Perpetual futures tied to SK Hynix, a South Korean chipmaker whose American depositary receipts debuted on Nasdaq earlier this month, suffered a flash crash on Hyperliquid shortly before the underlying share price came under pressure in its home market.<\/p>\n
Between 23:00 UTC and 23:01 UTC, the price of perpetuals tracking the Seoul-traded stock crashed 20% to $900, according to data from Hyperliquid. The price rebounded to over $1,000 the very next minute and was recently priced at $1,092. The contract is traded and denominated in dollar-pegged stablecoin USDC.<\/p>\n
An hour later, the Korean stock market opened on a negative note, led by chipmakers. By the end of the day, SK Hynix shares had dropped by 15% to 1,550,000 won ($1,762). Other losers included Samsung Electronics and carmaker Hyundai Motor. The benchmark Kospi index fell 11%.<\/p>\n
SK Hynix ADRs, 10 of which equal one share, fell 4.5% in pre-market trading to $136.51.<\/p>\n
Hyperliquid, the leading perpetuals-focused decentralized exchange, has emerged as a hot favorite of traders looking to express their view on traditional assets, especially since the onset of the Iran war in late February. The exchange had not responded to a request for comment by publication time.<\/p>\n","protected":false},"excerpt":{"rendered":"Perpetual futures tied to SK Hynix, a South Korean chipmaker whose American depositary receipts debuted on Nasdaq earlier…\n","protected":false},"author":2,"featured_media":101716,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[5170,241,275],"class_list":["post-101715","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sk-hynix","tag-hyperliquid","tag-sk","tag-sk-hynix"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/101715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=101715"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/101715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/101716"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=101715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=101715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=101715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}