Overview
- The SK Hynix perpetual on Hyperliquid plunged about 17.9–20% to roughly $900 before rebounding above $1,000 in under a minute on Tuesday, July 28.
- The move was driven by one pre-market trade on South Korea’s NextTrade that printed a single SK Hynix share at 1,272,000 won, a price far below the prior close, and that print fed Trade.xyz’s oracle for the perp.
- Under Hyperliquid’s HIP-3 model, Trade.xyz deployed the xyz:SKHYNIX market and chose the oracle and discovery bounds that governed how external prints affected the on-chain mark price.
- Preliminary on-chain snapshots show large forced liquidations estimated near $57.4 million across about 960 accounts, a result made larger by the contract’s cross-margin design that let losses spill across positions.
- Investigations by Trade.xyz and Hyperliquid are ongoing; neither firm reports a smart-contract breach and Trade.xyz says it will publish findings about oracle inputs, filters and discovery-bound behavior.