trade.xyz compensates users after July 27 SK Hynix oracle-driven liquidation event

trade.xyz has begun repaying users affected by the July 27 pricing shock in its SKHYNIX perpetual market, with claims below $10,000 paid using a reference price of $1,115 per SKHYNIX and larger claims subject to additional review ahead of a targeted Aug. 15 final payout. The platform’s HIP-3 deployer announced the reimbursement plan on July 29 after the flash crash at around 23:01 UTC, which it tied to an oracle pricing mishap and broader volatility in South Korea. The event triggered roughly $60 million in liquidations, while actual realized losses were estimated at $17.4 million across more than 900 accounts. trade.xyz said it has credited an initial 9,999 USDC for claims above 10,000 USDC because enhanced due diligence is required for amounts beyond that threshold, and said it plans to improve pricing systems to better “handle tail events.” The episode has renewed scrutiny of concentration risk inside Hyperliquid’s HIP-3 ecosystem, where tokenized stocks accounted for 65% of overall DEX volume this week and crypto perpetuals made up less than 1% of HIP-3 volume. Critics say TradeXYZ’s control of more than 95% of HIP-3 volume and open interest creates a structural risk for the broader market if the deployer is exploited or sanctioned, even as Hyperliquid’s HIP-4 expansion into prediction markets and options trading has now gone live on mainnet.