Key facts
- SK Hynix perpetual futures on Hyperliquid experienced a flash crash, falling to $900.
- Trade.xyz will reimburse eligible traders for losses caused by the price anomaly.
- The anomaly was triggered by an external price print relayed by multiple data providers.
- The SK Hynix contract is one of Hyperliquid's most active markets, with significant daily volume and open interest.
- Trade.xyz described the reimbursement as a one-time discretionary decision and will review price formation during extreme events.
Trade.xyz, which operates onchain perpetual markets on Hyperliquid, announced it will cover eligible liquidation losses stemming from a price anomaly in its SK Hynix contract. The contract's mark price dropped from $1,127.90 to $917.25 on Monday after an executed trade was relayed by multiple independent data providers, causing a nearly 19% decrease. Trade.xyz stated its oracle functioned as intended, tracking the external venue used for pricing, but acknowledged traders' frustration and characterized the reimbursement as a "one-time discretionary decision." The platform plans to review its price formation mechanisms during extreme market events. The SK Hynix contract is a highly active market on Hyperliquid, generating over $1.5 billion in 24-hour volume and holding nearly $600 million in open interest. Trade.xyz is considering giving more weight to prices formed on its own order books, which now offer significant liquidity.