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Trade.xyz to reimburse liquidations after SK Hynix mark price drop

The contract’s mark price fell from $1,127.90 to $917.25 at 23:01 UTC, with Trade.xyz tying the move to an external print that fed into its oracle and liquidation process.

Reported · Written up by our desk · Market Structure

Trade.xyz said it will reimburse eligible traders for certain liquidation losses after an external SK Hynix price print triggered a sharp drop in the mark price for its onchain perpetual contract on Hyperliquid. According to Cointelegraph, Trade.xyz said its oracle “worked as intended according to its specification,” but acknowledged the incident caused the contract’s mark price to fall from $1,127.90 to $917.25 at 23:01 UTC on Monday after a trade relayed by multiple data providers. The platform said eligibility requirements will be announced soon, with distributions expected in the coming days.

Cointelegraph reported that Trade.xyz framed the reimbursements as a “one-time discretionary decision,” and said it would review how prices are formed during extreme market events. The platform did not disclose how many traders would qualify or the total amount it expects to distribute.

Hyperliquid data cited by Cointelegraph showed the SK Hynix contract generated more than $1.5 billion in 24-hour volume and held nearly $600 million in open interest at the time of writing. Trade.xyz said the move originated from an executed transaction on an external market rather than its own order book, and it uses the mark price to value positions for margin and determine when leveraged positions are liquidated.

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