Odaily Planet Daily reports that chain analyst Aunt Ai has posted that ChangXin Memory Technologies (CXMT) will list on the STAR Market on July 27, which will serve as a significant test for the CXMT contract pricing mechanism, funding rates, and liquidity performance on Hyperliquid.
Analysis indicates that after CXMT's official listing, the Hyperliquid CXMT contract price will gradually transition from the internal oracle price during the Pre-IPO phase to an external oracle price tracking the actual trading price on the A-share market.
Specifically, after the STAR Market opens and sufficient stable external price data becomes available, the system will automatically trigger a price switch. The new price anchor is converted from an internal oracle generated by TradeXYZ based on the order book into an external oracle price that tracks the spot price of ChangXin A-shares and is adjusted in real time according to the current exchange rate.
Since oracle price updates occur approximately every 3 seconds and each change is limited to ±1%, even if the contract price during the pre-IPO phase deviates significantly from the actual market price, it will converge gradually. However, liquidation risks may still arise during this process.
Regarding funding rates, after Changxin’s listing, the Hyperliquid CXMT contract will return to its standard mechanism. During the Pre-IPO phase, to reduce traders’ funding costs while holding positions long-term prior to listing, the funding rate multiplier was set at just 1% of the normal contract level, decreasing from 0.5 to 0.005. Upon official listing, this parameter will revert to 0.5, and the funding rate adjustment function will be reinstated.
Regarding price formation during the A-share market closure, analysis indicates that the Hyperliquid CXMT price will revert to its internal oracle price, derived from its own order book, effectively entering an "internal market" trading phase.
However, price fluctuations during market closure are still limited by the Discovery Bound mechanism. Each re-anchoring adjustment is capped at ±20%, with a maximum of seven dynamic boundary adjustments allowed to reduce the risk of price manipulation under low liquidity conditions.
In addition, as a new stock listed on the STAR Market, CXMT is not subject to price fluctuation limits during the first five trading days after listing, but trading constraints still apply:
The call auction period is from 9:15 to 9:25; orders can be canceled between 9:15 and 9:20, but only new orders can be submitted—no cancellations allowed—between 9:20 and 9:25.
When the price experiences its first price movement of 30% or more, or 60% or more, after market open, a temporary halt will be triggered, with each halt lasting 10 minutes; a maximum of four such halts may occur in a single day.
Starting from the 6th trading day, the standard price fluctuation limits for the STAR Market will be reinstated.
As of July 26 at 17:40, the open interest (OI) for the Hyperliquid CXMT contract was approximately $63.9 million, with a contract price of about $6.18, equivalent to approximately CNY 41.9.
Based on the current contract price, ChangXin Memory Technologies is estimated to have a market capitalization of approximately RMB 2.8 trillion, slightly higher than ICBC's market capitalization of about RMB 2.76 trillion. The market is closely watching whether it will have the opportunity to become one of the highest-valued companies on the A-share market after its listing.
With Changxin's spot trading launch, Hyperliquid, as an on-chain derivatives platform exploring traditional stock IPO price discovery mechanisms, will undergo its first large-scale market test.