SK Hynix Perpetuals Crash 20% Before Rebound on Hyperliquid Amid AI-Related Weakness
The price of perpetual futures tied to SK Hynix on the Hyperliquid exchange plummeted by 20% in just one minute before rebounding to over $1,000. The USDC-denominated contract crashed from an unknown high to a low of $900 between 23:00 UTC and 23:01 UTC.
This flash crash preceded a sharp selloff in South Korea, where SK Hynix shares fell by 14% and the Kospi index dropped 11%. The underlying share price came under pressure after the overnight crypto liquidity was thin and AI-related stocks were broadly weak. Nvidia shares slid 5% following a report on its potential $250 billion financial backstop for an OpenAI-linked data-center project.
SK Hynix, one of the world's largest suppliers of high-bandwidth memory (HBM) chips used in Nvidia's AI processors, has taken a beating this month. Its shares have fallen by nearly 48% from their peak reached on June 26.