Trade.xyz to cover SK Hynix perp liquidation losses tied to price anomaly
Trade.xyz said it will reimburse eligible liquidation losses after a price anomaly hit its Hyperliquid perpetual contract tracking SK Hynix. The contract’s mark price dropped from $1,127.90 to $917.25 at 23:01 UTC Monday after an executed trade on an external venue was relayed through independent data providers and fed into the oracle. Hyperliquid uses mark price for margin and liquidations. Eligibility rules will be announced soon, with payouts expected in coming days. Trade.xyz called the reimbursement a one-time discretionary decision and said it will review how prices are formed during extreme market moves. It also said it may give more weight to prices from its own order books, which now have meaningful liquidity. The SKHYNIX market is one of Hyperliquid’s most active, with over $1.5 billion in 24-hour volume and nearly $600 million in open interest. Trade.xyz operates under Hyperliquid’s HIP-3 framework for launching externally referenced perpetuals.
