Hyperliquid said the SKHYNIX perpetual contract involved in a price spike incident was deployed and operated by the Trade.xyz team, which is investigating the matter and will provide an update after reaching a conclusion. According to PANews, Hyperliquid also explained the HIP-3 market mechanism.
The protocol said deployers are responsible for pushing their market's mark price, oracle, and external price inputs. It added that deployers can use a mark-price method similar to validator-operated perpetual contracts, with the protocol contributing one of three median components and the other two components pushed by the deployer to influence the final mark price. Hyperliquid gave an example in which an on-chain median of 100, combined with deployer inputs of 150 and 151, would result in a mark price of 150.
Hyperliquid Says Trade.xyz Operates SKHYNIX Perpetual Contract, Investigates Price Spike
2026-07-28 08:33:52
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