On May 28 at around 23:00, the SPACEX-USDH perpetual contract on the Hyperliquid platform suddenly crashed, dropping to $1,254 within 30 minutes, a decline of nearly 45%. It then partially rebounded to about $2,169. According to Hyperliquid data, the crash led to 1,393 forced liquidations across 405 users, with notional losses totaling $1.51 million.
Confirmed data on the crash-triggering mechanism
Hyperliquid data shows that at the time of the event, a single large sell order exhausted almost all available liquidity in the market. A single candlestick triggered a drop of nearly 45%. Before the crash, SPACEX-USDH was trending steadily; the large sell order instantly pulled market depth and triggered cascading liquidations. The 1,393 liquidated positions involved 405 users, with notional losses of $1.51 million; the median margin was only $31, and with 3x leverage, the buffer space to absorb volatility was extremely limited.
The contract nature of SPACEX-USDH: a synthetic perpetual, not real shares
SPACEX-USDH is a synthetic perpetual contract designed by Hyperliquid based on the market value of SpaceX. Since SpaceX is still a private company, its stock can only be traded on a private secondary market limited to qualified investors, and ordinary investors cannot buy its shares on the public market.
Traders holding SPACEX-USDH contracts do not own any SpaceX shares, ownership, or shareholder rights. Unlike Bitcoin or Ether perpetual contracts, SPACEX-USDH lacks a liquid public spot market as a price benchmark. SpaceX plans to conduct an IPO in June 2026.
Market status confirmed after the crash
After the crash, the SPACEX-USDH contract rebounded to between $2,157 and $2,169. As of CoinDesk’s report, the contract settlement mark price was $2,132—still more than $220 higher than the oracle price ($1,908). This indicates that even after the crash, the contract continued to trade at a premium.
FAQ
What is the underlying cause of the SPACEX-USDH crash?
Based on Hyperliquid data and CoinDesk’s analysis, the root cause was severe lack of liquidity. Before the event, open interest was below $2.9 million, and total trading volume was only about $5 million. A single large sell order exhausted nearly all available depth within one candlestick, triggering a large-scale cascade of forced liquidations.
Do users holding SPACEX-USDH have real SpaceX shares?
No. SPACEX-USDH is a synthetic perpetual contract, and traders do not own any SpaceX shares, ownership, or shareholder rights. SpaceX stock is currently traded only through a private secondary market limited to qualified investors, and SPACEX-USDH has no liquid public spot benchmark.
What is the pricing situation of the contract after the crash?
As of CoinDesk’s report, the contract mark price was $2,132, and the oracle price was $1,908. After the crash, the contract continued trading at a premium more than $220 above the oracle.
