SK Hynix perpetual futures briefly fell 20% to $900 on Hyperliquid shortly before South Korea’s stock market opened, according to exchange data. The contract dropped between 23:00 UTC and 23:01 UTC, recovered above $1,000 within one minute, and later traded near $1,092.

The contract tracks SK Hynix shares listed in Seoul and settles in USDC. Hyperliquid has become a major venue for traders seeking exposure to traditional assets through perpetual contracts. These products allow trading without owning the underlying shares or setting an expiry date, which helps explain why moves in the derivatives market can attract attention even before the local equity session begins.

Flash Crash During Thin Trading Hours

The sharp move occurred during a period of limited global market liquidity. Trading activity often slows after US markets close and before Asian exchanges open, which can make prices more vulnerable to abrupt swings when fewer buyers and sellers are active.

Crypto exchanges have seen similar flash crashes during low-liquidity periods, with prices falling quickly before rebounding once new orders enter the market. Hyperliquid had not issued a public response on the SK Hynix move by the reported publication time.

Korean Chip Stocks Sell Off

SK Hynix shares fell 15% to 1,550,000 won during South Korean trading. Samsung Electronics and Hyundai Motor also declined, while the Kospi index fell 11%. The market opened lower about one hour after the Hyperliquid flash crash.

SK Hynix American depositary receipts also came under pressure. The Nasdaq-traded ADRs fell 4.5% in pre-market trading to $136.51. Ten ADRs represent one SK Hynix share, giving US investors access to the Korean chipmaker through American markets.

Tokenized Stocks and Stock-Linked Perpetuals Gain Attention

Interest in tokenized stocks and stock-linked perpetuals has grown on decentralized exchanges. Traders use these products to follow company shares outside normal exchange hours, and crypto platforms have increasingly added contracts linked to stocks, indexes, and commodities.

SK Hynix remains a major supplier of high-bandwidth memory chips used in Nvidia AI processors. Its Seoul-listed shares have fallen sharply from their June peak. Weakness has also spread across US AI stocks, with Nvidia shares dropping 5% on Monday. The decline followed fresh concerns about large financing commitments tied to an OpenAI-backed data center project and broader pressure on highly valued chip companies during the latest Wall Street session.