Svmuureported that around 23:00 Beijing time on May 28, the SPACEX-USDH perpetual contract on Hyperliquid dropped from $2,277 to a low of $1,254 in 30 minutes, a decline of nearly 45%, before partially recovering to $2,157.
This crash led to the liquidation of 1,393 positions belonging to 405 users, with a nominal value loss of $1.51 million. The median margin for the liquidated positions was only $31, indicating a predominantly retail investor base. The contract is a synthetic perpetual contract based on SpaceX's market valuation. Since SpaceX is not publicly listed and has no public price benchmark, trading relies solely on private secondary markets accessible to qualified investors. (Coindesk)