Trade.xyz will cover $60 million in liquidations after a single pre-market trade in Korea crashed their SK Hynix perpetual futures contract by 19%.
The price dropped from $1,128 to $917 in one minute. Trade.xyz claims its oracle worked as designed, faithfully reporting a real trade on a thin market.
Our read: This is a quiet admission. Trade.xyz is reassessing how it sources prices, giving more weight to its own order books. They are paying out because the optics are bad, not because their system broke. Relying on thin external markets for perpetuals is a risk.
Would you trust a perpetuals exchange that lets one trade wipe out $60 million? $BTC
The price dropped from $1,128 to $917 in one minute. Trade.xyz claims its oracle worked as designed, faithfully reporting a real trade on a thin market.
Our read: This is a quiet admission. Trade.xyz is reassessing how it sources prices, giving more weight to its own order books. They are paying out because the optics are bad, not because their system broke. Relying on thin external markets for perpetuals is a risk.
Would you trust a perpetuals exchange that lets one trade wipe out $60 million? $BTC