Hyperliquid Explains $57 Million SK Hynix Perpetual Contract Liquidations After Oracle Anomaly
On July 28, 2026, Hyperliquid's SK Hynix perpetual contract (xyz:SKHYNIX) experienced a 17.9% price drop, triggering $57.4 million in long position liquidations across 960 accounts. The incident was caused by an anomalous pre-market trade on South Korea's NXT alternative stock venue, 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 pulled this erroneous price as a reference. However, the perpetual contract only fell 17.9% due to Trade.xyz's built-in 'discovery bounds' that cap maximum price movement at 19%. Hyperliquid clarified that the market was deployed by Trade.xyz under the HIP-3 framework, not by Hyperliquid itself, which only provides the infrastructure layer. Trade.xyz operators control the price feed and oracle. Validators can potentially slash Trade.xyz's 500,000 HYPE stake ($27.4 million) for the incident, though no decision has been announced.
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