{"id":50971,"date":"2026-07-28T13:04:37","date_gmt":"2026-07-28T13:04:37","guid":{"rendered":"https:\/\/cryptd.in\/one-bad-price-960-liquidations-inside-sk-hynix-flash-crash-on-hyperliquid\/"},"modified":"2026-07-28T13:04:37","modified_gmt":"2026-07-28T13:04:37","slug":"one-bad-price-960-liquidations-inside-sk-hynix-flash-crash-on-hyperliquid","status":"publish","type":"post","link":"https:\/\/cryptd.in\/lt\/one-bad-price-960-liquidations-inside-sk-hynix-flash-crash-on-hyperliquid\/","title":{"rendered":"One Bad Price, 960 Liquidations: Inside SK Hynix Flash Crash on Hyperliquid"},"content":{"rendered":"

The xyz.SKHYNIX perpetual on Hyperliquid crashed around 20% almost instantly late on Monday night, dropping from $1,131 to as low as $900, completely decoupling from pricing elsewhere on crypto exchanges.<\/p>\n

On-chain data indicates that the entire cascade stems from a single share trade placed from Seoul.<\/p>\n

How One Bad Price Caused a Liquidation Cascade<\/h2>\n

It appears that during the pre-market window before trading opened on the South Korean Nextrade exchange, there was an order to sell stock for major chip manufacturer SK Hynix placed 30% below the previous closing price. This order may have been placed by accident.<\/p>\n

With thin pre-market liquidity, there were no competing orders on Nextrade at that moment, and that single trade briefly set the price of the stock on that exchange.<\/p>\n

The price corrected back to market value within two minutes, but by that time, the XYZ oracle responsible for setting the price for this stock on Hyperliquid<\/a> had already consumed and relayed the information.<\/p>\n

Just four seconds after Nextrade opened for trading, the SKHYNIX oracle price plummeted 15.6%, and liquidations began about 2 seconds later.<\/p>\n

Freefall: The Final Figures<\/h2>\n

On Hyperliquid, users were betting on the price of the semiconductor stock using leverage. X.com user MarketAlpha calculated that 960 accounts lost $57 million in a liquidation cascade as a result of this oracle error, with $17.3 million in realized losses.<\/p>\n

\n

Today, a single share sale triggered millions of dollars in liquidations on Hyperliquid.<\/p>\n

At 11:00 pm UTC on July 27, $SKHYNIX<\/a> suffered a flash crash on Hyperliquid, falling roughly 20% within seconds before rapidly recovering.<\/p>\n

The entire cascade began with a single share sold\u2026 pic.twitter.com\/quFIo2o1Lc<\/a><\/p>\n

\u2014 Markets Alpha (@MarketsAlpha) July 28, 2026<\/a><\/p>\n<\/blockquote>\n

The backstop then triggered auto-deleveraging against profitable short positions, with $10.8 million in gains realized across 100 accounts. The largest gains and losses for individual accounts were $2.55 million and $2.05 million, respectively. Surprisingly, the flash crash mimicked a real stock price correction of around 15%, which took place hours later on the open market.<\/p>\n

Hyperliquid staff have pointed out that the exchange is permissionless and that SKHYNIX is deployed and operated by XYZ, which is reportedly investigating the issue but has not released a statement.<\/p>\n

\"\"<\/a>
Source: Hyperliquid Discord<\/figcaption><\/figure>\n

Prane\u0161imas One Bad Price, 960 Liquidations: Inside SK Hynix Flash Crash on Hyperliquid<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The xyz.SKHYNIX perpetual on Hyperliquid crashed around 20% almost instantly late on Monday night, dropping from $1,131 to as low as $900, completely decoupling from pricing elsewhere on crypto exchanges. On-chain data indicates that the entire cascade stems from a single share trade placed from Seoul. How One Bad Price Caused a Liquidation Cascade It […]<\/p>\n","protected":false},"author":1,"featured_media":50973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-50971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nOne Bad Price, 960 Liquidations: Inside SK Hynix Flash Crash on Hyperliquid - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/lt\/one-bad-price-960-liquidations-inside-sk-hynix-flash-crash-on-hyperliquid\/\" \/>\n<meta property=\"og:locale\" content=\"lt_LT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Bad Price, 960 Liquidations: Inside SK Hynix Flash Crash on Hyperliquid - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The xyz.SKHYNIX perpetual on Hyperliquid crashed around 20% almost instantly late on Monday night, dropping from $1,131 to as low as $900, completely decoupling from pricing elsewhere on crypto exchanges. On-chain data indicates that the entire cascade stems from a single share trade placed from Seoul. 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