Hyperliquid Clarifies HIP-3 Pricing Mechanics Amid Hynix Contract Pinning Allegations

Hyperliquid details how HIP-3 deployers influence mark prices via external inputs, while Trade.xyz investigates pinning claims on the xyz:SKHYNIX perpetual contract.

Woofun AI reports that Hyperliquid officials addressed allegations of price pinning in the Hynix perpetual contract market by explaining the operational mechanics of HIP-3. As a permissionless blockchain, Hyperliquid allows third-party teams to deploy and manage markets, with the xyz:SKHYNIX contract specifically operated by the Trade.xyz team, which is currently investigating the situation. The protocol clarifies that HIP-3 deployers provide mark price, oracle price, and external perpetual price inputs. Deployers may adopt a methodology similar to validator-operated contracts like BTC, where the on-chain median of the latest trade, best bid, and best ask forms one component of the final mark price. The remaining two components are supplied by the deployer; for instance, if the on-chain median is 100 and the deployer inputs 150 and 151, the resulting mark price becomes 150.