On July 27, 2026 at 23:01 UTC, the mark price of SK Hynix perpetual futures on Trade.xyz collapsed from $1,127.90 to $917.25 in a single trade, representing roughly a 19% drop. This instantaneous move triggered approximately $60 million in liquidations across nearly 1,000 leveraged positions, most of them long. The incident was triggered by a single trade on a thinly traded Korean pre-market venue whose execution data was fed directly into Trade.xyz’s oracle system. As of August 1, 2026, the platform has begun distributing compensation in USDC to affected users using a reference price of $1,115.50. Trade.xyz has stated that this is a discretionary goodwill measure and not an admission of fault.
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