Trade.xyz Commits to Repaying Traders After SK Hynix Price Anomaly

Trade.xyz, an onchain perpetual markets operator behind Hyperliquid, has announced plans to reimburse eligible traders who suffered losses due to an abrupt price move in its SK Hynix (SKHYNIX) contract. The incident occurred when the contract's mark price dropped from $1,127.90 to $917.25 at 23:01 UTC on Monday, triggering liquidation mechanics.

The platform attributes the price anomaly to an external market trade that was relayed through multiple independent data providers and incorporated into the contract's mark price via its oracle. Trade.xyz states that it will announce eligibility criteria for reimbursement soon and expects to distribute funds over the following days.

The affected SKHYNIX contract is a high-activity Hyperliquid market, with $1.5 billion in 24-hour volume and nearly $600 million in open interest at the time of writing. Trade.xyz has acknowledged trader frustration and framed its response as a 'one-time discretionary decision' to cover eligible liquidation losses.

The operator also announced that it will review how prices are formed during extreme market events, potentially adjusting weighting to give more importance to prices formed on its own order books, which now provide meaningful liquidity and market signals. Trade.xyz operates under Hyperliquid's HIP-3 framework, allowing builders to launch perpetual contracts tied to assets using external price feeds.