The SPACEX-USDH perpetual contract on Hyperliquid experienced a 45% flash crash last night.

On May 29th, according to CoinDesk, at approximately 11 PM Beijing time on May 28th, the SPACEEX-USDH perpetual contract on Hyperliquid experienced a sharp decline. It dropped from $2,277 to a low of $1,254 within 30 minutes, a decrease of nearly 45%, before partially recovering to $2,157. This flash crash led to the liquidation of 1,393 positions belonging to 405 users, resulting in a notional value loss of $1.51 million. The median margin for these liquidated positions was only $31, suggesting that the majority were held by retail investors. This contract is a synthetic perpetual contract that tracks the market value of SpaceX. As SpaceX is not yet publicly traded, there is no public price benchmark; trading occurs exclusively in a private secondary market accessible to accredited investors. In the past 24 hours, the contract's trading volume was only $5.01 million, with open interest below $2.9 million, indicating insufficient market depth to absorb substantial sell orders. SpaceX is reportedly planning an IPO in June.