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Storyline

SKHX Hyperliquid volatility

A large leveraged SKHX position on Hyperliquid is driving extreme price swings and liquidation cascades.

2 entriesThu, Jul 9 – Tue, Jul 28Perp DEX

Timeline

  1. Tue, Jul 28Latest

    SKHX Flash Crash Hits Hyperliquid

    The SK Hynix perpetual (SKHX) on Hyperliquid flash-crashed 17.9% on 28 July after a single share printed at ₩1.272m (~$867) in thin pre-market trading on Nextrade — roughly 30% below the prevailing price, halting trading there. The oracle followed the print down, breaching the backstop liquidator and forcing over $26m in liquidations — reportedly more in four hours than all of Binance. The largest short's unrealized profit swelled to $6.1m. Hyperliquid says the market is operated by Trade.xyz under HIP-3; Trade.xyz is investigating, and prices have normalized.

  2. Thu, Jul 9

    Hyperliquid Whale Deposits $4.51M USDC; Holds $981K Unrealized Profit on SKHX Long

    A whale deposited 4.51 million USDC into Hyperliquid and holds an unrealized profit of $981,300 on an existing SKHX long position. The activity represents documented large-account usage of Hyperliquid's on-chain perpetual infrastructure.