SK Hynix sees $80 million in long positions liquidated, on-chain open interest plunges 14%

According to Hyperinsight monitoring, at 7 AM Beijing time today, SKHX on Hyperliquid plunged rapidly from $1,128.2 to $927. The price spike occurred during thin liquidity hours ahead of South Korea’s NXT trading session; extreme trade quotes were transmitted via oracles to mark prices, triggering a chain of liquidations. Over the past four hours, total SKHX liquidations across the network reached approximately $79.398 million, with long positions topping the liquidation leaderboard. Meanwhile, open interest (OI) for SKHX on Hyperliquid dropped from 410,700 contracts yesterday afternoon to 353,600, a decrease of about 57,100 contracts (13.9%). Calculated at mark prices, the notional position value fell from roughly $508 million to $388 million, a shrinkage of 23.5%. Trading volume expanded passively alongside the flash crash: SKHX’s 24-hour trading volume has hit $901 million, about 2.3 times its current notional OI, indicating a large number of positions were forcibly liquidated or changed hands rapidly during the spike and subsequent rebound. Hyperinsight’s review shows: - Address starting with 0x2ba: Hit by three consecutive forced liquidations, totaling 6,418 SKHX contracts worth ~$6.166 million, with a recorded loss of ~$1.368 million. - Address starting with 0xef8: Reduced positions at market price by ~$910,100; the remaining $3.7418 million position was taken over by the system, with total liquidation size of ~$4.651 million and a loss of ~$1.3133 million. - Address starting with 0x320: Subject to four consecutive forced liquidations, totaling 4,230 contracts worth ~$3.957 million, with a recorded loss of ~$2.045 million (the largest loss among all addresses). The top three addresses on the liquidation leaderboard combined for ~$14.7754 million in liquidations, with total losses of ~$4.7281 million. Earlier news noted that the SKHX flash crash breached Hyperliquid’s backup liquidator, forcing over $26 million in liquidations.