Hyperliquid Response to HeliSafe Contract Pinning: The Trade.xyz team is investigating and will make an announcement once a conclusion is reached.

July 28th, Hyperliquid officials responded to allegations of pinning in the Hynix perpetual contract market, explaining how the HIP-3 market operates. Hyperliquid is a permissionless blockchain where different teams can deploy and operate markets as an infrastructure layer. The xyz:SKHYNIX perpetual contract is deployed and operated by the Trade.xyz team. The Trade.xyz team is investigating the current situation and will share updates once conclusions are reached.

Furthermore, HIP-3 deployers will feed their market's mark price, oracle price, and external perpetual price input. Based on today's post and ticket, it may be necessary to go through the workings of this. Deployers can choose to follow a mark price methodology similar to that of a perpetual contract operated by validators (e.g., BTC). In this case, the protocol contributes one of the three components of the median of prices on-chain (latest trade price, best bid price, best ask price). The other two components are pushed by the deployer and influence the final mark price. To simplify, if the median of on-chain prices is 100, but the deployer pushes (150, 151), the mark price will be 150.

Note: As of the time of publication, Hyperliquid officials have not provided further clarification. For more related coverage, see .