The Oracle Problem in Pre-IPO Perps

On the afternoon of May 28, a SpaceX market on Hyperliquid fell from $2,277 to $1,254 in about half an hour. The contract belonged to @ventuals, one of the builders deploying pre-IPO markets on

On the afternoon of May 28, a SpaceX market on Hyperliquid fell from $2,277 to $1,254 in about half an hour. The contract belonged to @ventuals, one of the builders deploying pre-IPO markets on Hyperliquid, and it priced SpaceX in billions of dollars of valuation. By the time it recovered, 405 traders had been liquidated across 1,393 positions, wiping out $1.51 million in notional value. Most of them were using around 3x leverage, which is about as careful as leveraged trading gets. But the most