Trade.xyz, an operator of onchain perpetual markets on Hyperliquid, said it will cover eligible liquidation losses after a price anomaly hit its contract tracking SK Hynix, a South Korean chipmaker and producer of high-bandwidth memory for artificial intelligence.

Trade.xyz said the SKHYNIX contract’s mark price fell from $1,127.90 to $917.25 at 23:01 UTC on Monday after an executed trade was relayed by multiple independent data providers. Eligibility requirements will be announced soon, with distributions expected in the coming days.

The SK Hynix contract ranks among Hyperliquid’s most active markets. On Wednesday, Hyperliquid data showed the contract had generated over $1.5 billion in 24-hour volume and held nearly $600 million in open interest at the time of writing.

Trade.xyz said its oracle was tracking the external venue used as the primary South Korean pre-market and had “worked as intended according to its specification.” It acknowledged traders’ frustration and described the reimbursement as a “one-time discretionary decision,” adding that it would review how prices are formed during extreme market events.

The platform did not disclose how many traders would qualify for reimbursement or the total amount it expects to distribute. 

SK Hynix trading chart. Source: Hyperliquid

How the anomaly reached the perpetual market

Trade.xyz said the sharp move originated from an executed transaction on an external market rather than its own order book. Its SK Hynix oracle tracks the US dollar value of one SKHX common share by converting the underlying Korean won price using the prevailing exchange rate, according to its documentation. 

The external print fed into the oracle and contributed to the contract’s mark-price move. Hyperliquid uses the mark price to value positions for margin purposes and determine when leveraged positions should be liquidated.

The platform said it is considering giving more weight to prices formed on its own order books, which it said now provide meaningful liquidity and market signals. 

Related: Onchain commodity trading is here to stay, but liquidity remains an issue

Trade.xyz operates under Hyperliquid’s HIP-3 framework, which allows builders to launch perpetual contracts tied 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 using S&P Dow Jones Indices data.

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Trade.xyz, the operator behind onchain perpetual markets on Hyperliquid, says it will reimburse eligible liquidation losses after an abrupt price move affected its Hyperliquid-traded SK Hynix (SKHYNIX) contract. In a post on X, the platform linked the incident to an external market trade that its oracle incorporated into the contract’s mark price, triggering liquidation mechanics.

According to Trade.xyz, the SKHYNIX mark price dropped from $1,127.90 to $917.25 at 23:01 UTC on Monday after a trade on a separate venue was relayed through multiple independent data providers. The operator said it will announce eligibility criteria soon, with reimbursement expected over the following days.

Key takeaways

• Trade.xyz plans to cover liquidation losses tied to an SKHYNIX mark-price dislocation on Hyperliquid.
• Trade.xyz attributes the move to an external market print that flowed into its oracle, not to changes in its own order book.
• The affected contract is a high-activity Hyperliquid market, with $1.5B+ in 24-hour volume and about $600M open interest shown by Hyperliquid data.
• Reimbursement is described as a one-time discretionary decision, with eligibility and total amounts yet to be disclosed.
• Trade.xyz is reviewing how it forms prices during extreme events, including whether to weight its own order-book liquidity more heavily.

What happened to the SKHYNIX contract

Trade.xyz said the incident began with an executed transaction on an external market rather than activity directly in Hyperliquid’s SKHYNIX order book. The platform’s oracle tracks the US dollar value of one SKHX common share by translating the underlying Korean won price into USD using the prevailing exchange rate, based on its published documentation.

In this case, Trade.xyz said the oracle received the external print and that the mark price moved sharply as a result. On Hyperliquid, the mark price is used for margin valuation and for determining when leveraged positions should be liquidated—meaning sudden oracle-driven shifts can quickly cascade into liquidation outcomes for traders holding risk on the contract.

Trade.xyz did not specify how many traders will qualify, nor did it disclose the total amount it expects to distribute. It said the market will be eligible only under criteria to be released soon.

Why Hyperliquid mark pricing matters for liquidations

Hyperliquid’s design relies on mark prices to keep leverage risk measurable and liquidation thresholds predictable. While that approach can work smoothly during normal market conditions, it can be exposed to abrupt external price dislocations—especially when oracles pull in values that may not immediately reflect the trading dynamics on the contract’s own venue.

Trade.xyz acknowledged trader frustration and framed its response as a “one-time discretionary decision” to cover eligible liquidation losses. At the same time, it said the oracle “worked as intended according to its specification,” emphasizing that the system performed the task it was built to do—incorporating the external venue pricing feed and converting it via the exchange rate.

Looking ahead, Trade.xyz said it will review how prices are formed during extreme market events. The operator also indicated it is considering adding more weight to prices formed on its own order books, saying those order books now provide meaningful liquidity and market signals.

Scale of exposure: a top Hyperliquid market

The SKHYNIX contract is among the most actively traded offerings on Hyperliquid. Hyperliquid data shared by the platform showed that the contract had produced more than $1.5 billion in 24-hour volume and held nearly $600 million in open interest at the time of writing (Wednesday).

