Two-minute flash crash briefly sank SKHX to $927

SKHX, a TradeXYZ-operated perpetual on the Hyperliquid platform that tracks the U.S. dollar value of one SK Hynix share, plunged to $927 during South Korea’s pre-market trading and recovered within two minutes. DefiLlama snapshots show 24-hour trading volume near $959 million and open interest down about 20% to $407.28 million. No incident-level report was available at the time of reporting.

The move occurred while South Korea’s main market was under heavy pressure. The KOSPI closed 10.84% lower after a 20-minute marketwide circuit breaker, and SK Hynix’s Korean-listed shares finished down 14.65% at 1.55 million won. Those changes affect the KRW-denominated stock price used to convert SK Hynix shares into U.S. dollars for the perpetual.

TradeXYZ defines SKHX as the dollar value of one SK Hynix common share, calculated by converting the Korean share price into U.S. dollars at the prevailing USD/KRW rate. TradeXYZ’s documentation lists an external-pricing window from 8:00 a.m. to 8:50 a.m. Korean time. SKHX is separate from SK Hynix’s U.S.-listed depositary receipt and from tokenized shares.

Under Hyperliquid’s HIP-3 framework, a market deployer controls the oracle definition, oracle prices, leverage limits and settlement parameters. HyperCore provides order matching, margining, liquidations and auto-deleveraging. TradeXYZ’s relayer and updater transmit the market’s oracle, mark and external prices at roughly three-second intervals. HyperCore also derives a local price from the order book’s best bid, best offer and most recent trade.

According to the documented design, the final mark applied to positions is the median of three inputs: the oracle price, a smoothed oracle-to-market difference, and the local order-book price. The deployer API accepts an oracle price, an external-perpetual price and up to two deployer-supplied mark-price inputs.

Public records name Pyth Lazer as the oracle provider and show TradeXYZ carrying those prices into HyperCore. The specific composition of the mark-price inputs and the raw price observations at the moment the contract fell to $927 are not in the public record. At the time of reporting there was no published account detailing any halts, cap changes, slashing, insurance impacts or compensation actions.

TradeXYZ is investigating the price inputs carried into HyperCore. Hyperliquid noted that TradeXYZ planned to provide an update after completing its review.