Decentralized derivatives platform Ventuals said it will compensate users within 48 hours after its pre-IPO SpaceX perpetual contract on Hyperliquid plunged 45% within a 30-minute window on Thursday afternoon, triggering liquidations across hundreds of accounts.
Specifically, SPACEX-USDH fell from $2,277 to $1,254 before partially recovering to around $2,174. While it remains unclear from Ventuals' X post how much it will compensate, Hyperliquid data shows the move liquidated 484 users and wiped out $1.74 million in notional value over the past 24 hours.
The liquidation cascade was linked to what Ventuals described in an X post as incorrect data returned by an offchain data provider used in its oracle pricing system, which caused oracle and mark prices to move sharply and triggered position liquidations.
"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," Ventuals said in the post.
The Hyperliquid SPACEX-USDH contract operates as a crypto-denominated perpetual swap tracking speculative valuation, granting traders zero underlying equity, physical stock ownership, or corporate shareholder voting rights in SpaceX, which is currently targeting an initial public offering in June.
According to Ventuals' website, the platform offers additional pre-IPO perpetual contracts. Those include Anthropic with a recorded open interest of $7.80 million, and OpenAI, which carries an open interest of $3.34 million.