Ventuals will compensate users after its SpaceX perpetual contract crashed 45% and triggered mass liquidations.
Decentralized derivatives platform Ventuals has announced it will compensate affected users within 48 hours after its pre-IPO SpaceX perpetual contract on Hyperliquid dropped 45% within a 30-minute window on Thursday, triggering liquidations across hundreds of accounts.
The SPACEX-USDH contract fell from $2,277 to $1,254 before partially recovering to approximately $2,174, according to Hyperliquid data. The move liquidated 484 users and wiped out $1.74 million in notional value over 24 hours.
Ventuals attributed the price collapse to incorrect data returned by an off-chain data provider used in its oracle pricing system, which caused oracle and mark prices to move sharply and triggered the liquidation cascade. "We have taken immediate steps to prevent this from happening again on any of the pre-IPO markets, and are evaluating the impact it had on affected users for appropriate compensation,".
The SPACEX-USDH contract operates as a crypto-denominated perpetual swap tracking speculative valuation. It grants traders no underlying equity, physical stock ownership, or shareholder voting rights in SpaceX, which is currently targeting an initial public offering in June.
Ventuals did not specify the total compensation amount in its X post. The platform offers additional pre-IPO perpetual contracts, including one tracking Anthropic with a recorded open interest of $7.80 million and another tracking OpenAI with an open interest of $3.34 million.
The incident highlights execution risks in oracle-dependent pricing systems for pre-IPO perpetual markets, where underlying valuation data relies on off-chain sources rather than live exchange feeds. Ventuals said it is reviewing its oracle infrastructure to prevent recurrence across its full suite of pre-IPO markets.
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