Hyperliquid Perpetuals Crash Amid Thin Crypto Liquidity and AI Sector Weakness

Perpetual futures tied to SK Hynix on the Hyperliquid exchange experienced a flash crash, plummeting about 20% in one minute to $900. The price rebounded immediately above $1,000 and was recently trading at $1,092.

This episode occurred amid thin overnight crypto liquidity and broader weakness in AI-related stocks, including a 5% drop in Nvidia after a report on its potential $250 billion financial backstop for an OpenAI-linked data-center project.

SK Hynix shares fell 14% and the Kospi index dropped 11% in South Korea. The Korean stock market opened on a negative note, led by chipmakers.