A faulty offchain data feed triggered a sharp price swing, liquidating $1.51 million in positions before a partial rebound.
Hyperliquid’s SPACEX-USDH perpetual contract fell nearly 45% in 30 minutes Thursday, dropping from $2,277 to $1,254 before recovering to $2,169. The move liquidated 405 users across 1,393 positions, erasing $1.51 million in notional value.
The plunge stemmed from incorrect data returned by an offchain provider used for the oracle price feed, causing both oracle and mark prices to spike downward. The exchange said it has implemented safeguards to prevent similar incidents in pre-IPO markets and is reviewing compensation for affected traders.