ME News reports that on July 28 (UTC+8), according to Hyperinsight monitoring, at 7:00 Beijing time today, the price of SKHX on Hyperliquid rapidly dropped from $1,128.2 to $927. This sharp plunge occurred during a period of thin liquidity in the Korean NXT pre-market session, and extreme trade quotes were transmitted via oracles to the mark price, triggering a cascade of liquidations. Over the past four hours, the total global liquidation volume for SKHX reached approximately $79.398 million, with the top liquidations predominantly long positions. Meanwhile, the open interest for SKHX on Hyperliquid declined from 410,700 contracts in the afternoon yesterday to 353,600 contracts, a reduction of about 57,100 contracts, or 13.9%. Calculated by mark price, the notional value of open positions fell from approximately $508 million to $388 million, a 23.5% decrease. Trading volume increased passively alongside the flash crash. SKHX’s 24-hour trading volume reached $901 million, roughly 2.3 times its current notional open interest, indicating that a large number of positions were forcibly closed or rapidly rotated during the plunge and subsequent rebound. Upon review by Hyperinsight: - Address starting with 0x2ba: Experienced three consecutive liquidations, totaling 6,418 SKHX contracts (~$6.166 million), resulting in a loss of approximately $1.368 million. - Address starting with 0xef8: Reduced position by ~$910,100 at market price; the remaining $3.7418 million position was liquidated by the system, totaling ~$4.651 million in liquidations and a loss of ~$1.3133 million. - Address starting with 0x320: Experienced four consecutive liquidations, totaling 4,230 contracts (~$3.957 million), resulting in a loss of ~$2.045 million—the largest loss among all. The top three liquidated addresses collectively suffered liquidations totaling approximately $14.7754 million and cumulative losses of ~$4.7281 million. Previous report: The SKHX flash crash has breached Hyperliquid’s backup liquidation mechanism, forcing over $26 million in liquidations (Source: BlockBeats).
SKHX price flash crash triggers $79.4M in liquidations on Hyperliquid
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Summary
On-chain data from MetaEra shows SKHX dropped sharply on July 28 (UTC+8), falling from $1,128.2 to $927 on Hyperliquid. The move triggered $79.4 million in long liquidations over four hours. On-chain analysis reveals total open interest declined 13.9% to 353,600 contracts, with nominal value down 23.5% to $388 million. The top liquidated addresses—0x2ba, 0xef8, and 0x320—lost over $4.7 million in profits.
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