Hyperliquid Explains $57 Million SK Hynix Perp Liquidations After Oracle Anomaly
Hyperliquid's SK Hynix perpetual contract (xyz:SKHYNIX) experienced a 17.9% drop on July 28, 2026, triggering $57.4 million in long position liquidations across 960 accounts. The crash was caused by an anomalous pre-market order on South Korea's NXT exchange, which valued SK Hynix shares at 1,272,000 won, implying a 28.7% collapse from the prior close of 1,785,000 won. The contract's oracle, operated by Trade.xyz under Hyperliquid's HIP-3 framework, pulled the bad price print. However, Trade.xyz's discovery bounds capped the perp's decline at 19%, limiting the move to 17.9%. Hyperliquid clarified it does not operate the market, as HIP-3 allows third-party teams to deploy and manage contracts. Cross-margin design widened the impact. Validators can slash the deployer's 500,000 HYPE stake (worth ~$27.4 million) if rules are violated.
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