Tracked since July 15 at 11:45 · 1 analyses · Updated July 17 at 11:14
Hyperliquid lists pre-IPO perpetual for China's CXMT, drawing Chinese traders and large leveraged positions
Hyperliquid, via Trade[XYZ], listed a pre-IPO perpetual contract for ChangXin Memory Technologies (CXMT), China's leading memory chip maker. The contract is trading at $6-7 vs IPO price of ~$1.28, attracting large longs and shorts. Traders from China are discovering Hyperliquid through this market.
- CXMT perpetual on Hyperliquid is cash-settled pre-IPO perpetual deployed by Trade[XYZ] via HIP-3.
- Price is determined by onchain order book supply/demand, not the RMB 8.66 IPO price.
- Large positions: one wallet deposited 5M USDC to long 194,175 CXMT at 2x; another deposited 10M USDC to short with 514,357 CXMT at 1x.
- RyanWatkins notes an 'army of traders in China are about to learn about Hyperliquid for the first time.'
- Trade[XYZ] made new ATH daily volume of $5.3B.
Pre-IPO perpetuals represent a novel asset class onchain, bridging traditional IPO demand with crypto derivatives. This could become a major growth vector for perp DEXs, especially for Asian markets with high retail leverage demand.