Perpetuals tied to SK Hynix hit by flash crash to $900 on Hyperliquid
Perpetual futures on the South Korean chipmaker’s American depositary receipts plunged 20% in one minute before quickly rebounding above $1,000.
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Summary
- Perpetual futures tied to SK Hynix on the Hyperliquid exchange plunged about 20% in one minute before quickly rebounding above $1,000.
- The flash crash in the USDC-denominated contract preceded a sharp selloff in South Korea, where SK Hynix shares fell 14% and the Kospi index dropped 11%.
- The episode comes 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.
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Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
