Trade.xyz to Reimburse SK Hynix Contract Holders After 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 SK Hynix contract. The sharp move occurred after the mark price fell from $1,127.90 to $917.25 at 23:01 UTC on Monday. Trade.xyz stated that the reimbursement is a 'one-time discretionary decision' and that it will review how prices are formed during extreme market events.

The SK Hynix contract is one of Hyperliquid's most active markets, with over $1.5 billion in 24-hour volume and nearly $600 million in open interest at the time of writing. Trade.xyz acknowledged traders' frustration and stated that its oracle was tracking an external venue used as the primary South Korean pre-market.

The platform is considering giving more weight to prices formed on its own order books, which it said 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.