A Trade.xyz-operated SK Hynix perpetual on Hyperliquid briefly fell from $1,127.90 to $917.25 at 23:01 UTC on July 27 after a single executed trade on a thinly traded Korean pre-market venue was relayed by multiple independent data providers into the platform’s oracle, triggering about $60 million in liquidations. Trade.xyz said the print was legitimate and that its oracle worked according to specification, while acknowledging the need to revisit how it balances external feeds against prices formed on its own order book during extreme market moves. The company said it will cover liquidation losses attributable to the incident as a one-time discretionary reimbursement, with eligibility rules still incomplete as of July 29 and distributions expected within days. The episode has sharpened focus on design risk in permissionless single-stock perpetuals built under Hyperliquid’s HIP-3 structure, where deployers rely on external price feeds and thin underlying markets can cascade into forced closures. It also came hours before a two-day slide in Korean equities, with SK Hynix shares down roughly 17% on July 29 after the company reported a 557% jump in quarterly profit that still missed analyst estimates.