SpaceX Pre-IPO Market Flash-Crashes 45% on Hyperliquid (UPDATED)

Through HIP-3, Hyperliquid enables independent builders to construct markets that tap into the exchange’s existing architecture and liquidity. This has made it possible for venues to build tokenized stocks and even “pre-markets” for stocks that have yet to conduct an initial public offering.

Ventuals is one such exchange that allows users to trade pre-markets for popular companies such as OpenAI and SpaceX.

Trading under the SPACEX-USDH pair on Hyperliquid, the pair reflects what traders believe is a fair valuation of Elon Musk’s company before it went public, and it has allowed speculation for a long time now, regularly attracting $2.9 million in open interest and over $5 million in 24-hour volume.

Yesterday, the market flash-crashed by a whopping 45%, dropping from around $2,200 to $1,200, triggering the liquidation of more than $1.5 million in leveraged long positions held by hundreds of traders.

Ventuals, the provider for this particular market, gave an explanation on their official X account and hinted at compensation:

UPDATE:

Ventuals has confirmed that affected users will be compensated within the next 48 hours.

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