TradeXYZ (trade.xyz), a perpetual futures trading platform within Hyperliquid (HYPE), announced that it will compensate for liquidation losses caused by an unusual sharp drop in the SK Hynix futures trading pair. TradeXYZ stated via X, "The sharp drop in SK Hynix's mark price from $1127.9 to $917.25 at 23:01 UTC on July 27 was a result of the oracle normally reflecting execution prices delivered by multiple independent data providers, and the system operated as designed. However, considering user trust, we have decided to unilaterally compensate for liquidation losses incurred due to this unusual phenomenon at our discretion. The eligibility criteria will be announced later, and payments are expected to be completed within a few days. Furthermore, we will review our reliance on external exchange prices and improve our price calculation system to better respond to extreme price fluctuations, such as more actively incorporating our own order book price signals." Meanwhile, the previous day, Hyperliquid also saw a sudden intraday drop in the SK Hynix futures trading pair price, leading to a cascade of liquidations for leveraged long positions.
