Trade.xyz Covers SK Hynix Liquidation Losses Amid Price Anomaly

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

The platform acknowledged that the sharp move originated from an external market rather than its own order book, and it is considering giving more weight 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, which allows builders to launch perpetual contracts tied to assets with external price feeds.

The platform accounted for over $22 billion of HIP-3's first $25 billion in cumulative volume and later launched an officially licensed S&P 500 perpetual using S&P Dow Jones Indices data. Trade.xyz did not disclose how many traders would qualify for reimbursement or the total amount it expects to distribute, stating only that distributions are expected in the coming days.