Ventuals to Pay Traders After SpaceX Perps Crash 45%

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Ventuals said affected traders will receive compensation within 48 hours after the SpaceX contract crash.
SPACEX-USDH fell 45% in 30 minutes, causing liquidations across hundreds of accounts on Hyperliquid Thursday.
Ventuals linked the sharp move to incorrect data from an offchain provider used for pricing.
Hyperliquid data showed 484 users liquidated and $1.74 million in notional value erased Thursday.
The contract tracks speculative SpaceX valuation, but gives traders no stock ownership or voting rights.

Ventuals said it will compensate traders after its SpaceX pre-IPO perpetual contract fell sharply on Hyperliquid. The drop triggered liquidations across hundreds of accounts within a short trading window.

The SPACEX-USDH contract fell from $2,277 to about $1,254 on Thursday afternoon. It later recovered near $2,174, according to Hyperliquid market data.

Ventuals Confirms Compensation Plan

Ventuals said affected users will receive compensation within 48 hours after the sharp price move. The platform shared the update in an X post after traders reported losses.

The company said it was reviewing the accounts affected by the market event. It did not state the full payment amount in its public post.

We are aware of an incident on our SPACEX market about an hour ago.
The offchain data provider used as a component of the oracle price returned incorrect data, which caused the market’s oracle and mark price to move dramatically. This led to the liquidation of some user…
— Ventuals (@ventuals) May 28, 2026

““We have taken immediate steps to prevent this from happening again on any of the pre-IPO markets,”” Ventuals said. It added that it was evaluating affected users for proper compensation.

Hyperliquid data showed 484 users faced liquidations over the past 24 hours. The same data showed $1.74 million in notional value was wiped out.

Oracle Pricing Error Linked to Crash

Ventuals linked the crash to incorrect data from an offchain data provider. That data fed into its oracle pricing system during the trading session.

The wrong data caused the oracle price and mark price to move sharply. As a result, many positions met liquidation levels within minutes.

Oracle systems help trading platforms set reference prices for contracts. However, incorrect data can create sharp moves when markets depend on those feeds.

Ventuals said it has already changed its controls for pre-IPO markets. The platform said the steps aim to stop a similar issue from happening again.

SpaceX Perps Remain Speculative Contracts

The SPACEX-USDH contract tracks a speculative value for SpaceX before any public listing. It does not give traders real shares in the company.

Traders who hold the contract do not own SpaceX stock. They also do not receive voting rights or other shareholder claims.

Ventuals lists other pre-IPO perpetual markets on its platform. Its website shows Anthropic open interest near $7.80 million and OpenAI near $3.34 million.

The SpaceX contract crash drew attention because of its size and speed. It also raised fresh focus on oracle systems in pre-IPO crypto markets.