Trade.xyz Covers SK Hynix Contract Liquidation Losses After Price Anomaly

Trade.xyz, an operator of onchain perpetual markets on Hyperliquid, has announced that it will cover eligible liquidation losses for traders affected by a price anomaly in its SK Hynix contract. The anomaly occurred on Monday at 23:01 UTC when the mark price fell to $917.25 from $1,127.90 after an executed trade was relayed by multiple independent data providers.

The sharp move originated from an executed transaction on an external market rather than Trade.xyz's own order book, according to the platform. The external print fed into the oracle and contributed to the contract's mark-price move, which is used to value positions for margin purposes and determine when leveraged positions should be liquidated.

Trade.xyz said it will review how prices are formed during extreme market events and may give more weight to prices formed on its own order books, which now provide meaningful liquidity and market signals. The platform has not disclosed the total amount it expects to distribute or how many traders will qualify for reimbursement.