Hyperliquid Responds to "Haelix Contract Pinning": Contract Deployment and Operator Trade.xyz Are Investigating

On July 28, Hyperliquid responded to the "SK Hynix Perpetual Contract Flash Crash Incident," stating that the SKHYNIX perpetual contract was deployed and operated by the Trade.xyz team. The Trade.xyz team is investigating the situation and will provide an update once conclusions are reached. Hyperliquid also explained the HIP-3 market mechanism: deployers are responsible for pushing the mark price, oracle, and external price inputs for their markets. They can adopt a similar mark price method to perpetual contracts operated by validators—the protocol contributes one of the three median components, while the other two components are pushed by the deployer and influence the final mark price. For example, if the on-chain median is 100, and the deployer pushes 150 and 151, the mark price will be 150. Previous reports indicated that Hyperliquid SKHX experienced a flash crash of 17.9% due to abnormal orders from SK Hynix, with liquidation amounts exceeding those on Binance.