SK Hynix-linked Hyperliquid futures briefly plunge to $927

A futures product tracking SK Hynix shares on decentralized perpetual futures exchange Hyperliquid (HYPE) briefly fell to $927, about 1.36 million won at current exchange rates, at 12:00 a.m. UTC today. The sharp but temporary drop is believed to have been triggered by a cascade of liquidations in leveraged long positions. Two minutes after the plunge, the product’s price had regained its link to SK Hynix shares. Meanwhile, the KOSPI posted a sharp decline on July 28, triggering a sell-side curb. SK Hynix was trading at 1,622,000 won, down 10.68% from yesterday.