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🚨 SPACEX CONTRACT ON HYPERLIQUID WITH 45% LEVERAGE, OVER 400 WALLETS LIQUIDATED
The SPACEX-USDH contract on Hyperliquid just experienced a sharp drop from $2,277 to $1,254 in about 30 minutes, a nearly 45% decrease.
This sudden volatility caused 405 trading wallets to be liquidated, with an estimated total loss of about $1.51 million.
The main cause is the extremely thin liquidity of the contract. The 24-hour trading volume is only about $4.87 million, while open interest is less than $2.9 million. A large sell order broke through the entire liquidity zone, triggering a domino effect that caused the price to plummet sharply.
Most of the losses fell on retail traders, with an average margin of only about $31 and common leverage around x3.
Since SpaceX is not publicly listed yet, pre-IPO contracts like SPACEX-USDH cannot be pegged to the actual spot price and mainly rely on market valuation. This makes the price very susceptible to manipulation, especially in low liquidity conditions.
Investors are advised to be cautious with pre-IPO trades that have low volume and exhibit high volatility in the derivatives market.
#DailyPolymarketHotspot #IPO