Hyperliquid responds to Hynix contract pinning incident: The Trade.xyz team is investigating and will issue an announcement once a conclusion is reached.
2026.07.28 16:29:37
Hyperliquid officially responded to the price pinning incident in its SK Hynix (SKHYNIX) perpetual contract market, explaining how the HIP-3 market operates. Hyperliquid is a permissionless blockchain, where different teams can deploy and run markets on it as an infrastructure layer. The SKHYNIX perpetual contract was deployed and operated by the Trade.xyz team, which is currently investigating the incident and will share updates once a conclusion is reached. Secondly, HIP-3 deployers push their market’s mark price, oracle price, and external perpetual price inputs. Based on today’s posts and support tickets, it may be necessary to walk through this mechanism. Deployers can choose to adopt a mark price method similar to that used for perpetual contracts operated by validators (such as BTC). In this case, the protocol contributes one of three median components: the median of on-chain data (latest trade price, best bid, best ask). The other two components are pushed by the deployer and influence the final mark price. For a simplified example: if the median of on-chain data (latest trade price, best bid, best ask) is 100, but the deployer pushes (150, 151), the mark price will be 150. Note: As of press time, Hyperliquid officials have not provided further clarification. For more related reports, see "The Truth Behind Hyperliquid’s Pinning Incident: $868 Leveraged $500M Hynix Contract Market".
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