Trade.xyz to Reimburse Users After SK Hynix Liquidation Anomaly

The volatility occurred at 23:01 UTC when a single share of SK Hynix traded at 1.272 million won on the NXT pre-market—a 29.96% drop from its previous close. Because the platform relies on external venue data for its oracle, the system registered the print as a valid market price, causing the mark price for SKHYNIX to plummet from $1,127.90 to $917.25 within seconds. While on-chain tracker Lookonchain estimated total liquidations exceeded $80 million, Trade.xyz has yet to confirm the total liability or the specific criteria for reimbursement.

Trade.xyz operates this market under Hyperliquid’s HIP-3 framework, which allows external builders to define and maintain their own pricing inputs. The company maintains that its oracle functioned exactly as designed, correctly relaying data provided by independent sources despite the lack of depth in the underlying NXT session. Moving forward, the platform plans to implement more robust filters for extreme market events and place greater weight on its own order book signals to prevent similar incidents. Affected users are currently awaiting further details on eligibility and the timeline for compensation, as the company has labeled the reimbursement a one-time discretionary decision.