Written by Ezra Reguerrastaff writerReviewed by Yohan Yunstaff editor

Written by Ezra Reguerrastaff writer

Reviewed by Yohan Yunstaff editor

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

Latest NewsPublishedJul 29, 2026

Protecting Traders from Price Anomalies

Trade.xyz has announced that it will cover eligible liquidation losses after a price anomaly hit its contract tracking SK Hynix, a South Korean chipmaker. This move aims to protect traders from unexpected losses due to external market fluctuations. The SK Hynix contract is one of the most active markets on Hyperliquid, with over $1.5 billion in 24-hour volume and nearly $600 million in open interest.

What Happened

The price anomaly occurred when an external trade was relayed by multiple independent data providers, causing the contract’s mark price to fall nearly 19%. Trade.xyz’s oracle, which tracks the external venue used as the primary South Korean pre-market, worked as intended, but the platform has decided to reimburse eligible traders as a one-time discretionary decision. This decision highlights the importance of considering the impact of external market events on traders and the need for platforms to have measures in place to mitigate such effects.

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For those looking to earn passive income through crypto trading, platforms like EcoPool offer a solution. By providing a secure and reliable way to trade and earn rewards, EcoPool ($ECP) helps traders navigate the market with confidence. The Cloud Rewards program, for example, allows users to earn rewards in $ECP, making it an attractive option for those interested in Green Crypto and passive income.

Lessons Learned

The incident highlights the importance of reviewing how prices are formed during extreme market events. Trade.xyz is considering giving more weight to prices formed on its own order books, which now provide meaningful liquidity and market signals. This approach could help reduce the impact of external price anomalies and provide a more stable trading environment for users. As the crypto market continues to evolve, it’s essential for platforms to prioritize transparency, security, and fairness to ensure a positive experience for all users.

Conclusion

In conclusion, the recent price anomaly on Trade.xyz’s SK Hynix contract serves as a reminder of the importance of protecting traders from unexpected losses. By reimbursing eligible traders and reviewing its pricing mechanisms, Trade.xyz demonstrates its commitment to fairness and transparency. For those interested in earning passive income through crypto trading, EcoPool offers a reliable and secure solution. Download the EcoPool app to start earning rewards in $ECP and discover the benefits of Green Crypto and Cloud Rewards. The EcoPool app provides a user-friendly interface to navigate the world of crypto trading and earning, making it an excellent choice for those looking to get started with passive income and #PassiveIncome.

The platform did not disclose how many traders would qualify for reimbursement or the total amount it expects to distribute. 

SK Hynix trading chart. Source: Hyperliquid

How the anomaly reached the perpetual market

Trade.xyz said the sharp move originated from an executed transaction on an external market rather than its own order book. Its SK Hynix oracle tracks the US dollar value of one SKHX common share by converting the underlying Korean won price using the prevailing exchange rate, according to its documentation. 

The external print fed into the oracle and contributed to the contract’s mark-price move. Hyperliquid uses the mark price to value positions for margin purposes and determine when leveraged positions should be liquidated.

The platform said it is considering giving more weight to prices formed on its own order books, which it said now provide meaningful liquidity and market signals. 

Related: Onchain commodity trading is here to stay, but liquidity remains an issue

Trade.xyz operates under Hyperliquid’s HIP-3 framework, which allows builders to launch perpetual contracts tied to assets with external price feeds. 

The platform accounted for more than $22 billion of HIP-3’s first $25 billion in cumulative volume and later launched an officially licensed S&P 500 perpetual using S&P Dow Jones Indices data.

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