{"id":34494,"date":"2026-07-15T08:04:33","date_gmt":"2026-07-15T08:04:33","guid":{"rendered":"https:\/\/bitunikey.com\/news\/hyperliquid-lists-cxmt-pre-ipo-perpetual-at-526-premium\/"},"modified":"2026-07-15T08:04:54","modified_gmt":"2026-07-15T08:04:54","slug":"hyperliquid-lists-cxmt-pre-ipo-perpetual-at-526-premium","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/hyperliquid-lists-cxmt-pre-ipo-perpetual-at-526-premium\/","title":{"rendered":"Hyperliquid lists CXMT pre-IPO perpetual at 526% premium"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Hyperliquid has added a pre-IPO perpetual market linked to ChangXin Memory Technologies, or CXMT, giving traders synthetic exposure to the Chinese chipmaker before its Shanghai debut.<\/p>\n<div id=\"cn-block-summary-block_c8667280844ee99eb76b879d9d14db68\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Hyperliquid listed a CXMT pre-IPO perpetual as the chipmaker prepares its July 27 Shanghai debut.<\/li>\n<li>CXMT\u2019s contract price near $8 implied a $535 billion valuation, 526% above its IPO price.<\/li>\n<li>The market offers synthetic exposure, not ownership of CXMT shares listed on Shanghai\u2019s STAR Market.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The contract, listed as xyz, traded near $8 on July 15, according to on-chain market data cited by Hyperinsight. Applied to CXMT\u2019s expected post-IPO share count of 66.881 billion shares, that price implies a valuation near $535 billion, about 6.3 times its official IPO valuation.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hyperliquid Lists CXMT, Potentially A-Share\u2019s Largest IPO and 4th-Largest DRAM Maker<\/p>\n<p>Following the listing of the \u201cCSI STAR Market 50 ETF\u201d, Hyperliquid has officially added ChangXin Memory Technologies (CXMT). As A-share listings such as CXMT on the STAR Market require a RMB\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/eGSQvziPpZ\">pic.twitter.com\/eGSQvziPpZ<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/WuBlockchain\/status\/2077288607573033453?ref_src=twsrc%5Etfw\">July 15, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Hyperliquid opens a synthetic route to CXMT<\/strong><\/h2>\n<p>The CXMT contract operates through Hyperliquid\u2019s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/hyperliquid.gitbook.io\/hyperliquid-docs\/hyperliquid-improvement-proposals-hips\/hip-3-builder-deployed-perpetuals\" target=\"_blank\" rel=\"nofollow\">HIP-3 framework<\/a>, which allows outside deployers to create perpetual markets linked to assets beyond cryptocurrencies. These markets trade as derivatives rather than spot securities, so the CXMT contract does not provide ownership, dividends or voting rights in the Shanghai-listed company.<\/p>\n<p>Individual investors on China\u2019s STAR Market generally face a RMB 500,000 asset threshold and a two-year trading-experience requirement. Hyperliquid offers a separate synthetic market that can give eligible users price exposure without access to the underlying A-share. The distinction also means the contract price can differ sharply from CXMT\u2019s official share price.<\/p>\n<h2 class=\"wp-block-heading\"><strong>CXMT contract trades far above IPO valuation<\/strong><\/h2>\n<p>CXMT priced its IPO at RMB 8.66 per share and expects to raise about RMB 57.9 billion, or $8.55 billion, before any over-allotment option. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/china-memory-chipmaker-cxmt-expects-raise-579-billion-yuan-ipo-2026-07-14\/\" target=\"_blank\" rel=\"nofollow\">Reuters reported<\/a> that the deal will be Asia\u2019s largest IPO of 2026 so far and China\u2019s biggest A-share semiconductor offering, surpassing SMIC\u2019s 2020 share sale.<\/p>\n<p>At the offer price, CXMT\u2019s expected post-listing value is about RMB 579.2 billion, or roughly $85.5 billion. A synthetic price near $8 implies about $535 billion, placing the Hyperliquid contract around 526% above the dollar equivalent of the IPO price. The gap reflects pricing in a separate derivatives market and does not set CXMT\u2019s official equity valuation.<\/p>\n<h2 class=\"wp-block-heading\"><strong>China\u2019s largest DRAM maker prepares for listing<\/strong><\/h2>\n<p>CXMT is China\u2019s largest DRAM producer and ranks fourth globally, behind Samsung Electronics, SK Hynix and Micron. Recent market estimates place its global DRAM share near 8%. The company has expanded as China invests heavily in domestic semiconductor production and demand for memory chips grows alongside artificial intelligence infrastructure.<\/p>\n<p>Reuters also reported that CXMT secured a long-term memory supply agreement with Tencent worth more than RMB 20 billion, or about $2.94 billion. Investor subscriptions for the STAR Market offering begin on July 16, while the shares are scheduled to start trading in Shanghai on July 27. CXMT plans to use the IPO proceeds for production and technology investment.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Hyperliquid widens its real-world asset markets<\/strong><\/h2>\n<p>Hyperliquid\u2019s HIP-3 framework allows builders to launch perpetual markets linked to stocks, commodities and other real-world assets. A pre-IPO SpaceX contract also traded through the framework, showing how on-chain derivatives can create markets around companies before their public shares become available.<\/p>\n<p>Hyperliquid has also expanded its connection to tokenized securities. As reported by crypto.news, Ondo Finance brought 35 tokenized U.S. stocks and ETFs to HyperEVM in June. Those products differ from the CXMT perpetual because tokenized securities can use structures backed by assets held through custodians, while perpetuals provide synthetic price exposure.<\/p>\n<p>The CXMT market gives traders another route to speculate on a major public offering before its debut. Attention will now turn to whether the 526% premium narrows before subscriptions start and after the underlying shares begin trading on the STAR Market.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyperliquid has added a pre-IPO perpetual market linked to ChangXin Memory Technologies, or CXMT, giving traders synthetic exposure to the Chinese chipmaker before its Shanghai debut. Summary Hyperliquid listed a&hellip;<\/p>\n","protected":false},"author":1,"featured_media":31439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-34494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/34494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=34494"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/34494\/revisions"}],"predecessor-version":[{"id":34495,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/34494\/revisions\/34495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/31439"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=34494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=34494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=34494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}