# How to Trade CXMT on Hyperliquid - The Pre-IPO Perp That Priced Asia's Biggest IPO of 2026

> ChangXin Memory listed in Shanghai and surged 472%. The CXMT perpetual on Hyperliquid via trade.xyz had already priced it within 2%, and it still trades 24/7 with 10x leverage.

*Source: https://hyperliquidguide.com/ecosystem/trade-cxmt-pre-ipo-hyperliquid*

## A Chinese Memory Chipmaker, Priced On-Chain Before It Listed

On July 27, 2026, ChangXin Memory Technologies opened on Shanghai's Star Market and closed the day up 472% from its offer price. It was the second-largest IPO mainland China has ever produced, and for most of the world it was completely untouchable. A-shares are effectively closed to foreign retail investors, the subscription book was oversubscribed roughly 212 times, and the listing happened in a market that shuts at 3pm Beijing time.

Two weeks before any of that, a perpetual futures contract on Hyperliquid was already quoting a price.

> **Key takeaway:** CXMT listed in Shanghai on July 27, 2026 and surged 472% from its 8.66 yuan offer price. The CXMT perpetual on trade.xyz had been trading since July 14 and sat at roughly $7.14 immediately before the open, within about 2% of the 49.5 yuan ($7.30) opening print. It still trades 24/7 with 10x leverage and USDC margin, long after the Shanghai session closes.

![CXMT-USDC perpetual market on trade.xyz showing the ChangXin Memory order book, 10x leverage, and 24h volume on Hyperliquid](/images/ecosystem/trade-cxmt-pre-ipo-hyperliquid/tradexyz-cxmt-market.webp)

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## What Is the CXMT Perpetual?

`xyz:CXMT` is a perpetual futures contract that tracks the US dollar value of one ChangXin Memory share. It was deployed on July 14, 2026 by [trade.xyz](/guides/trading/hyperliquid-xyz-explained) using Hyperliquid's [HIP-3 framework](/ecosystem/hip-3-builder-codes), which lets an outside builder stand up its own perp market on HyperCore without asking permission from the core validator set.

What you get is price exposure, not equity. There are no shares, no dividends, no voting rights, and no claim on the company. The contract is cash-settled in USDC and the position lives in your own wallet.

| Contract spec | Value |
|---|---|
| Ticker | `xyz:CXMT` |
| Underlying | ChangXin Memory Technologies, listed on Shanghai's Star Market |
| Max leverage | 10x |
| Margin | Isolated, USDC only |
| Settlement | Cash, USDC |
| Hours | 24/7, including weekends |
| Deployer | trade.xyz (HIP-3) |
| Fees | 0.09% taker / 0.03% maker, currently in Growth Mode |

> **Note:** Growth Mode is Hyperliquid's fee reduction program for newly deployed HIP-3 markets. It cuts taker fees by over 90% while a market builds liquidity, which is why the CXMT order book tightened up quickly after launch. See our [fee structure guide](/guides/fees/fees-explained) for how the tiers interact with the 4% referral discount.

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## The Part That Made Bloomberg Pay Attention

Pre-IPO price discovery is normally a private-markets game. Secondary share sales, SPV interests, and forward contracts get traded between funds at prices nobody outside the room ever sees. CXMT was a harder case than usual, because Chinese A-share listings are largely walled off from foreign capital in the first place.

The perpetual gave anyone with USDC a live quote instead. In mid-July it traded near $8, which against the 66.881 billion shares CXMT would have outstanding after listing implied a valuation around $535 billion. The official IPO valued the company at roughly 579 billion yuan. That is a premium of about 526%, and on its face it looked absurd.

Then the stock opened at 49.5 yuan, a market capitalisation near $488 billion, and the argument was over. The perp had been sitting around $7.14 going into the print. The stock opened at roughly $7.30.

Bloomberg's coverage noted that Hyperliquid had been pricing the company near its eventual opening valuation for more than a week, and quoted Ayesha Kiani, COO of Monarq Asset Management: "This is one of the largest and most strategically important IPOs globally. It could mark the beginning of decentralized derivatives becoming an accepted input into institutional price discovery."

*Source: [Bloomberg](https://www.bloomberg.com/news/articles/2026-07-27/asia-s-biggest-ipo-of-2026-puts-crypto-shadow-market-to-the-test) and [CNBC](https://www.cnbc.com/2026/07/23/chip-firm-priced-as-most-valuable-china-firm-pre-ipo-on-crypto-site.html), referenced under fair use for commentary*

This is the second time in two months the pattern has held. The [SpaceX perpetual](/ecosystem/trade-spacex-pre-ipo-hyperliquid) tracked the largest IPO in history through its June listing, and CXMT repeated the result on a company most Western traders had never heard of.

**Trade CXMT Around the Clock** — The perp keeps quoting long after Shanghai closes. Go long or short with up to 10x leverage and a 4% lifetime fee discount on Hyperliquid. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211)

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## Why the Perp Can Diverge From the Stock

Now that CXMT is listed, you would expect the perpetual and the A-share to track each other tightly. They mostly do, but not perfectly, and the reason is worth understanding before you size a position.

An arbitrageur normally keeps a derivative pinned to its underlying by trading both legs. With CXMT that trade is close to impossible. Foreign investors cannot freely buy Star Market shares, capital controls limit moving money in and out, and the Shanghai session covers only a few hours of the day. The funding rate is the only mechanism pulling the perp back toward the cash price, and funding works on sentiment rather than on delivery.

The practical effects:

- **The perp can trade at a persistent discount or premium** to the last Shanghai close, and that gap does not have to close on any particular schedule
- **Overnight and weekend moves land in the perp first**, because it is the only venue open
- **[Funding payments](/guides/trading/funding-rates-explained) can run hot** in either direction when positioning gets one-sided, and on a 10x position funding is a real cost rather than a rounding error

> **Warning:** CXMT is a newly listed chip stock with a 472% debut behind it. Volatility on newly public names is severe, and a 10x isolated position can be [liquidated](/guides/trading/liquidation-explained) on a move that a cash equity holder would barely notice. Size conservatively and use [stop-losses](/guides/trading/leverage-trading-guide).

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## Trading CXMT, Step by Step