Inside the brutal 2-minute flash crash sending a $400M South Korean market plunging on Hyperliquid

A two-minute price shock in a Hyperliquid market tied to South Korea’s SK Hynix has put the mechanics and oversight of equity-linked perpetuals under scrutiny.

SKHX, a TradeXYZ-operated perpetual on Hyperliquid that tracks the US dollar value of one Korean SK Hynix share, briefly sank to $927 during South Korea’s pre-market window before recovering within roughly two minutes, according to local media.

A later DefiLlama snapshot put open interest at $407 million, down 20% over 24 hours, while 24-hour trading volume reached $959 million. Open interest measures the rolling value of outstanding positions, incorporating changes in both position size and price.

The underlying market was already under severe pressure. South Korea’s KOSPI closed 10.84% lower after a 20-minute marketwide circuit breaker, while SK Hynix’s Korean shares finished down 14.65% at 1.55 million won, Yonhap reported.

TradeXYZ’s contract specification defines SKHX as the dollar value of one SK Hynix common share, calculated by converting the Korean share price at the prevailing USD/KRW rate. TradeXYZ documents an external-pricing window from 8:00 a.m. to 8:50 a.m. Korean time. SKHX is separate from the company’s US-listed depositary receipt and from tokenized shares.

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