Trade.xyz will reimburse ~$57M in liquidation losses from an SK Hynix perpetual contract pricing anomaly on Hyperliquid on July 27.
Security & Exploits ·
On July 27, a pricing anomaly in the SK Hynix perpetual contract on Hyperliquid triggered roughly $57 million in liquidations, prompting Trade.xyz to announce it will reimburse affected traders. The event stemmed from a sudden collapse in the mark price following an executed trade that multiple data providers tracked, resulting in automatic closure of leveraged positions across the platform.
Trade.xyz has stated it intends to strengthen its pricing infrastructure to avert similar incidents. The company indicated it would soon disclose the specific requirements traders must meet to qualify for reimbursement, though those terms have not yet been detailed.
The scope of eligible claims and the mechanism for distributing the $57 million remain undefined. It is also unclear whether the pricing failure originated within Trade.xyz's systems, Hyperliquid's infrastructure, or elsewhere in the execution chain.