SK Hynix Shares Crash on Hyperliquid

SK Hynix shares took a sharp hit on South Korea's stock market, following a sudden 20% drop in its perpetual futures contract on Hyperliquid to $900. This dramatic move occurred within just one minute before the market opened.

The contract quickly recovered above $1,000 and later traded near $1,092, but the brief decline was enough to send SK Hynix shares plummeting 15% to 1,550,000 won during South Korean trading. The Nasdaq-listed American depositary receipts (ADRs) of the company also fell 4.5% in pre-market trading.

The sudden price drop on Hyperliquid is believed to be due to thin liquidity between US and Asian market hours, which can lead to sharp price movements when large orders are executed during periods of low activity.