That level of activity matters because it increases the number of traders potentially affected when margin and liquidation thresholds change quickly. It also raises the stakes for oracle and mark-price methodology: even when a disagreement is rooted in external venue pricing, the on-chain mechanics that rely on mark prices can convert the move into immediate forced position closures.

Trade.xyz’s reimbursement plan is therefore aimed at mitigating the downstream consequence of the mark-price shift rather than disputing the oracle’s intended behavior.

Where the price feed fits in Hyperliquid’s ecosystem

Trade.xyz operates under Hyperliquid’s HIP-3 framework, which allows builders to launch perpetual contracts tied to assets using external price feeds. In other words, the contract’s mark price doesn’t come purely from the local order book—it can be driven by an external reference intended to reflect the underlying asset’s value.

Trade.xyz has also been active within the HIP-3 launch phase: Cointelegraph previously reported that the firm accounted for more than $22 billion of HIP-3’s first $25 billion in cumulative volume. It later launched an officially licensed S&P 500 perpetual using S&P Dow Jones Indices data, according to earlier coverage.

In practical terms, the SKHYNIX episode highlights a core tension in this model. External feeds can help anchor derivatives to real-world reference prices, but they can also import sudden prints that may not line up with the contract’s own trading behavior at the moment the print lands.

Trade.xyz’s comments suggest it recognizes that mismatch and is open to adjusting weighting—potentially blending external feed inputs with the signals derived from the order book where liquidity is now deeper than it may have been earlier in the platform’s growth.

Traders watching Hyperliquid next should focus on when Trade.xyz publishes eligibility criteria and how it decides what counts as “eligible liquidation losses.” They should also watch for any technical or policy changes around mark-price formation in extreme events, particularly whether the platform moves toward a higher reliance on local order-book pricing during volatile or anomalous periods.

The Cerebras Systems and SpaceX listings follow a period of months where the volume of RWAs onchain has been steadily multiplying, and traditional financial press has been covering how crypto derivatives platforms now allow traders to price commodities outside of market hours — weekends, holidays, and the 4PM-to-9:30AM dead zone.

Solana already has the speed, throughput, and cost structure to support these markets. Solana handles more daily transactions than all other blockchains combined. There is no version of this argument where someone credibly claims Solana can’t support high-frequency global derivatives trading. It obviously can. The gap is execution and focus. Hyperliquid has taken an early lead, not because they had better infrastructure, but because they were built specifically for derivatives traders. They shipped a product that was purpose-built for a specific user, and that specific user showed up.

The reality is that markets form where products are usable, liquid, and trusted, and not necessarily where infrastructure is strongest. CoinMarketCap is a graveyard of projects that hung their hats solely on technical advantages. Solana, despite its advantages, is not the default venue for this category, and that gap has been compounding.

Liquidity begets liquidity. Traders go where other traders already are. Every week that passes without a competitive Solana-native answer to the Hyperliquid trading experience is a week where the gravitational pull of the alternative gets harder to reverse.

Jump Capital has closed a $350 million venture fund with a stronger focus on crypto investments.

According to a July 29 announcement, Jump Capital has closed its seventh venture fund with $350 million in total capital commitments, describing it as the firm’s largest fund to date and outlining plans to increase investments across the crypto ecosystem while continuing to back early-stage technology startups.

The firm’s official announcement said the new vehicle will continue investing in fintech, IT and data infrastructure, future of commerce and media, and B2B SaaS, while allocating more resources to blockchain and digital asset companies. 

The fund follows nearly a decade of venture investing that has resulted in more than 100 portfolio companies and close to 30 exits.

Jump Capital has expanded its crypto allocation

Founded in 2012 alongside Jump Trading, Jump Capital said it originally focused on software and technology companies outside traditional coastal venture markets while supplying Series A and Series B funding to underserved founders across the United States.

The firm said market conditions have changed considerably since then. Access to Series A and Series B capital has become more limited, while investor attention toward startups in the Midwest increased during the pandemic. 

At the same time, blockchain emerged as what Jump Capital described as a technology capable of changing financial markets and introducing new models of ownership and value transfer.

According to the announcement, the venture firm began investing in crypto roughly seven years ago before building a dedicated investment team led by partners Saurabh Sharma and Peter Johnson. It said experience across distributed systems, computing infrastructure, fintech, and capital markets encouraged it to commit more resources to the sector through its latest fund.

The announcement added that Jump Capital and its affiliate Jump Trading now invest globally across the crypto market, citing increasing institutional participation, continued retail adoption, and rapid product development as factors supporting that strategy.

Crypto investments already span infrastructure and tokenization

According to Jump Capital, its crypto portfolio already includes investments across exchanges that support fiat on-ramps, lending and credit platforms, compliance software, asset management platforms, decentralized finance, gaming, Web3 infrastructure, and blockchain networks.

In May 2025, Jump Crypto, the digital asset division of Jump Trading, acquired a significant equity stake in Securitize for an undisclosed amount. At the time, Securitize said the partnership would expand institutional access to tokenized real-world assets, including U.S. Treasurys, private credit, and private equity, while improving collateral management solutions. Securitize Chief Operating Officer Michael Sonneshein said the investment demonstrated growing institutional conviction in tokenization and its role in capital markets.

