Hyperliquid Responds to SK Hynix Futures Price Spike; Trade.xyz Investigating

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Hyperliquid addressed a recent anomaly in the SK Hynix perpetual futures market on July 28. The spike in the futures market price was linked to the xyz:SKHYNIX perpetual contract, managed by Trade.xyz, which is currently under investigation. Hyperliquid’s HIP-3 framework enables third-party teams to deploy and operate markets, with mark prices derived from on-chain data and external inputs. Deployment teams are responsible for providing oracle and perpetual futures prices. Hyperliquid has not issued any further comments as of now.

ChainThink reports that on July 28, according to Hyperliquid's official response, regarding the price spike event in the Hynix perpetual contract market, the xyz:SKHYNIX perpetual contract was deployed and operated by the Trade.xyz team, which is currently investigating the situation and will provide an update once conclusions are reached.

Hyperliquid states that in the HIP-3 market, different teams can deploy and operate markets on Hyperliquid, with Hyperliquid providing the infrastructure layer as a permissionless blockchain.

The official supplement states that HIP-3 deployers will push their market's mark price, oracle price, and external perpetual price inputs.

Deployers can adopt a methodology similar to how validators operate perpetual contract mark prices, where the protocol contributes the median of the latest on-chain trade price, the best bid price, and the best ask price, while the other two components are pushed by the deployer and influence the final mark price.

As of publication, Hyperliquid officials have provided no further statements.

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