Case fileendedupdated Fri, 23 Oct 2026, 18:00 UTC
SK Hynix perp drop, 27 July 2026
One pre-market print pulled the oracle of Hyperliquid’s largest stock perp 18.7% lower in a minute. The case file: timeline, figures with their sources, and what changed.
- Time
- 27 Jul, 23:00–23:01 UTC (08:00 Seoul)
- Mark price
- $1,127.90 to $917.25 (−18.7%). Oracle $868.17
- Open interest
- $481M to $331M within minutes
- Liquidated
- About 960 long accounts, $57–80M notional (analyst estimates)
- Refunds
- Reference price $1,115.50. Losses under 10k USDC in full, larger ones 9,999 USDC up front, the rest under review
What we know
- The oracle took a single pre-market trade at the daily lower limit.
- trade.xyz announced refunds against a reference price.
What we don’t know yet
- An exact count of liquidated accounts: sources give estimates.
- No formal postmortem was published. Official statements came as posts on X.
The price around the event hourly prices from 24 Jul to 31 Jul, numbers mark the timeline
Timeline entryOracle printHourly closes from Hyperliquid, UTC · the key hour also shows its extreme
Timeline newest first · 5 entries
- 5
Galaxy Research publishes the closest thing to a postmortem: how the oracle works, what failed, and the order of events.
- 4
trade.xyz announces refunds against a reference price of $1,115.50: losses under 10k USDC in full, larger losses 9,999 USDC up front with the rest under review.
- 3
Cointelegraph reports the liquidations and the price anomaly.
- 2
Open interest falls from $481M to $331M within minutes. About 960 long accounts are liquidated, $57–80M notional by analyst estimates. trade.xyz’s backstop takes over 406 long positions and is then liquidated itself.
- 1
A pre-market trade at the daily lower limit enters the oracle. The oracle drops to $868.17 and the mark price from $1,127.90 to $917.25.
Trade timing alone says nothing about what a trader knew. Many traders position before scheduled events. Times are when a move was first seen on Hyperliquid and when a report was first published.
Sources call the market xyz:SKHYNIX or SKHX.
Where whales stand today
These are today’s positions. Whale data for 27 July is not on record.
- $953.2
- Short 66%
- Whale Tide 32
- $145M of whale money
| Whale | Side and leverage | Size | To liquidationwithin 20% | Recordof 100 |
|---|---|---|---|---|
| Boreal Mantashort 4× | short 4× | $20.5M | – | 75 |
| Windward Billowshort 4× | short 4× | $19.6M | – | 63 |
| Floating Selkieshort 10× | short 10× | $12.5M | – | 77 |
| Smooth Octopusshort 10× | short 10× | $10.7M | – | 39 |
| Amber Reeflong 10× | long 10× | $10M | – | 46 |
Latest whale moves in these markets2 moves of $1M or more
- SKHXTrims a short
Ancient Kraken trims its SKHX short by $443K to $605K at $944.7 (−$9K realised).
- SKHXAdds to a short
Midnight Monsoon adds $1.2M to its SKHX short, now $1.4M. Track record 76/100.
Corrections
None so far. Entries are never changed silently: a fix appears here with its time.
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The card shows where SKHX whales stand now, with the time and the source.
As of Sun, 25 Oct 2026, 07:45 UTC. Curated entries link their sources. Whale moves and prices come from Hyperliquid, whale moves 15 minutes after Pro. Not financial advice. WhaleRadar earns nothing on your trades.