Trade.xyz begins compensating users for SKHYNIX perpetual futures pricing incident

On July 27, 2026, at 23:01 UTC, the mark price of SK Hynix perpetual futures on Trade.xyz collapsed from $1,127.90 to $917.25 in a single trade. That is roughly a 19% drop in the time it takes to blink. The result: approximately $60 million in liquidations across nearly 1,000 leveraged positions, most of them long. As of August 1, 2026, Trade.xyz has begun sending compensation to affected users in USDC. The platform is not calling it an admission of fault. It is calling it a discretionary one-time decision, explicitly noted as not setting a precedent for future incidents. What actually happened The perpetual futures market for SKHYNIX on Trade.xyz is a synthetic onchain product tracking the price of SK Hynix, the South Korean semiconductor giant. Like many real-world asset derivatives in crypto, it depends on oracle price feeds to establish a mark price for settlement and liquidation purposes. The problem started with a single trade executed on a thinly traded Korean pre-market venue. Several data providers picked up that execution and fed it directly into the oracle system Trade.xyz relies on. The oracle, functioning exactly as it was designed, updated the mark price accordingly. ...