3.8K @VietnamPenguin Really like the new funding UI update. It makes it obvious that anyone who bought $CXMT right after the IPO didn't just catch the ~20% move in the perp, they also picked up an extra +8.3% from funding.
Numbers are the best marketing.
Hyperliquid. https://t.co/ukVSL98uqt
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133.5K @ai_9684xtpa The first pure storage ETF on US markets, the "DRAM Memory ETF", includes Longxin Technology! ⭐️
▶︎ Established 2026.04.02, size $24.55 billion, one of Wall Street's most successful thematic ETFs this year
▶︎ Return rate once reached 190%; after a sharp pullback in the storage sector it still stands at 161.5%
▶︎ Samsung, Micron, Hynix together account for over 73% weight
▶︎ After Zhaoyi Innovation, it again includes an A‑share storage leader, with Longxin weight at 2.52%
Another landmark event: Longxin Technology has entered the allocation view of global mainstream capital; since its listing on the STAR Market, its market cap has remained above 3 trillion RMB, even briefly breaking the 4 trillion RMB threshold. Starting next Monday, it will end the phase without price limits and move into regular trading.
Position portal 👉 https://t.co/OcfSTWBk9h
133.5K @ai_9684xtpa Hyperliquid launches Longxin storage, summarizing several questions that everyone cares about 💁♀️
▶︎ What exactly is being traded for Longxin storage on HL?
▶︎ The A‑share IPO price is 8.66 RMB per share; who set the initial $5 price?
▶︎ Is the price of $CXMT provided by an oracle, and why were many buy orders stacked at $6 when it first launched?
If you just want a simple conclusion, here’s a 1‑minute concise version
🔹 On Hyperliquid, CXMT trades the ‘market’s expectation of Longxin’s future per‑share price’, i.e., the potential secondary‑market price
🔹 The $5 initial price is wholly determined by the TradeXYZ platform
🔹 CXMT’s current quote is derived and calculated from the order book
Now we expand on each question; interested readers can continue
1️⃣ What exactly is being traded for Longxin storage on HL?
This question sparked wide discussion in the community before the SpaceX IPO, and later resurfaced due to changes in total share count. TradeXYZ ultimately did not choose a Rebase and insisted that ‘the price does not depend on market cap or total share data’.
In short, the current $CXMT price on Hyperliquid reflects the market’s expectation of Longxin’s future per‑share price, not directly linked to IPO price, P/E, cash flow, etc., but aims to let the market discover the price.
2️⃣ The A‑share IPO price is 8.66 RMB per share; who set the HL $5 initial price?
Hyperliquid’s HIP‑3 protocol allows any third party to stake 500,000 HYPE to deploy a perpetual contract market on‑chain and become a ‘Deployer’, with TradeXYZ being one of the earliest and largest.
When the market lacks an external price (e.g., during the Pre‑IPO phase), the initial quote of the perpetual contract is set by the Deployer (i.e., the TradeXYZ platform); the exact rulemaking is a black box.
But the $5 price isn’t arbitrarily chosen— it corresponds to the boundary range [$1.05, $17.92]; the theoretical lower bound is $1.05 (≈ 7.12 RMB), which is 82% of the A‑share IPO price of 8.66 RMB, slightly below the issue price, thus relatively reasonable.
Why this range is used is explained in the answer to the third question.
3️⃣ Is the price of $CXMT provided by an oracle?
It is divided into two phases
▶︎ Pre‑IPO phase: the quote is extracted and calculated by an oracle from the order book
▶︎ After official trading: the price is determined by actual transaction prices (external prices), and the contract price will reconverge
In the current phase, due to lack of external prices, TradeXYZ lets the oracle pull information from the order book and compute a ‘impact’
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5.9K @EyeOnChain The bulls are winning the #CXMT battle... at least for now.
$CXMT has now been trading for five days and has climbed above $8, putting the market's biggest long and short positions on very different paths👇
Whale 0xf292 (Short): Short 2.9M CXMT (≈ $23.54M), Unrealised loss: $4.40M , Funding fees paid: $1.50M .
Whale 0x9a80 (Long): Long 1.63M CXMT (≈ $13.27M), Unrealised profit: $2.27M , Funding fees earned: $871K .
So far, the market has clearly favored the bulls. While the long continues to gain, the largest short position is under increasing pressure as both unrealised losses and funding costs continue to rise.
Addresses:
0xf292 (Short): 0xf2925cb0779a741fe33037cbd88fca5382e41244
0x9a80 (Long): 0x9a80d88c21be60e870d07d852390e92d09223cf2
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