Perpetuals tied to SK Hynix hit by flash crash to $900 on Hyperliquid
CoinDesk 2026-07-28 10:05:43
Context: Perpetual futures tied to SK Hynix, a South Korean chipmaker, suffered a flash crash on the Hyperliquid exchange, plummeting 20% to $900 in just one minute, before rebounding above $1,000. This sudden drop occurred shortly before SK Hynix shares came under pressure in the Korean market, where they ultimately fell 15% to 1,550,000 won ($1,762). The episode was attributed to thin overnight crypto liquidity and broader weakness in AI-related stocks.
Key Facts
- Perpetual futures tied to SK Hynix on the Hyperliquid exchange plunged 20% to $900 between 23:00 UTC and 23:01 UTC, before rebounding to over $1,000 the next minute, with the contract traded and denominated in USDC.
- SK Hynix shares fell 15% to 1,550,000 won ($1,762) by the end of the day, while the benchmark Kospi index dropped 11%, led by chipmakers such as Samsung Electronics and carmaker Hyundai Motor.
- Nvidia shares slid 5% after a report on its potential $250 billion financial backstop for an OpenAI-linked data-center project, contributing to broader weakness in AI-related stocks.
- SK Hynix ADRs, with 10 ADRs equal to one share, fell 4.5% in pre-market trading to $136.51, and have declined nearly 48% from their peak of 1,947 won reached on June 26.
- Hyperliquid, a leading perpetuals-focused decentralized exchange, has emerged as a popular platform for traders to express their views on traditional assets, particularly since the onset of the Iran war in late February.