Hyperliquid SK Hynix Futures Flash Crash to $927 Triggers Liquidation Cascade

SK Hynix perpetuals on Hyperliquid plunged to $927 amid KOSPI sell-off, triggering long liquidations before rapid recovery.

Woofun AI reports that a futures product tracking SK Hynix shares on Hyperliquid briefly dropped to $927 at 12:00 a.m. UTC today. The sharp decline, attributed to a cascade of leveraged long liquidations, occurred as South Korea’s KOSPI index fell sharply, with SK Hynix trading down 10.68% to 1,622,000 won. Within two minutes, the price realigned with the underlying asset, highlighting volatility risks in decentralized derivatives markets lacking traditional circuit breakers.