Trade.xyz said it will cover losses from a liquidation event tied to SK Hynix perpetual contracts. The losses stemmed from a price anomaly that briefly knocked the contract's mark price down nearly 19%. The exchange confirmed its own oracle worked as designed.
What caused the price drop
An external price print for SK Hynix shares triggered the anomaly. That print fed into the contract's mark price calculation, causing a sharp drop. The move liquidated positions before the price corrected. Trade.xyz did not name the external source but said the issue was not on its end.
Oracle integrity
Trade.xyz stated its oracle functioned normally throughout the event. The company said the problem came from the data it received, not from how it processed that data. That distinction matters for traders wondering whether the platform's price feeds are reliable.
Reimbursement plan
The exchange will reimburse eligible traders for the losses. It has not yet detailed who qualifies or how much they will get. Trade.xyz said it will share more information soon. Traders affected by the event should watch for updates on the platform's official channels.
