Hyperliquid has listed a pre-IPO perpetual futures contract for ChangXin Memory Technologies (CXMT), China’s largest DRAM manufacturer. The contract, issued by TradeXYZ, gives crypto traders synthetic exposure to the A‑share of ChangXin Technology Group ahead of its planned Shanghai STAR Market IPO, which could raise up to $10 billion — potentially the largest in A‑share history.
TradeXYZ acquired the CXMT ticker at an auction, paying 500 HYPE tokens for the right to become the main market. The Pre‑IPO Perpetual (IPOP) market reflects the implied value of one ordinary share in USD terms. Shortly after launch, trading exploded: open interest surpassed $23 million and volumes exceeded $32 million, with the contract price soaring 33% on the HIP‑3 platform and touching $8.64 — implying a valuation of around $540 billion for the company, far above the lottery‑style $1.48 price at which some shares were previously distributed.
This extreme price discovery has already caused notable liquidations. The largest whale position, valued at $4.12 million, was sitting on an unrealized loss of $320,000 as of July 15, but avoided liquidation despite the short squeeze. Trading will remain volatile until the official launch date on July 24, after which oracles will price the contract based on the RMB/USD exchange rate.
Hyperliquid’s addition of CXMT follows the earlier listing of the CSI STAR Market 50 ETF, expanding overseas users’ access to China‑linked equity markets. STAR Market listings normally require a RMB 500,000 minimum account threshold, limiting smaller and foreign investors; Hyperliquid’s synthetic contract bypasses that barrier. TradeXYZ, which has already produced over $60 million in annualized fees, expects its volumes to get another boost from the AI‑chip narrative, as CXMT supplies DRAM for AI and consumer electronics.
Meanwhile, crypto analyst Michaël van de Poppe commented on the HYPE token itself, noting the chart remains bullish despite a break below the 21‑day and 50‑day moving averages. He sees a potential rally toward $100 if HYPE can reclaim the €60 resistance level. The combination of new high‑hyped listings and positive token outlook may strengthen Hyperliquid’s ecosystem in the near term.
