SKHYNIX: $80M Perps Liquidations Expose RWA Risks

SKHYNIX perps saw over $80M in liquidations today, showing why traders must treat RWA perps liquidations like side bets at a blackjack table rather than direct market exposure. Perpetual users bet against each other on venues such as TradeXYZ, which set their own rules for edge cases and liquidations, unlike the official underlying asset. Recent contract designs still produce wicks when specifications remain untested, and the key difference between being right and getting paid persists until refinements improve perpetual futures design for global price discovery.