Trade.xyz Pays Out After SKHYNIX Perpetual Futures Pricing Collapse

Trade.xyz has begun compensating users affected by a pricing incident in its SKHYNIX perpetual futures contracts on July 27, 2026. The platform's mark price for the contract collapsed from $1,127.90 to $917.25 in a single trade, causing approximately $60 million in liquidations across nearly 1,000 leveraged positions.

The incident occurred due to a real trade executed on a thinly traded Korean pre-market venue, which was picked up by several data providers and fed directly into the oracle system Trade.xyz relies on. The oracle updated the mark price accordingly, causing the contract's mark price to fall nearly $210 in seconds.

Trade.xyz acknowledged that the oracle functioned as intended, but is instead blaming a flawed architecture. As part of its compensation process, the platform is distributing USDC payouts using a reference price of $1,115.50, which sits between the pre-incident mark price and the distorted low.