Trade.xyz, an operator of on-chain perpetual markets on Hyperliquid, will reimburse eligible traders for liquidation losses stemming from a price anomaly in its SK Hynix contract. The contract’s mark price dropped nearly 19 percent on Monday after an external transaction was relayed by independent data providers.

The mark price of the SKHYNIX perpetual fell from $1,127.90 to $917.25 at 23:01 UTC. The move originated from an executed trade on an external venue rather than the platform’s own order book. Trade.xyz tracks the US dollar value of one SK Hynix common share by converting the Korean won price at the prevailing exchange rate. That external print fed into the oracle and altered the mark price used to value positions and trigger liquidations.

The SK Hynix contract ranks among Hyperliquid’s most active markets. It generated more than $1.5 billion in 24-hour volume and held nearly $600 million in open interest. Trade.xyz stated that its oracle functioned according to its design by following the primary South Korean pre-market venue. The firm described the reimbursement as a one-time discretionary step and said it would review price formation during extreme events. It is also considering greater weight for prices generated on its own order books, which now supply meaningful liquidity.

Eligibility criteria will be published shortly, with payments expected in the coming days. The platform has not disclosed the number of affected traders or the total sum to be distributed.

Trade.xyz operates under Hyperliquid’s HIP-3 framework, which permits builders to list perpetual contracts linked to external price feeds. The firm accounted for more than $22 billion of the framework’s first $25 billion in cumulative volume and has launched a licensed S&P 500 perpetual based on official index data.