Hyperliquid’s SPACEX-USDH perpetual contract suffered a flash crash of nearly 45% on Thursday after incorrect offchain oracle data triggered a wave of forced liquidations. The contract, listed by the decentralized exchange builder Ventuals, plunged from $2,277 to $1,254 within 30 minutes before rapidly rebounding to around $2,169.
According to Ventuals, an offchain data provider returned erroneous information that was fed into the oracle price calculation. This caused both the oracle and mark prices to move dramatically, automatically liquidating 405 users across 1,393 positions and wiping out $1.51 million in notional value. The pre-IPO market, which tracks a theoretical valuation of SpaceX before any public offering, typically attracts around $2.9 million in open interest and over $5 million in 24-hour volume.
The platform responded immediately, stating that steps have been taken to prevent recurrence across all pre-IPO markets. Ventuals also announced it is evaluating the impact on affected users for possible compensation, though no timeline or final figure was given. The incident highlights the risks of relying on offchain oracles for leveraged markets, particularly when pricing assets that lack public exchange references.
