Hyperliquid Details SK Hynix Perp Price Surge Mechanism as Trade.xyz Probes Anomaly

According to Huo Xing Cai Jing, Hyperliquid on July 28 issued an official explanation regarding the sharp price move in the SK Hynix perpetual contract market, outlining how the HIP3 market structure works. Hyperliquid said it operates as a permissionless blockchain where independent teams can deploy and run markets using Hyperliquid as an infrastructure layer. The xyz:SKHYNIX perpetual contract, it noted, was deployed and is operated by the Trade.xyz team. Hyperliquid added that Trade.xyz is investigating the incident and will provide updates once it reaches conclusions. The statement also described how HIP3 market deployers submit key pricing inputs, including the market's mark price, oracle price and external perpetual price feeds. Deployers can opt to use a mark-price methodology similar to verifier-operated perpetuals such as BTC. Under that approach, the protocol supplies one of three components used to calculate the median: the median derived from on-chain data, specifically the latest trade price, best bid and best ask. The other two components are provided by the deployer and can materially affect the final mark price. Hyperliquid offered a simplified illustration: if the median of the on-chain data (latest trade price, best bid, best ask) is 100, but the deployer submits inputs of (150, 151), the mark price would be set at 150. As of publication, Hyperliquid had not provided additional clarification. Related coverage includes "How $868 Triggered a $500 Million SK Hynix Contract Spike: The Truth Behind Hyperliquid’s Price Spike".