Hyperliquid Flash Crash Wipes Out $1 Billion+ from SK Hynix Perpetuals

A flash crash on Hyperliquid sent perpetuals tied to SK Hynix plummeting to $900, according to CoinDesk.

The sudden drop marks a significant decline from the previous price, although it's unclear what caused the dramatic change in market sentiment.

Perpetuals are a type of derivative contract that allows traders to bet on the price movements of underlying assets without actually owning them. In this case, the perpetuals were tied to SK Hynix, a major South Korean chipmaker.