Trade XYZ Reimburses Users for SK Hynix Contract Price Anomaly

Trade.xyz, the operator of onchain perpetual markets on Hyperliquid, has announced it will reimburse eligible users for liquidation losses tied to a sudden price anomaly affecting its SK Hynix-linked contract.

The sharp drop in the contract's mark price from $1,127.90 to $917.25 at 23:01 UTC on Monday triggered liquidations and was attributed to an executed transaction on an external venue being relayed through multiple independent data providers.

Trade.xyz stated that its oracle tracked the US dollar value of one SKHX common share by converting the underlying South Korean won price using the prevailing exchange rate, but this process led to a sudden reference-price dislocation.

The operator acknowledged the potential for traders to feel frustrated when liquidations occur during unusual market conditions and framed the reimbursement as a 'one-time discretionary decision.'