Hyperliquid has opened trading for ChangXin Memory Technologies, giving crypto traders early exposure to China’s largest mainland DRAM producer before its planned Shanghai listing.
The CXMT perpetual futures contract launched through TradeXYZ after the issuer secured the ticker during an auction for 500 HYPE. Trading began immediately on HIP-3, where strong demand pushed the contract above prices used in the company’s earlier share distribution.
ChangXin Memory Technologies plans to raise as much as $10 billion through its initial public offering. The deal could become one of Shanghai’s largest public offerings since 2011. The company expects its shares to begin official trading on July 24.
Founded in 2016, CXMT forms part of China’s effort to expand domestic semiconductor production. The company supplies DRAM memory chips, placing it within the broader hardware industry supporting artificial intelligence development and rising computing demand.
TradeXYZ Launches CXMT Perpetual Contract
TradeXYZ announced the CXMT market on Wednesday, extending its range of contracts linked to real-world assets. The platform has previously introduced actively followed pre-IPO markets, including a SpaceX contract listed under the SPCX ticker.
Blockchain data showed TradeXYZ paid 500 HYPE to acquire the CXMT ticker and become the main issuer for the market. The addition arrived as TradeXYZ open interest reached new records, while the platform generated more than $60 million in annualized fees.
The contract joined a smaller group of stock-linked assets on Hyperliquid. Although these markets trail Hyperliquid’s largest crypto contracts, CXMT attracted substantial activity from crypto-native participants and traders in China throughout the contract’s contested opening pre-IPO trading period.
HIP-3 Trading Pushes Valuation Higher
CXMT had previously distributed some shares at $1.48 through a lottery-style process. On HIP-3, the perpetual contract traded above $8 after an early surge in activity, producing a much higher implied company valuation.
By July 15, CXMT recorded more than $23 million in open interest and $32 million in trading volume. The contract gained 33% during its initial pre-IPO trading period.
The largest whale position reached $4.12 million and carried an unrealized loss of $320,000 as prices increased. The short position remained open despite the rapid advance and related market pressure.
CXMT started trading with rapidly growing activity on HIP-3, entering price discovery above the expected valuation of ChangXin memory. | Source: HIP-3
CXMT Valuation Reaches $540 Billion
CXMT has approximately 66.88 billion issued shares. Applying the HIP-3 contract price across that share count placed its implied valuation near $500 billion during early trading.
The valuation peaked at about $540 billion when the contract reached a record $8.64. At that level, CXMT would rank as the world’s thirty-second largest company by market value.
Further subscription rounds are expected before official trading begins. Once the Shanghai listing starts, oracle pricing will determine the CXMT contract using the publicly traded share price and the renminbi to United States dollar exchange rate.
