is a crypto perpetual contract launched by Hyperliquid that allows users to speculate on changes in SpaceX's market valuation prior to its IPO, but it does not represent actual shares or confer any shareholder rights.
Since SpaceX has not yet gone public, this contract lacks a public spot price anchor, unlike perpetual contracts for BTC, ETH, and other assets supported by deep spot markets; its price relies primarily on limited private secondary market valuations, making it more susceptible to sharp volatility. The report states that SpaceX aims to launch its IPO in June this year.