Hyperliquid SPACEX-USDH Pre-Market Perp Drops 45% on May 28, Triggers $1.51M Liquidations

Hyperliquid's synthetic SpaceX pre-market perpetual, SPACEX-USDH, fell about 45% on May 28, sliding from $2,277 to $1,254 before rebounding near $2,157. The 30-minute move liquidated 1,393 leveraged positions across 405 users, with total notional losses reported at exactly $1.51 million.