A faulty pre-market price feed triggered a 17.9% drop in SK Hynix perpetual contracts, wiping out $57.4 million in long positions.
Hyperliquid’s SK Hynix perpetual contract, xyz:SKHYNIX, plunged 17.9% Tuesday after an erroneous price print from a South Korean alternative trading venue. The anomaly liquidated $57.4 million in long positions across 960 accounts, according to trade data.
The trigger was a pre-market order on NXT, a secondary exchange with extended hours, valuing SK Hynix shares at 1,272,000 won—28.7% below the prior close of 1,785,000 won. Hyperliquid’s oracle, managed by Trade.xyz under framework HIP-3, used the print as a reference, converting it to USD at prevailing rates. Trading in Korea halted shortly after.
The contract’s 17.9% decline was less severe than the underlying print due to built-in price movement caps. SK Hynix was already under pressure amid a broader AI memory stock selloff and an 8% drop in the KOSPI earlier that day.