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Hyperliquid co-founder iliensinc responded to the abnormal SK Hynix pricing incident on Trade.xyz this morning, stating that Hyperliquid is a permissionless blockchain, and different teams can deploy and operate markets based on its infrastructure. Among them, the xyz:SKHYNIX perpetual contract was deployed and is operated by the XYZ team. The XYZ team is currently investigating the situation and will release updates once a conclusion is reached.Iliensinc also explained that the HIP-3 market deployer is responsible for providing data such as the mark price, oracle, and external perpetual contract price. Taking the pricing mechanism of a BTC perpetual contract as an example, the protocol provides the median of the latest on-chain transaction price, the best bid price, and the best ask price as one of three price components. The other two prices are provided by the deployer, and together these three influence the final mark price.
According to the memorandum, on July 14, 2026, staff from the SEC Crypto Task Force held a meeting with representatives from the Hyperliquid Policy Center, Highland Labs Pte. Ltd. (Hyperliquid Labs), XYZ Ltd., and Sullivan & Cromwell LLP to conduct an in-depth discussion on topics such as regulatory approaches for crypto assets and the technical architecture and market ecosystem of the Hyperliquid Protocol.