Hyperliquid SK Hynix Perpetual Futures Plunge 20% Before Rebound

Hyperliquid's SK Hynix perpetual futures experienced a wild swing on July 28, plummeting as much as 20% intraday before rebounding to above $1,000. The decline was attributed to thin liquidity during the period after the U.S. stock market closes and before Asian markets open.

According to CoinDesk, the SK Hynix perpetual contract fell to $900 before recovering to trade at around $1,092 in USDC, a dollar-pegged stablecoin. This volatility was likely due to the reduced trading volume during this time period.

In related news, SK Hynix shares on South Korea's stock market closed down 15% at 1.55 million won, while the Kospi index slumped 11%. Additionally, SK Hynix American depositary receipts fell 4.5% to $136.51 in premarket U.S. trading.

It is worth noting that Minseung Kang, a blockchain journalist and writer of Trade Now & Altcoin Now, has been tracking the trend of these stock-linked perpetual contracts.