Changxin Memory Technology (CXMT) is set to expand its influence for crypto traders, as Binance prepares to launch a contract based on the A-list stock. After an $8.6B IPO, CXMT trading heated up on Hyperliquid.
Changxin Memory Technology will start trading on Binance from August 18 onward, with a contract settled in USDT. CXMT is the most prominent stock contract from the latest wave of equity offers on Binance Futures.
The listing of CXMT follows the earlier expansion of contracts, where Binance Futures also added SK Hynix and Samsung Electronics. In August, Binance Futures accelerated the listing of equities contracts, aiming to compensate for the lost volumes from weak crypto trading.
Unlike decentralized futures on CXMT, Binance will offer its contract in a form backed by the underlying assets. The funding rate will also be capped at -2% to 2%, avoiding the issue of holding expensive positions. Funding fee settlement will be scheduled every 8 hours.
As Cryptopolitan reported, CXMT launched in a high-profile IPO on the Shanghai Stock Exchange. The stock turned into an immediate hit for decentralized traders, who immediately traded the opportunity for fast post-IPO gains.
CXMT picks up speed after IPO
CXMT gained attention after a 10% rally on Monday. The shares reached a new peak above $9, breaking records on both traditional and decentralized markets. The company is now valued at over 4B yuan, or over $594M.
CXMT is now in the top 20 perpetual futures contracts on HIP-3, with $1.9M in open interest. The stock may climb up the ranks to track other semiconductor or memory stocks, including SKHX and MU.
Ahead of the Binance listing, CXMT also rallied on other centralized exchanges. The stocks are already established on Bybit and Gate, which also pivoted from tokens to tokenized equities.
CXMT trading volumes jumped by around 1,000% on TradeXYZ and up to 1,500% on Bybit, showing crypto traders were able to rapidly switch attention to new opportunities. The addition of Binance futures may change the balance of CXMT trading and invite a new wave of investors.
CXMT invited large-scale short positions
CXMT has fewer whale positions with strong directional bets. Despite this, HIP-3 trading may hold signals for future expectations.
The largest directional position is valued at $114.4M, with an unrealized loss of over $11M. The whale has already paid over $3.8M in funding to hold the position, expecting CXMT to break its rally. The whale initially deposited $32M on Hyperliquid to hold the position, with $22M remaining before an eventual liquidation.
Remember the guy who opened the biggest short back when $CXMT was still in pre-market?
Well, he’s still holding it a full month later.
PnL on the position is now -$10M, of which $3.6M is just paid funding lol. Probably one of the biggest still-open positions out there?… https://t.co/WN5PbElepN pic.twitter.com/cVhhQRfGhb
— VietnamPenguin (@VietnamPenguin) August 17, 2026
The whale started betting against China’s biggest IPO even ahead of the official share trading. However, CXMT is showing signs of reviving the AI narrative on the Shanghai exchange, and short positions on Hyperliquid quickly turned extremely expensive to support. For CXMT, the battle between bulls and bears on HIP-3 started even ahead of the IPO and continued even as the stock climbed to new all-time peaks in the first three weeks of trading.
Most of the whales are still holding unrealized gains from long positions on CXMT, though for now, the interest of whales is still focused on the larger semiconductor stocks, with SKHX leading the way.
