A thinly traded SpaceX-linked crypto contract collapsed in 30 minutes, liquidating 405 users and erasing $1.51 million in value.
Hyperliquid’s SPACEX-USDH perpetual contract crashed 45% in 30 minutes, dropping from $2,277 to $1,254 before partially recovering to $2,169. The flash crash liquidated 1,393 positions held by 405 users, wiping out $1.51 million in notional value.
The contract had traded just $4.87 million in volume over the prior 24 hours, with open interest below $2.9 million. Analysts cited insufficient liquidity to absorb a single large sell order, triggering the rapid decline.
Retail traders using leverage faced heavy losses, highlighting risks in speculative pre-IPO tokens lacking official price benchmarks.