SK Hynix Hyperliquid Perpetual Falls 33.35% From Peak, 7.53% Below July 31 Low

SK Hynix's Hyperliquid perpetual contract has fallen 33.35% from its peak and now sits below its July 31 intraday low, marking the steepest decline among three memory-stock contracts as of Oct. 16.

The SK Hynix contract was priced at $958.73 on Oct. 16, down from a high of $1,438.40 on Sept. 10. Sandisk's contract had retreated 27.76% from its Sept. 22 peak of $1,908 to $1,378.40, while Micron's was 17.16% below its Oct. 2 high of $1,114.90 at $923.62. Micron had the smallest pullback of the three.

These are prices for perpetual contracts on Hyperliquid, not spot share prices. The contracts are tied to Micron (MU), Sandisk (SNDK) and SK Hynix (SKHX). Hyperliquid's HIP-3 framework lets third parties deploy perpetual markets on the platform, so the quotes describe derivatives trading rather than the companies' shares.

Measured from each contract's July 31 intraday low to its later peak, the gains ranked differently. Sandisk rose 60.27% from its $1,190.50 baseline, the largest increase. SK Hynix climbed 38.73% from $1,036.80, while Micron gained 36.14% from $818.94. The contract with the largest rise then, Sandisk, had the middle-sized decline from its peak; Micron had both the smallest rise and the shallowest retreat.

On Oct. 16, Micron remained 12.78% above its July 31 low and Sandisk was 15.78% higher. SK Hynix, by contrast, traded 7.53% below its $1,036.80 benchmark, erasing the full gain measured from that date. Intraday prices on July 29 and 30 were lower for all three contracts; using those dates as the starting point would increase the measured rebounds without changing their ranking.

From their peaks, SK Hynix's pullback exceeded Micron's by 16.19 percentage points, while Sandisk fell 10.60 points more than Micron. Those comparisons use each contract's own peak and its Oct. 16 price.

The July 31 benchmark offers a different view of the same price moves: two contracts remained above that low on Oct. 16, while SK Hynix's had slipped below it. All figures describe perpetual contract prices and do not establish where the companies' shares traded.