What caused the Hyperliquid SPACEX-USDH perp to crash?

Ventuals said the SPACEX market was affected by incorrect data returned by an offchain data provider used as part of the oracle price, which dragged both oracle and mark prices sharply lower.

How much did the SPACEX-USDH perpetual contract fall?

The contract plunged nearly 45% in 30 minutes, falling from $2,277 to $1,254 before partially rebounding to around $2,169.

How many users were liquidated in the incident?

The move liquidated 405 users across 1,393 positions, wiping out $1.51 million in notional value.

Is Hyperliquid compensating affected traders?

Ventuals said it is evaluating compensation for affected users and has taken immediate steps to prevent similar incidents across pre-IPO markets.

Is this the first oracle error on Hyperliquid?

The episode is the latest in a string of oracle-driven dislocations on Hyperliquid, particularly on thin pre-IPO and long-tail perp markets where a single bad price feed can move prices violently.

🩸BEARISH 47d ago

WuBlockchain

SPACEX-USDH Perp on Hyperliquid Dumps 45% in 30 Minutes

The wipe wasn't a macro move or a token-specific catalyst — it was bad oracle data, and it liquidated 405 users in under half an hour.

Zipp Editorial Aggregated from WuBlockchain

SPACEX-USDH Perp on Hyperliquid Dumps 45% in 30 Minutes

Hyperliquid's SPACEX-USDH perpetual contract plunged nearly 45% in 30 minutes on Thursday, falling from $2,277 to $1,254 before rebounding to around $2,169. The move liquidated 405 users across 1,393 positions and erased $1.51 million in notional value.

Why it matters

Ventuals later confirmed the SPACEX market was hit by incorrect data returned by an offchain data provider feeding its oracle price, which dragged both the oracle and mark prices sharply lower. The incident is the latest in a string of oracle-driven dislocations on Hyperliquid, where thin pre-IPO and long-tail perp markets can move violently when a single price feed misfires.

Market impact

Ventuals said it has taken immediate steps to prevent similar incidents across pre-IPO markets and is evaluating compensation for affected users. The episode revives scrutiny of how Hyperliquid prices low-liquidity contracts and whether mark-price safeguards are keeping pace with the venue's expanding perps roster.

#Hyperliquid #OracleError #Liquidation #PreIPO

Frequently asked questions

What caused the Hyperliquid SPACEX-USDH perp to crash?

Ventuals said the SPACEX market was affected by incorrect data returned by an offchain data provider used as part of the oracle price, which dragged both oracle and mark prices sharply lower.
How much did the SPACEX-USDH perpetual contract fall?

The contract plunged nearly 45% in 30 minutes, falling from $2,277 to $1,254 before partially rebounding to around $2,169.
How many users were liquidated in the incident?

The move liquidated 405 users across 1,393 positions, wiping out $1.51 million in notional value.
Is Hyperliquid compensating affected traders?

Ventuals said it is evaluating compensation for affected users and has taken immediate steps to prevent similar incidents across pre-IPO markets.
Is this the first oracle error on Hyperliquid?

The episode is the latest in a string of oracle-driven dislocations on Hyperliquid, particularly on thin pre-IPO and long-tail perp markets where a single bad price feed can move prices violently.

Source attribution

Aggregated from WuBlockchain · Verified · Last refreshed 47d ago

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