SpaceX flashcrash on Hyperliquid as price drops 45% in 30 minutes

The Hyperliquid trading platform is incredibly popular at the moment. This is evident not only from looking at the price of Hype, but also from the fact that investors are visiting the newest crypto platform to ‘pre-trade’ SpaceX stock, which is not even listed on the US markets yet.

However, Hyperliquid’s technology does not appear to be on point for this one as the price of a SpaceX futures contract on Hyperliquid plummeted by more than 45% in a single hour.

This collapse was not caused by market movement or panic selling, but by a data error, as it turns out. As a result, $1.51 million went up in smoke and 405 investors were liquidated.

WOW! This is INSANE. 🤯

What just happened on Hyperliquid is the AI/IPO mania in a single candle.

The SPACEX-USDH perp, a synthetic contract on a private company with no real price benchmark, flash-crashed 45% in 30 minutes.

$1.5M in longs liquidated. 405 users affected.… pic.twitter.com/avOHC6uha9

— CryptoGoos (@cryptogoos) May 29, 2026

Pre-trading

The latest hype is pre-trading, or investing in stocks before they are listed on the stock exchange via crypto platforms. This time it is SpaceX’s turn, and within a few months, probably OpenAI’s.

In the case of SpaceX, an AI platform calculated a theoretical price for the stock that could then be invested in via the Hyperliquid platform. However, the hypothetical price turned out to be incorrect, and within a very short time, the listing of SpaceX-USDH (aka SpaceX as opposed to a stablecoin) plummeted from $2.27 to $1.25.

So, yet another new hype on crypto platforms, but one that still needs work. The price of Hype, Hyperliquid’s cryptocurrency, is benefiting from all the attention and keeps climbing higher.