Trade.xyz to Compensate Hyperliquid SK Hynix Perp Traders After Mark-Price Shock

Trade.xyz, which operates onchain perpetual markets on Hyperliquid, said it will reimburse eligible traders for liquidation losses after a sudden mark-price move hit its SK Hynix perpetual contract (SKHYNIX). In a post on X, the firm said the dislocation was triggered by an external trade that was picked up by its oracle and incorporated into the contract's mark price, setting off liquidation mechanics. Trade.xyz said the SKHYNIX mark price fell from $1,127.90 to $917.25 at 23:01 UTC on Monday after a trade printed on another venue and was propagated through multiple independent data providers. The company said it will publish eligibility criteria soon, with reimbursements expected to be distributed over the following days. Trade.xyz described the payout as a one-time discretionary decision; it has not disclosed how many traders will qualify or the total amount to be repaid. Trade.xyz also said it is reviewing its mark-price formation during extreme events, including whether to place greater weight on prices implied by its own order-book liquidity. Hyperliquid data cited by the platform shows SKHYNIX is among the venue's most active markets, posting more than $1.5 billion in 24-hour volume and roughly $600 million in open interest as of Wednesday. Trade.xyz operates under Hyperliquid's HIP3 framework, which allows builders to list perpetual contracts that reference external price feeds. Cointelegraph previously reported the firm accounted for more than $22 billion of HIP3's first $25 billion in cumulative volume, and it later launched an officially licensed S&P 500 perpetual using S&P Dow Jones Indices data. The episode underscores a trade-off in external-feed designs: they can anchor derivatives to real-world reference prices, but they can also import abrupt prints that may not reflect local trading conditions at the moment they arrive. Traders are now watching for the eligibility rules and any adjustments to how Trade.xyz blends external feeds with order-book signals during anomalous periods.