PANews reported on May 29th that, according to CoinDesk, around 11 PM Beijing time on May 28th, the SPACEEX-USDH perpetual contract on Hyperliquid plummeted from $2,277 to a low of $1,254 within 30 minutes, a drop of nearly 45%, before partially recovering to $2,157. This flash crash resulted in the liquidation of 1,393 positions from 405 users, with a notional value loss of $1.51 million. The median margin of the liquidated positions was only $31, indicating that they were primarily held by retail investors.

This contract is a synthetic perpetual contract valued at SpaceX's market value. Because SpaceX is not yet publicly listed, there is no public price benchmark; it is traded only through a private secondary market open to accredited investors. In the past 24 hours, the contract's trading volume was only $5.01 million, with open interest less than $2.9 million, indicating insufficient market depth to absorb large sell orders. SpaceX plans to IPO in June.