Hyperliquid Co-founder: SK Hynix-related Perpetual Contract Deployed and Operated by Trade.xyz Team, Investigating Incident Cause

Odaily Odaily, Hyperliquid co-founder iliensinc responded to the abnormal price event of SK Hynix on Trade.xyz this morning, stating that Hyperliquid is a permissionless blockchain where different teams can deploy and operate markets based on its infrastructure. Among them, the xyz:SKHYNIX perpetual contract was deployed and operated by the XYZ team, which is currently investigating the situation and will provide updates after reaching a conclusion.

He further explained that under HIP-3, the market deployer is responsible for providing data such as the mark price, oracle, and external perpetual contract prices. Taking the pricing mechanism of a perpetual contract like BTC as an example, the protocol uses the median of the latest on-chain transaction price, best bid price, and best ask price as one of three price components, while the deployer provides the other two prices. These three components collectively influence the final mark price.