Trade.xyz Absorbs SK Hynix Perp Losses After Price Anomaly

Trade.xyz has announced that it will cover eligible liquidation losses tied to the SKHYNIX mark-price anomaly. The incident occurred on Monday at 23:01 UTC when the contract's mark price fell from $1,127.90 to $917.25 after an external trade was relayed and processed through Trade.xyz's oracle.

The company stated that its oracle 'worked as intended according to its specification,' but acknowledged that traders may be frustrated when liquidation decisions rely on mark prices that change quickly due to external feeds rather than the dynamics of the local order book.

Trade.xyz said it will reimburse eligible losses after a one-time discretionary decision, with eligibility requirements and payouts expected in the coming days. The company is also reviewing its price formation mechanics during stress events and considering giving more weight to prices formed on Hyperliquid's own order books.