Trade.xyz to Reimburse SK Hynix Perp Losses After External Price Print Triggers 19% Mark Drop

TL;DR

• Trade.xyz will reimburse eligible SK Hynix perpetual traders after an external Korean pre-market print pushed the mark price down 19% and triggered liquidations.
• Preliminary estimates placed liquidations near $57 million and realized losses around $17.3 million, though eligibility rules and the total reimbursement remain undisclosed.
• The oracle operated as specified, but Trade.xyz will reassess external pricing inputs and may give greater weight to Hyperliquid’s own order books.

Trade.xyz has pledged to reimburse eligible traders after its SK Hynix perpetual contract on Hyperliquid suffered a 19% mark-price collapse. At 23:01 UTC on July 27, the reference price fell from $1,127.90 to $917.25 after an executed trade on an external Korean pre-market venue was relayed by multiple independent data providers. A real market print, rather than a technical malfunction, triggered the liquidation cascade. The episode affected nearly 1,000 leveraged positions, raising an uncomfortable question about whether an oracle can operate exactly as designed while still producing an outcome the operator later decides to reverse.

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