Hyperliquid adds Chinese chipmaker CXMT as perpetual market

Hyperliquid is expanding its offering further with the addition of ChangXin Memory Technologies (CXMT), a Chinese memory chip manufacturer that could become the largest IPO ever on the Chinese A-share market. The move gives international traders access to an asset that is normally behind a high entry barrier.

Hyperliquid is available at OKX and Bybit.

What is CXMT and why is it interesting?

ChangXin Memory Technologies is China’s largest DRAM manufacturer and ranks fourth globally in production capacity. On the Chinese STAR Market, the company is listed with the second largest capital raised in the history of that exchange, only SMIC raised more. Multiple media outlets describe CXMT as a potential record holder for the largest IPO in the history of the Chinese A-share market.

To trade CXMT directly on the STAR Market requires a minimum account value of 500,000 Chinese yuan. That is a threshold that excludes many foreign investors. Hyperliquid now offers an alternative route via an independently deployed perpetual market under the ticker CXMT USDC, allowing international users to gain exposure to this type of Chinese listed assets. At the time of writing, the price of CXMT is $7.21, with an increase of 20.24% in the past 24 hours and a trading volume of over $25 million.

Hyperliquid focuses on Chinese market exposure

The listing of CXMT follows a previous addition of a perpetual market based on the CSI STAR Market 50 ETF. Hyperliquid thus appears to be consciously following a strategy whereby the platform offers international traders access to assets that are normally difficult to reach due to local regulations or high entry requirements.

The platform is steadily growing in popularity and the open interest on Hyperliquid also rose sharply earlier this year. The HYPE token itself currently stands at $68.18, an increase of 6.9% in the past 24 hours. Analysts see further price potential for Hyperliquid towards $100 if certain levels are broken. Traders who want to explore the CXMT market can do so via Hyperliquid.