Through HIP-3, Hyperliquid enables independent builders to create markets that leverage the exchange’s existing architecture and liquidity. This framework has allowed venues to offer tokenized stocks and even “pre-markets” for companies that have not yet completed an initial public offering.
One such venue, Ventuals, operates a market that lets users trade pre-market tokens tied to high-profile companies like OpenAI and SpaceX.
On Hyperliquid, the SPACEX-USDH pair represents traders’ consensus on a fair valuation for Elon Musk’s company prior to any public listing. The market has consistently attracted significant activity, often showing around $2.9 million in open interest and exceeding $5 million in 24-hour trading volume.
Yesterday, the SPACEX-USDH market experienced a dramatic flash crash of about 45%, falling from roughly $2,200 to $1,200. The rapid drop triggered liquidations exceeding $1.5 million in leveraged long positions held by hundreds of traders.
Ventuals, the operator of this specific market, posted an explanation on their official X account and indicated that affected users may receive compensation.
The off-chain data provider used as part of the oracle returned incorrect data, which caused the market’s oracle and mark price to move dramatically. This led to the liquidation of some user positions.
We have taken immediate steps to prevent this from happening again on any of the pre-IPO markets, and are evaluating the impact it had on affected users for appropriate compensation.
UPDATE:
Ventuals has confirmed that impacted users will be compensated within the next 48 hours.