TechFlow News, Could 29: In line with CoinDesk, Hyperliquid’s artificial perpetual contract SPACEX–USDH—tied to SpaceX’s valuation—plunged from $2,277 to $1,254 inside roughly half-hour round 11 p.m. Beijing time on Could 28, a drop of nearly 45%. It subsequently rebounded partially to roughly $2,169.
This volatility triggered the liquidation of 405 customers and 1,393 positions, with a nominal liquidation worth of roughly $1.51 million. The report notes that the contract’s buying and selling quantity over the previous 24 hours was solely about $4.87 million, and its open curiosity stood under $2.9 million—indicating restricted market depth and liquidity, the place even a single giant promote order may set off a pointy decline. This product just isn’t an precise SpaceX inventory however somewhat an artificial contract betting on SpaceX’s valuation.
