Trade.xyz to cover SK Hynix perp liquidation losses tied to price anomaly

Trade.xyz, an operator of onchain perpetual markets on Hyperliquid, said it will cover eligible liquidation losses after a price anomaly hit its contract tracking SK Hynix, a South Korean chipmaker and producer of high-bandwidth memory for artificial intelligence.Trade.xyz said the SKHYNIX contract’s mark price fell from $1,127.90 to $917.25 at 23:01 UTC on Monday after an executed trade was relayed by multiple independent data providers. Eligibility requirements will be announced soon, with distributions expected in the coming days.The SK Hynix contract ranks among Hyperliquid’s most active markets. On Wednesday, Hyperliquid data showed the contract had generated over $1.5 billion in 24-hour volume and held nearly $600 million in open interest at the time of writing.Trade.xyz said its oracle was tracking the external venue used as the primary South Korean pre-market and had “worked as intended according to its specification.” It acknowledged traders’ frustration and described the reimbursement as a “one-time discretionary decision,” adding that it would review how prices are formed during extreme market events.The platform did not disclose how many traders would qualify for reimbu...