A pre-market “shallow water” sweep in Korea wiped out on-chain $80 million in one burst. 😲

SKHX perpetual contracts on Hyperliquid plunged from $1,128 to $927.
With a single pin, the entire 4-hour liquidation board was all long positions.
At 07:00, Korea’s pre-market liquidity dried up; extreme quotes were picked up by the oracle, and SKHX’s mark price dropped 18%.
Within 4 hours, open interest evaporated by 57 thousand contracts, and notional positions shrank by $120 million.
The top three whales on the liquidation board were liquidated within minutes for $14.77 million total, with an aggregate net loss of $4.72 million, and the worst single account lost $2.04 million.
Trading volume instantly surged to $900 million—2.3 times the open interest; it was all forced-liquidation buyouts and slippage takers.
For decentralized exchanges tokenizing perpetual contracts for traditional stocks, the most lethal gap is this: pre-market and post-market liquidity is as thin as paper—once the oracle feeds a price, it immediately liquidates long positions across the whole network.