The company made another infrastructure-focused move in June 2025, when Aptos Labs and Jump Crypto introduced Shelby, a decentralized hot storage network designed to provide cloud-grade infrastructure for Web3 applications. Aptos Labs said Shelby would deliver decentralized, monetizable storage with sub-second data access across multiple blockchains, while Jump Crypto said the protocol addresses blockchains’ inability to efficiently serve large datasets at scale.

Earlier collaborators announced for Shelby included Metaplex, Pipe Network, Story, Myco, DoubleZero, and Flashback Labs, with Aptos serving as the network’s initial settlement layer.

Portfolio activity has continued across emerging Web3 projects

Jump Crypto has also continued backing consumer-facing blockchain applications.

In September 2025, Web3 distribution protocol KGeN announced a $13.5 million strategic funding round backed by Jump Crypto, Accel, and Prosus Ventures, increasing the company’s total funding to $43.5 million.

KGeN said the proceeds would support expansion of its POGE identity and reputation framework, which helps Web3 applications manage user acquisition, commerce, and loyalty programs on-chain. At the time, the company reported operations across more than 60 countries, serving 38.9 million verified users, generating $48.3 million in annualized revenue, and recording roughly 780,000 daily active users.

Following that investment, Jump Crypto Chief Investment Officer Saurabh Sharma said KGeN’s distribution model introduced more accountability into digital user acquisition, while Accel and Prosus Ventures credited the platform’s ability to scale measurable engagement.

New fund builds on nearly a decade of venture investing

Alongside its crypto activity, Jump Capital said its venture business has completed more than 100 investments and nearly 30 exits since launch.

The firm pointed to exits involving Personal Capital, acquired by Empower, Flashpoint, acquired by Audax, and Tubi, acquired by Fox, while also highlighting companies including SPIRE, Fast Radius, M1 Finance, Degreed, TradingView, LogicGate, and LinkSquares among its portfolio.

According to Jump Capital, its investment process continues to rely on sector-specific research and discussions with industry participants before identifying founders whose businesses align with the firm’s investment themes.

With Fund VII now closed, the venture firm said it plans to continue supporting early-stage technology companies while dedicating additional capital and personnel to blockchain infrastructure, decentralized finance, crypto networks, gaming, and other parts of the digital asset ecosystem.

The US dollar continues to hold the upper hand against most major currencies ahead of the outcome of the latest Federal Reserve meeting. While the base-case scenario remains for interest rates to stay unchanged, markets are also pricing in the possibility of a rate hike. The Fed’s decision, together with its comments on inflation, economic conditions and the future path of monetary policy, could determine the direction of the US dollar over the coming weeks.

Another factor supporting the dollar is the ongoing geopolitical uncertainty in the Middle East. Despite the temporary suspension of US strikes on Iran and renewed diplomatic efforts, the risk of further military escalation remains, prompting investors to remain cautious ahead of this week’s key events. Geopolitical uncertainty continues to underpin demand for the US dollar as a safe-haven asset. At the same time, USD/JPY’s approach towards multi-year highs has increased expectations of fresh warnings from Japanese authorities and raised the risk of currency intervention. For USD/CAD, oil prices remain another important driver: weaker crude prices continue to limit support for the Canadian dollar and help preserve the pair’s bullish potential.

USD/JPY

USD/JPY tested another multi-year high near 164.00 last week. Following the strong rally, the pair has entered a modest pullback. However, if the Federal Reserve delivers a more hawkish outcome or maintains its hawkish tone, the pair could extend its advance towards 165.00–165.50. A decisive move below 163.30 could trigger a deeper correction towards the 162.00–162.60 support area.

Key events for USD/JPY:

• Today at 21:00 (GMT+3): US Federal Reserve interest rate decision;
• Today at 21:30 (GMT+3): Federal Open Market Committee (FOMC) press conference;
• Tomorrow at 15:30 (GMT+3): US Core Personal Consumption Expenditures (PCE) Price Index.

USD/CAD

USD/CAD’s recovery following the formation of a bullish engulfing pattern has stalled near resistance at 1.4130. The pair is currently consolidating within the 1.4060–1.4130 range. A decisive break above the upper boundary of this range could pave the way for further gains towards 1.4160–1.4200. Conversely, a move below 1.4060 could lead to a retest of the recent low near 1.4000.

Key events for USD/CAD:

• Today at 17:30 (GMT+3): US crude oil inventories;
• Today at 20:30 (GMT+3): Bank of Canada Summary of Deliberations;
• Tomorrow at 15:30 (GMT+3): US GDP data.

Overall, the near-term direction of both USD/JPY and USD/CAD will depend primarily on the Federal Reserve’s decision and its guidance on the future path of interest rates. A more hawkish stance could support a breakout above nearby resistance levels and reinforce the US dollar’s strength. Conversely, a more dovish message could trigger a correction in the greenback, particularly against the Japanese yen, where the proximity of multi-year highs increases the likelihood of renewed warnings from Japanese officials. For USD/CAD, oil price movements and the Bank of Canada’s Summary of Deliberations will remain important additional drivers.

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