A futures product tracking SK Hynix shares on the decentralized perpetual futures exchange Hyperliquid (HYPE) briefly fell to $927—approximately 1.36 million won at current exchange rates—at 12:00 a.m. UTC today. The sharp but temporary drop is believed to have been triggered by a cascade of liquidations in leveraged long positions. Within two minutes, the product’s price had regained its link to SK Hynix shares, highlighting the volatility inherent in decentralized derivatives markets.