Trade.xyz to Cover Losses From $60M SK Hynix Liquidations

One unusually low SK Hynix trade sent the crypto contract down about 20%, triggering nearly $60 million in liquidations within two minutes.

Trade.xyz, a trading interface offering access to stock-linked perps on Hyperliquid, said it would compensate users after one unusually low trade in SK Hynix shares triggered nearly $60 million in liquidations.

The incident began on July 27, when Trade.xyz’s SK Hynix contract fell from $1,127 to approximately $920 after a single share traded in South Korea’s thin premarket session at roughly 30% below the previous close. SKHXUSD price on Trade.xyz.

Source: Trade.xyz The later trades occurred at significantly higher prices. Yet, it was too late to save the traders, who had their positions closed automatically.