Hyperliquid’s SK Hynix Perpetual Futures Drop 20% Intraday, Then Rebound

Perpetual futures on Hyperliquid tied to SK Hynix Inc. shares fell as much as 20% intraday before climbing back above $1,000.

CoinDesk reported on July 28 that the Korea stock-linked SK Hynix perpetual contract sank to $900 before rebounding to trade at about $1,092. The product trades in USDC, a dollar-pegged stablecoin.

The media outlet attributed the brief drop to thin liquidity during the period after the U.S. stock market closes and before Asian markets open, when trading volume tends to dry up.

In South Korea’s stock market, SK Hynix closed down 15% at 1.55 million won, while the Kospi index slumped 11%. SK Hynix American depositary receipts also fell 4.5% to $136.51 in premarket U.S. trading.