ChangXin Memory Technologies (CXMT) Perpetuals on Hyperliquid

CXMT is a perpetual referencing ChangXin Memory Technologies, China's largest DRAM maker, listed on Shanghai's Star Market in July 2026. Trade CXMT 24/7 on Hyperliquid via trade.xyz with USDC margin and no brokerage account.

CXMT is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage.

HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals.

CXMT is the rare case where the perpetual is not a convenience but the only door in. Mainland A-shares are largely closed to foreign retail capital, the Star Market runs a few hours a day, and the CXMT book was oversubscribed roughly 212 times before it listed. The trade.xyz contract launched on July 14, 2026, nearly two weeks ahead of the listing, and priced the company near its eventual opening valuation the whole way in: it sat around $7.14 immediately before the open against a 49.5 yuan (roughly $7.30) opening print, on a stock that ran 472% above its 8.66 yuan offer price. Bloomberg and CNBC both covered the contract as a live test of whether on-chain markets can do real pre-IPO price discovery. Post-listing, CXMT-PERP is still the only leveraged, shortable, 24/7 venue for the name outside China, and because foreign investors cannot arbitrage into the underlying A-share, the perp can hold a persistent premium or discount to the Shanghai close rather than being pinned to it.

CXMT-PERP is isolated margin only with a 10x cap, cash-settled in USDC, and launched with Growth Mode enabled, which cuts HIP-3 taker fees sharply while the book builds depth. The main catalysts are Chinese domestic memory policy, US export restrictions on semiconductor equipment, TrendForce DRAM contract pricing, and competitive updates from Samsung, SK Hynix, and Micron. Watch the funding rate closely: with no arbitrage path into the A-share, funding is the only mechanism pulling the perp toward the cash price, so one-sided positioning can push it hot in either direction. Overnight and weekend news lands in this contract first because it is the only venue open.

CXMT is the sharpest example of what a HIP-3 market can reference: a name most brokers will not give a retail trader access to at all. If you have not traded an equity perp before, how to trade stocks on Hyperliquid covers the mechanics, including what you are actually holding when there is no share behind the position.