Hyperliquid Explains Hynix Futures Market Anomaly, Trade.xyz Investigates

Huo Xing Cai Jing reports that on July 28, Hyperliquid officially responded to the price spike in the SK Hynix perpetual contract market: "Let us explain how the HIP-3 market operates. Hyperliquid is a permissionless blockchain. Different teams can deploy and operate markets on Hyperliquid as an infrastructure layer. The xyz:SKHYNIX perpetual contract was deployed and operated by the Trade.xyz team. The Trade.xyz team is currently investigating the situation and will share updates once conclusions are reached. Secondly, HIP-3 deployers push their market’s mark price, oracle price, and external perpetual price inputs. Based on today’s posts and support tickets, it may be helpful to walk through how this process works. Deployers can choose to adopt a mark price methodology similar to that used for verifier-operated perpetuals (e.g., BTC). In this case, the protocol contributes one of three median components: the median of on-chain data (latest trade price, best bid, best ask). The other two components are pushed by the deployer and influence the final mark price. For a simplified example: if the median of the on-chain data (latest trade price, best bid, best ask) is 100, but the deployer pushes (150, 151), then the mark price becomes 150. Note: As of publication, Hyperliquid officials have provided no further clarification. For more related coverage, see 'How $868 Triggered a $500 Million SK Hynix Contract Spike: The Truth Behind Hyperliquid’s Price Spike'."