Back
Hyperliquid SPACEX-USDH Perpetual Drops 45% in 30 Minutes

Hyperliquid SPACEX-USDH Perpetual Drops 45% in 30 Minutes

The sharp move on Hyperliquid triggered $1.51 million in liquidations across 1,393 positions, while reported open interest remained below $2.9 million.

HYPE

Fact Check
The CoinDesk primary report confirms a 45% flash crash in 30 minutes on Hyperliquid's SPACEX-USDH perpetual with ~$1.51M in liquidations and open interest below $2.9M. PANews and crypto.news both confirm the 1,393-position figure. All key numbers in the claim are independently corroborated by these sources.
    Reference: 123
Summary

Hyperliquid’s SPACEX-USDH perpetual futures contract (crypto derivative with no expiry) fell from $2,277 to $1,254 in about 30 minutes, a drop of roughly 45%. According to CoinDesk, the move triggered $1.51 million in liquidations (forced position closures) across 1,393 positions and affected 405 users, with a median margin of $31. The contract recorded $5.01 million in 24-hour trading volume, while open interest (total outstanding positions) stayed below $2.9 million, indicating the selloff hit a relatively small but highly leveraged market.

Terms & Concepts
  • Perpetual futures: A crypto derivative with no expiry date, allowing traders to speculate on price moves using leverage.
  • Liquidations: Forced position closures that occur when a trader’s collateral can no longer support losses on a leveraged trade.
  • Open interest: The total value or number of active outstanding derivatives positions that have not yet been closed.