Perpetuals tied to SK Hynix hit by flash crash to $900 on Hyperliquid
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Perpetual futures contracts tied to SK Hynix experienced a sharp flash crash on the Hyperliquid decentralized exchange on July 27, 2026. The USDC-denominated perpetuals plunged nearly 20% within a single minute, dropping to $900 before rebounding above $1,000 shortly after. At the time of reporting, the perpetual contracts were priced around $1,092. This event occurred between 23:00 and 23:01 UTC and preceded a significant decline in SK Hynix’s stock price in South Korea.
Following the flash crash in the perpetual futures, SK Hynix shares opened sharply lower on the Korean stock market and ended the day down about 15%, closing at 1,550,000 won ($1,762). This downturn was part of a broader selloff impacting the Kospi index, which fell 11%. Other major South Korean companies like Samsung Electronics and Hyundai Motor also posted losses. SK Hynix’s American depositary receipts (ADRs), which represent shares traded on Nasdaq, also fell by 4.5% in pre-market trading to $136.51.
The report links the flash crash and subsequent market weakness to several factors, including thin overnight liquidity on crypto exchanges, which often leads to price volatility in contracts traded outside regular market hours. The broader context includes weakening sentiment in AI-related stocks such as Nvidia, whose shares declined 5% after reports of its potential $250 billion financial backing for an OpenAI-linked data center project. SK Hynix, a prominent supplier of high-bandwidth memory chips used in Nvidia's AI processors, has been under pressure this month, falling nearly 48% from its June 26 peak.
Hyperliquid, described as a leading decentralized exchange focusing on perpetual futures, has gained popularity since geopolitical tensions escalated in February 2026. However, the exchange had not responded to media inquiries by the time of publication. The flash crash highlights the risks associated with crypto derivatives markets, especially during periods of low liquidity and high volatility linked to traditional equity market movements.