Overview
- The SPACEX‑USDH perpetual on Hyperliquid plunged about 45% in roughly 30 minutes on Thursday, falling from around $2,277 to a low near $1,254 before recovering toward $2,169.
- The sudden move forced liquidations of 405 users across 1,393 positions and wiped about $1.51 million in notional exposure, with the median liquidated account holding roughly $31 in margin.
- Ventuals, the market operator, said an off‑chain data provider returned incorrect data that entered the oracle feed and drove the rapid oracle and mark‑price swings.
- Ventuals and Hyperliquid have patched the oracle and are reviewing affected accounts for possible compensation, but the contract still showed a meaningful gap between mark and oracle prices after the incident.
- The episode highlights how pre‑IPO synthetic perps rely on external pricing and thin liquidity, which can magnify losses for small, leveraged retail traders and is likely to draw industry and regulatory scrutiny of oracle checks, mark‑price rules, and pause or kill safeguards.