SK Hynix price anomaly triggers $60‑80 million crypto liquidations

SK Hynix Trade.xyz Hyperliquid price anomaly crypto liquidations

A single pre‑market trade on South Korea's NXT exchange priced one SK Hynix share at KRW 1.272 million—about 30% below the prior close. The price was fed to Trade.xyz’s oracle, causing the mark price of the Hyperliquid SK Hynix perpetual contract to plunge from roughly $1,128 to $917 (an 18‑19% drop) at 23:01 UTC on July 27‑28. The sharp decline forced leveraged long positions to be liquidated, wiping out roughly $60–80 million across about 960 accounts, with long‑position liquidations accounting for about 94‑95% of total liquidations.

Trade.xyz announced it will cover eligible liquidation losses as a one‑time discretionary reimbursement, while reviewing its price‑sourcing methodology. Hyperliquid operates under its HIP‑3 market mechanism, where contract deployers supply price inputs that are combined with protocol‑derived prices to set the mark price. At the time of the incident, the SK Hynix perpetual contract recorded about $1.5 billion of 24‑hour trading volume and close to $600 million of open interest. The underlying SK Hynix market triggered a circuit‑breaker halt due to the abnormal price movement.

Entities: Binance · Hyperliquid · NXT exchange · NXT exchange (South Korea) · NXT market (South Korea) · SK Hynix · SK Hynix Co. · SK Hynix Co., Ltd. · SK Hynix Co., Ltd. · South Korea · South Korea NXT exchange · South Korean NXT market

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 4 SOURCES] Funding rates on Hyperliquid were negative, at -0.0488% for the platform and -0.7064% average. (Hyperliquid market data)
[○ 1 SOURCE] SK Hynix ADR in the United States dropped 7.47% to $143. (0bf8e2bf-9958-446a-bbd3-dcf649d6b7c2)
[○ 1 SOURCE] Tokenized SK Hynix stocks on XStocks, Ondo and bStocks fell 15.5‑15.9% in 24 h, matching a 14.65% decline in the Korean market price. (0bf8e2bf-9958-446a-bbd3-dcf649d6b7c2)
[○ 1 SOURCE] The HIP‑3 pricing mechanism determines the final mark price as the median of the protocol price and two market‑maker supplied prices. (b88a9dce-a523-4c8c-b009-e844c22fad57)
[○ 1 SOURCE] Long position liquidations totaled $13.23 m, representing 94.8% of total liquidations. (d8c84b71-77d4-47dc-b326-a656ee9e1ca8)
[● 4 SOURCES] 24‑hour trading volume of SK‑linked futures on Hyperliquid reached $5.2 billion, up 29% from the prior day. (supported by article IDs: d8c84b71-77d4-47dc-b326-a656ee9e1ca8, b88a9dce-a523-4c8c-b009-e844c22fad57)
[● 2 SOURCES] Hyperliquid is investigating the price spike, which caused a 17.9% drop, and said the contract was deployed by Trade.xyz. (Hyperliquid statement)
[○ 1 SOURCE] SK Hynix perpetual futures on Hyperliquid fell about 8% intra‑day to near $980 before rebounding to roughly $1,070. (d8c84b71-77d4-47dc-b326-a656ee9e1ca8)
[○ 1 SOURCE] Long‑position liquidations amounted to $13.23 million, representing 94.76 % of total liquidations. (d8c84b71-77d4-47dc-b326-a656ee9e1ca8)
[○ 1 SOURCE] SK Hynix Q2 earnings caused SKHX‑USDC futures to drop about 8 % before rebounding to roughly $1,071. (d8c84b71-77d4-47dc-b326-a656ee9e1ca8)
[● 4 SOURCES] Open interest in SK‑linked contracts increased about 19 % to $1.1 billion. (Supporting_article_ids)
[○ 1 SOURCE] Tokenized SK Hynix stocks (SKHYx, SKHYon, SKHYB) fell 15.55‑15.87% in 24 hours. (Token market data)