The SPACEX-USDH perpetual contract on Hyperliquid experienced a dramatic 45% flash crash on May 28, dropping from $2,277 to a low of $1,254 within 30 minutes before partially recovering to $2,157. This sudden drop led to the liquidation of 1,393 positions held by 405 users, resulting in a nominal loss of $1.51 million. The median margin of liquidated positions was only $31, indicating a predominance of retail investors. The contract, which synthetically represents SpaceX's market valuation, lacks a public price benchmark as SpaceX is not yet publicly listed, relying instead on private secondary market trades for qualified investors. The contract's 24-hour trading volume was just $5.01 million, with open interest below $2.9 million, highlighting insufficient market depth to absorb large sell orders. SpaceX is planning an IPO in June.