The spread is the gap between the bid and ask prices on an asset’s order book. The narrower the spread, the more liquid the market and the lower the implicit transaction costs. On July 28, 2026, the perpetual contract replicating SK Hynix stock on Hyperliquid plummeted 20 % in one minute, dropping below 900 dollars, due to insufficient liquidity between the close of US markets and the opening of Asian exchanges. One hour later, SK Hynix shares fell 15 % on the Seoul Stock Exchange and the Kospi index declined by 11 %. Spreads widen sharply during thin trading hours, causing significant slippage for any market order executed under these conditions. The rule for retail traders: check order book depth before acting and favor limit orders when the spread deviates from its normal average.
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