Have just noticed that our bala sharks right eye has kind of bulged out its socket. It isn't hanging off but it is extremly bulgy. Also under its eye, it is all red.
How is the fish aside from the eye problem? If it is listless and not being itself then it could well have a internal bacteria infection (popeye is a symptom of it). You should treat it asap with some anti internal bacterial meds.
Search for popeye for more info and pictures so you can decide for yourself if it's what your fish has. It can be a sign of bad water quality so you should check your water and maybe do a water change.