Trade.xyz Covers $80M+ Liquidation Losses After SK Hynix Anomaly

Trade.xyz, an exchange that offers perpetual contracts, has announced it will cover liquidation losses resulting from a price anomaly in SK Hynix shares on July 27. The anomaly occurred when the mark price of SKHYNIX dropped by 18.7% to $917.25 from its prior close at $1,127.90.

The event triggered forced closures of leveraged long positions, with an estimated $80 million in SKHX positions being liquidated. Trade.xyz has not confirmed this figure but stated it will cover losses 'attributable to this anomaly.'

The company attributed the anomaly to a possible order mistake during thin liquidity in South Korea's NextTrade pre-market session. The incident highlights the importance of oracle and mark-price inputs for perpetual contracts, particularly under Hyperliquid's HIP-3 framework.