Trade CXMT (ChangXin Memory) on Hyperliquid

What xyz:CXMT tracks

xyz:CXMT is a HIP-3 perpetual deployed by trade.xyz that references 1 CXMT Corporation A-share (Shanghai STAR Market: 688825), converted from yuan at the offshore USD/CNH rate. CXMT, operating as ChangXin Memory Technologies, is a Chinese developer and manufacturer of DRAM chips. It is a linear contract margined and settled in USDC: you gain or lose the dollar move times your size, paid in USDC. You don’t own CXMT shares, can’t vote them and don’t receive dividends.

Hours: about four hours of external price a day

xyz:CXMT trades 24/7 on Hyperliquid, but its external price runs only during Shanghai STAR Market sessions: 9:30–11:30 AM and 1:00–2:57 PM China time (UTC+8), Monday to Friday. In US Eastern time (standard time, from November 1) that is 8:30–10:30 PM and midnight–1:57 AM ET. The other twenty-odd hours of each weekday, the whole weekend and Chinese exchange holidays run on internal pricing: a 30-minute moving average that follows Hyperliquid’s own order book, held inside discovery bounds. When Shanghai reopens, the price snaps back to the A-share price converted at the offshore USD/CNH rate, so positions can gap at every Shanghai open, not just on Mondays. trade.xyz’s 2026 holiday schedule lists no further Shanghai closures after National Day week (October 1–7).

Leverage, margin and price limits

xyz:CXMT allows up to 10x leverage (Hyperliquid API, November 4, 2026) with isolated margin only: each position carries its own margin, so a liquidation here can’t take collateral from your other positions. At 10x, a 10% move against you wipes out your margin, and maintenance margin (5%, half the initial margin at max leverage) liquidates you before that.

Whenever the external feed is off, the mark is held inside a ±10% discovery bound with 2 re-anchors per direction. From the last Shanghai price, it can move at most about +33% / −27% before a hard cap holds until the feed returns. If your liquidation price sits outside the active bound, you can’t be liquidated while that bound is in force; the risk moves to the reopen, when the price can jump past your stop.

Fees. Growth mode is on for this market (Hyperliquid API, November 4, 2026), which cuts HIP-3 fees by 90%: trade.xyz’s tier-0 rate is 0.009% taker / 0.003% maker before staking and referral discounts, against 0.09% / 0.03% at standard HIP-3 rates. Growth mode can be switched off; the live card above shows the current rate.

From pre-IPO perp to Shanghai-listed stock

trade.xyz opened xyz:CXMT before the company was public, as a pre-IPO perpetual: a discretionary $5 initial reference price, ±50% discovery bounds with two resets, and a 5x leverage cap, priced only by Hyperliquid’s own order book. Its anticipated listing date was July 27, 2026.

CXMT then listed on the Shanghai Stock Exchange’s STAR Market on July 27, 2026. Xinhua reported an IPO price of 8.66 yuan and a first-day close of 49 yuan, up 465.82%. trade.xyz marks the market “Converted” in its pre-IPO index: the oracle now follows the listed A-share price, converted to dollars at the offshore USD/CNH rate. Positions carried through the switch.

Since the conversion, leverage has doubled to 10x and the discovery band has narrowed from ±50% to ±10%, with two re-anchors (most trade.xyz stocks get one). Other memory perps: Micron, SK hynix, Samsung, Kioxia and the DRAM ETF.

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