SK Hynix has since become the clearest case of risk reduction, with both dollar-denominated open interest and contract counts falling in a second round of deleveraging.
Positioning in Hyperliquid's memory-stock contracts has shifted further after Sandisk initially stood out as the only name adding exposure. SK Hynix's SKHX contract is now the clearest case of risk reduction, with open interest falling from about $364 million to $321 million between 2300 yesterday and the time of writing, a drop of about $43.44 million, or 11.9%. After adjusting for the price decline, contract counts also fell 9.3% from about 330,400 to 299,700, indicating active position cuts rather than a valuation effect. That contrasted with MU and SNDK over the same period. MU fell about 4.7% in price, but contract counts rose 4.5% and open interest held roughly steady at $172 million. SNDK fell about 4.3%, while contract counts increased 5.3% and open interest edged up to $122 million. SKHX was the only one of the three to see both dollar open interest and contract quantity shrink at the same time. The move marks a second clear deleveraging wave for SKHX. On July 31, when the price rebounded to $1,165.5, its open interest dropped from $622 million to $451 million in a single round, a 27.6% decline. The latest fall to $321 million leaves SKHX down another roughly $130 million, or 28.9%, from that prior trough. From the $622 million peak, open interest has shrunk by about $301 million, or 48.4%, even though the price is only about 8.2% below $1,165.5, suggesting this round was driven mainly by active position reductions. At the time of writing, SKHX was at $1,070.3, down 5.2% over 24 hours, with turnover of about $644 million. In the latest four-hour sample of large whale activity, longs were cut by a net $5.593 million, while shorts were reduced by only about $795,000.