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<p><strong>SpaceX-linked pre-IPO perpetuals on Hyperliquid came under pressure after the SPACEX-USDH contract crashed by about 45% in 30 minutes.&nbsp;</strong></p>
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 <div class="cn-block-summary__nav tabs"><span>Summary</span>
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   <li>SpaceX-USDH fell 45% in 30 minutes, liquidating 405 users across 1,393 leveraged positions on Hyperliquid.</li>
   <li>HYPE rose near $62 after the crash, showing demand stayed firm despite new oracle concerns.</li>
   <li>The selloff exposed thin liquidity gaps in pre-IPO perps as traders chased synthetic SpaceX exposure.</li>
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<p>The move erased about $1.5 million in liquidations and raised fresh questions about thin markets, oracle feeds, and leveraged access to private-company exposure.</p>
<p>The move did not cause a direct selloff in Hyperliquid’s native token. HYPE (<a href="https://crypto.news/price/hyperliquid/" rel="noopener noreferrer nofollow">HYPE</a>) traded near $62 on May 29, with crypto.news data showing an 8% gain over 24 hours. The rebound kept the token close to its recent record high, even as traders reviewed the risk around speculative pre-IPO markets.</p>
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<h2 class="wp-block-heading" id="strong-spacex-perp-crash-hits-leveraged-traders-strong"><strong>SpaceX perp crash hits leveraged traders</strong></h2>
<p>The SPACEX-USDH contract fell from about $2,277 to $1,254 before recovering near $2,169. A total of 405 traders were liquidated across 1,393 positions, wiping out $1.51 million in notional value during the crash.</p>
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   <p>Hyperliquid SPACEX-USDH Perp Plunges Nearly 45% After Oracle Data Error<br><br>Hyperliquid’s SPACEX-USDH perpetual contract plunged nearly 45% in 30 minutes on Thursday, falling from $2,277 to $1,254 before rebounding to around $2,169. The move liquidated 405 users across 1,393… <a href="https://t.co/eP2P6OyDn2" rel="noopener noreferrer nofollow">pic.twitter.com/eP2P6OyDn2</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://x.com/WuBlockchain/status/2060188182424256887?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2026</a>
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<p>The market had limited depth before the fall. The contract had less than $2.9 million in open interest and about $4.87 million in daily volume. That left traders exposed when the price moved fast.</p>
<p>The sharp move mostly hit small leveraged accounts. CoinDesk <a href="https://www.coindesk.com/markets/2026/05/28/hyperliquid-s-pre-ipo-spacex-contracts-suffers-45-flash-crash-liquidating-usd1-5-million" rel="noopener noreferrer nofollow">reported</a> that the median liquidated position held only $31 in margin. That figure points to retail traders using high leverage in a market with limited cash to absorb a large move.</p>
<p>The event also showed how quickly losses can spread in a synthetic market. When prices fall through liquidation levels, forced selling can add more pressure. That can push prices lower, even when the first move comes from a data or market-structure issue.</p>
<h2 class="wp-block-heading" id="strong-oracle-issue-adds-pressure-to-pre-ipo-market-strong"><strong>Oracle issue adds pressure to pre-IPO market</strong></h2>
<p>Ventuals <a href="https://x.com/i/trending/2060123439512400035" rel="noopener noreferrer nofollow">linked</a> the crash to faulty data from Notice.co. The issue reportedly involved SpaceX’s recent 5-for-1 stock split and how that change entered the oracle feed.</p>
<p>The project said it patched the oracle and plans compensation within 48 hours. That response may reduce user losses, but the event still showed a key risk for pre-IPO perps. These contracts depend on outside pricing data, and one weak feed can affect many users at once.</p>
<p>SpaceX is still a private company, so there is no live public stock price for traders to use as a clean reference. That makes synthetic markets harder to price than listed equities or spot crypto assets. It also raises the risk of sharp gaps when data changes.</p>
<p>The crash came as interest in SpaceX exposure had grown across crypto markets. The potential SpaceX IPO has drawn strong attention, while Hyperliquid’s pre-IPO products gave traders a way to speculate before public listing access.</p>
<h2 class="wp-block-heading" id="strong-hype-price-reaction-stays-strong-strong"><strong>HYPE price reaction stays strong</strong></h2>
<p>HYPE did not follow the SPACEX-USDH crash lower. Crypto.news data showed Hyperliquid trading around $62.46 on May 29, up 8.17% in 24 hours. Its daily range stood between $56.43 and $62.31, while 24-hour volume was above $1.02 billion.</p>
<figure class="wp-block-image size-large"><img width="1024" height="627" src="https://media.crypto.news/2026/05/image-246-1024x627.webp" alt="SpaceX pre-IPO bet crashes 45% while HYPE holds near highs - 3">
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  HYPE price chart, source: crypto.news
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<p>The token remained near its May 26 all-time high of $64.44. That price action suggests the market treated the SpaceX event as a product-level risk, not a full rejection of Hyperliquid’s broader trading story.</p>
<p>As crypto.news <a href="https://crypto.news/hype-etfs-top-100m-inflows-as-tradfi-quietly-piles-into-hyperliquid/" rel="noopener noreferrer nofollow">reported</a>, Hyperliquid recently hit new highs as ETF inflows and prediction-market growth supported demand. HYPE ETFs also crossed $100 million in cumulative net inflows within their first 10 trading sessions, giving the token another demand channel.</p>
<p>Hyperliquid’s token model also remains central to trader interest. As previously reported by crypto.news, the Assistance Fund <a href="https://crypto.news/why-hype-is-different-inside-hyperliquids-buyback/" rel="noopener noreferrer nofollow">uses 97% of protocol trading fees</a> for open-market HYPE buybacks. That structure links exchange activity to token demand, though it does not remove trading risk.</p>
<h2 class="wp-block-heading" id="strong-social-posts-add-caution-around-sentiment-strong"><strong>Social posts add caution around sentiment</strong></h2>
<p>Market commentary stayed bullish after the crash, but some posts should be treated with care. Hyperliquid Daily called Hyperliquid “the full financial layer” and said Wall Street was watching. It also cited a claim that ICE’s CEO called the platform “bigger than NASDAQ” in effect.</p>
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   <p>Hyperliquid is becoming the full financial layer:<br><br>Perps + prediction markets + pre-IPO synthetics + full DeFi via HyperEVM<br><br>99% of fees → <a href="https://x.com/search?q=%24HYPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$HYPE</a> buybacks/burns<br><br>Running ~$800M annualized revenue with a tiny team<br><br>Wall Street is watching. ICE’s CEO called it “bigger than NASDAQ”… <a href="https://t.co/Bv4yCUs2n5" rel="noopener noreferrer nofollow">pic.twitter.com/Bv4yCUs2n5</a></p>— Hyperliquid Daily (@HYPERDailyTK) <a href="https://x.com/HYPERDailyTK/status/2060179420254785764?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2026</a>
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<p>The “bigger than NASDAQ” line should be treated as social commentary unless matched with a direct source. It may reflect market excitement more than official guidance.</p>
<p>Trader Ansem <a href="https://x.com/blknoiz06/status/2060164492101587122?s=20" rel="noopener noreferrer nofollow">wrote</a> that HYPE was “still trading well” near previous highs and said he did not think the token would revisit $50. That view matched the price rebound, but it remains a trader forecast, not confirmed market direction.</p>
<p>Read more: <a href="https://crypto.news/argentina-bill-targets-crypto-gambling-payments/" rel="noopener noreferrer nofollow"> Argentina bill targets crypto gambling payments </a></p>

SpaceX pre-IPO bet crashes 45% while HYPE holds near highs

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