Today, a single share sale triggered millions of dollars in liquidations on Hyperliquid. At 11:00 pm UTC on July 27, $SKHYNIX suffered a flash crash on Hyperliquid, falling roughly 20% within seconds before rapidly recovering. The entire cascade began with a single share sold during the opening of South Korea’s Nextrade pre-market session. At 8:00 am local time, an apparent order mistake caused one SK Hynix share to execute at ₩1,272,000, exactly at the daily lower limit and 29.96% below the previous close. Because there were almost no resting buy orders at the opening, that one-share trade became the first reference price. The stock recovered toward ₩1.7 million within approximately two minutes, but the bad print had already reached the oracle used by Hyperliquid. Around 4 seconds after the NXT session opened, the SKHYNIX oracle price was updated from $1,131.40 to $954.99, a 15.6% drop. Liquidations began approximately 2.7 seconds later. The resulting cascade pushed Hyperliquid executions as low as $900. In total: -> 960 long accounts were liquidated. -> $57.4M in positions were liquidated. -> Those traders realized approximately $17.3M in losses. -> The backstop subsequently triggered ADL against profitable shorts, realizing approximately $10.8M in profits across 100 accounts. The main losers were: -$2.05M -$1.37M -$1.31M -$1.02M The largest profits realized through ADL were: $2.55M $2.22M $2.19M