TechFlow News, May 29: According to CoinDesk, Hyperliquid’s synthetic perpetual contract SPACEX–USDH—tied to SpaceX’s valuation—plunged from $2,277 to $1,254 within roughly 30 minutes around 11 p.m. Beijing time on May 28, a drop of nearly 45%. It subsequently rebounded partially to approximately $2,169.
This volatility triggered the liquidation of 405 users and 1,393 positions, with a nominal liquidation value of roughly $1.51 million. The report notes that the contract’s trading volume over the past 24 hours was only about $4.87 million, and its open interest stood below $2.9 million—indicating limited market depth and liquidity, where even a single large sell order could trigger a sharp decline. This product is not an actual SpaceX stock but rather a synthetic contract betting on SpaceX’s valuation.
