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

Trade.xyz, an operator of onchain perpetual markets on Hyperliquid, has announced that it will cover eligible liquidation losses tied to a price anomaly in its contract tracking SK Hynix, a South Korean chipmaker and producer of high-bandwidth memory for artificial intelligence.

The incident occurred on Monday at 23:01 UTC when the mark price of the SKHYNIX contract fell from $1,127.90 to $917.25 after an executed trade was relayed by multiple independent data providers.

Trade.xyz stated that its oracle had 'worked as intended according to its specification' and tracked the external venue used as the primary South Korean pre-market.

The platform acknowledged traders' frustration and described the reimbursement as a 'one-time discretionary decision,' adding that it would review how prices are formed during extreme market events.