Hyperliquid SPACEX-USDH Perp Crashes 45% on Oracle Error!

Hyperliquid's SPACEX-USDH perpetual contract collapsed nearly 45% in just 30 minutes on Thursday, dropping from $2,277 to a low of $1,254 before recovering to around $2,169. The violent swing liquidated 405 users across 1,393 positions, erasing $1.51 million in notional value.

The culprit was bad data. Ventuals, the operator behind the SPACEX pre-IPO market, confirmed that an offchain data provider feeding into the oracle returned incorrect prices, causing both the oracle and mark prices to move sharply in a way that did not reflect actual market conditions.

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