CoinDesk
Hyperliquid's SPACEX-USDH perpetual contract suffered a violent 45% flash crash on Thursday afternoon, plunging from $2,277 to a low of $1,254 within a single 30-minute window before partially recovering to around $2,169. The move liquidated 405 users across 1,393 positions, erasing $1.51 million in notional value.
The episode was a textbook thin-market blow-up. The contract had generated just $4.87 million in total volume over the prior 24 hours against an open interest base of under $2.9 million — meaning a single large sell order absorbed the market's entire available liquidity and sent the price into freefall. The median liquidated position held just $31 in margin, pointing to a retail-heavy user base running 3x leverage with almost no cushion.
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