Trade.xyz said it will reimburse eligible traders after an external price print triggered a sharp move in its SK Hynix perpetual contract and pushed the mark price down nearly 19%. The operator of onchain perpetual markets on Hyperliquid said the oracle mechanism functioned as designed, even as the event led to liquidations and frustration among traders.
The contract’s mark price fell from $1,128 to $917 at 23:01 UTC on Monday after a trade executed on an outside market was relayed by several independent data providers. Trade.xyz said eligibility criteria for reimbursements will be announced shortly, with payouts expected in the coming days. The company did not say how many traders may qualify or how much it expects to distribute.
The SK Hynix contract, tied to the South Korean chipmaker that supplies high-bandwidth memory used in artificial intelligence systems, is one of Hyperliquid’s most actively traded markets. Hyperliquid data showed the contract had generated more than $1.5 billion in 24-hour volume and carried nearly $600 million in open interest at the time of reporting.
According to Trade.xyz, the oracle was following the external venue used as the main South Korean pre-market reference and had operated in line with its specifications. Still, the company described the reimbursement as a one-time discretionary measure and said it would review how prices are determined during periods of extreme volatility.
Trade.xyz said the sharp move originated outside its own order book. Its documentation says the SKHYNIX oracle tracks the U.S. dollar value of one SKHX common share by converting the underlying Korean won price at the prevailing exchange rate. That external price print then flowed into the oracle and affected the mark price used by Hyperliquid for margin calculations and liquidation decisions.
The platform said it is considering placing greater weight on prices formed on its own order books, which it says now provide meaningful liquidity and market signals. Trade.xyz operates under Hyperliquid’s HIP-3 framework, which allows builders to launch perpetual contracts linked to assets with external price feeds. The platform accounted for more than $22 billion of HIP-3’s first $25 billion in cumulative volume and later launched an officially licensed S&P 500 perpetual contract using S&P dow jones Indices data.USD/IDR fell after two consecutive sessions of gains, trading near 18,120 in Asian dealings on Wednesday. The move came as the US Dollar softened ahead of the Federal Reserve’s policy announcement, with investors reluctant to build fresh positions before the outcome is known.
The Fed is broadly expected to keep interest rates unchanged, but market pricing suggests a meaningful degree of uncertainty. Traders are assigning a 30.5% chance of an immediate rate increase, an unusually high probability for a single meeting. Expectations for the months ahead also point to persistent policy restraint, with markets pricing a 76.6% chance of a hike in September. That backdrop has kept the dollar supported even as it eases modestly ahead of the decision.
Further declines in USD/IDR may be limited by domestic pressures in Indonesia. The rupiah has come under strain after the surprise resignation of Bank Indonesia Governor Perry Warjiyo on Monday. The unexpected departure has unsettled investors and renewed concerns about the central bank’s independence at a time when confidence in local markets is already fragile.
Political sentiment is also deteriorating. A survey released this month by Saiful Mujani Research and Consulting showed that President Prabowo Subianto’s approval rating slipped to 51.1%, a sharp drop from 66.4% in March and 81.2% in November last year. The decline reflects growing public unease over economic and political conditions, adding another layer of pressure on Indonesian assets.
Taken together, the combination of global dollar softness and domestic uncertainty has left USD/IDR pulled in opposing directions for now. While the pair retreated on Wednesday, the outlook remains sensitive to the Fed’s message and to signs of stability in Indonesia’s policy and political environment.
