$57 Million in SK Hynix Perp Liquidations Triggered by Oracle Anomaly on Hyperliquid
On July 28, a significant oracle anomaly led to $57.4 million worth of liquidations for the SK Hynix perpetual contract (xyz:SKHYNIX) on Hyperliquid. The trigger was an abnormal price print from NXT, a South Korean alternative trading venue that reported one share at 1,272,000 won—far below its previous close of 1,785,000 won. This implied a nearly 28.7% drop in value. The perpetual contract fell by only 17.9%, due to Trade.xyz's price bounds mechanism designed to limit extreme movements. The system allowed for up to an 19% decline from the reference point, which acted as a buffer against the corrupted data input. On-chain analysis indicated that around $17.3 million in losses were realized across long positions and approximately $10.8 million was redistributed through auto-deleveraging of profitable short accounts. Hyperliquid clarified it did not operate or control this market; Trade.xyz deployed the contract under HIP-3, which allows third parties to manage price feeds independently. The incident highlights risks in decentralized finance (DeFi) where external data sources can significantly impact trading outcomes.
Tickers: $SKHYV
Topics: Hyperliquid oracle error perpetual contracts price anomaly SK Hynix