TL;DR:
- Ventuals will announce a series of compensations within 48 hours after the 45% crash in SpaceX’s pre-IPO perpetuals on Hyperliquid.
- The SPACEX-USDH contract fell from $2,277 to $1,254 in 30 minutes due to incorrect data from its price provider.
- The event liquidated around 484 accounts and wiped out $1.74 million in notional value over the last 24 hours.
Ventuals promised to compensate affected users within 48 hours after its pre-IPO perpetual contract for SpaceX on Hyperliquid crashed 45% in under 30 minutes on Thursday afternoon, triggering a cascade of liquidations across hundreds of accounts.
The SPACEX-USDH pair fell from $2,277 to $1,254 before partially recovering to near $2,174, according to data from Hyperliquid. The abrupt crash liquidated 484 users and wiped out $1.74 million in notional value over the last 24 hours, although the platform did not specify in its post the exact amount earmarked for compensation.
Quick update – affected users will be compensated within the next 48 hours. https://t.co/ulaHSGj1b3
— Ventuals (@ventuals) May 28, 2026
A Ventuals Oracle Was the Cause of the Crash
The platform attributed the drop to incorrect data returned by an external provider of off-chain data used in its oracle pricing system, which caused oracle and mark prices to shift abruptly and trigger mass liquidations. “We have taken immediate steps to prevent this from happening again in any of the pre-IPO markets, and we are assessing the impact on affected users to provide appropriate compensation,” Ventuals stated in its post.
The SPACEX-USDH contract operates as a perpetual swap denominated in crypto assets that tracks a speculative valuation. It does not grant traders equity participation, physical shares, or corporate voting rights in SpaceX, a company that is currently targeting an initial public offering in June.
The Market Beyond SpaceX
The incident put Ventuals’ catalog under scrutiny, which also offers pre-IPO perpetual contracts on other high-profile technology companies. According to the platform’s website, the contract on Anthropic records an open interest of $7.80 million, while the one on OpenAI accumulates $3.34 million.
