Svmuu News: On-chain analyst “Aunt Ai” posted that CXMT (CXMT) will list on the STAR Market on July 27, which will put the CXMT futures pricing mechanism, funding rates, and liquidity performance on Hyperliquid to a major test.
The analysis notes that following Changxin’s official listing, the CXMT futures price on Hyperliquid will gradually transition from the internal oracle price used during the pre-IPO phase to an external oracle price that tracks actual A-share trading prices.
Specifically, once the STAR Market opens and the market has sufficiently stable external price data, the system will automatically trigger the price transition. The new price anchor will shift from the internal oracle generated by TradeXYZ based on the order book to an external oracle price that tracks Changxin’s A-share spot price and is converted according to real-time exchange rates.
Since the oracle price is updated approximately every 3 seconds, with each fluctuation limited to ±1%, even if there is a significant deviation between the contract price during the pre-IPO phase and the actual market price, convergence will occur gradually; however, liquidation risk may still arise during this process.
Regarding the funding rate, Hyperliquid CXMT contracts will revert to the standard mechanism after Changxin’s listing.Previously, during the pre-IPO phase, to reduce funding costs for traders holding long positions while awaiting the listing, the funding rate multiplier was set at just 1% of that for standard contracts—reduced from 0.5 to 0.005. Following the official listing, this parameter will revert to 0.5, and the funding rate adjustment mechanism will take effect once again.
Regarding price formation during A-share market closures, analysts note that Hyperliquid CXMT prices will revert to internal oracle prices based on its own order book, effectively entering an “internal market” trading phase.
However, price fluctuations during market closures will still be subject to the Discovery Bound mechanism.Each price re-anchoring adjustment is capped at ±20%, with a maximum of seven dynamic boundary adjustments allowed to mitigate the risk of price manipulation during periods of insufficient liquidity.
Additionally, as a new listing on the STAR Market, Changxin will have no daily price fluctuation limits for the first five trading days after its listing, but trading constraints will still apply:
The call auction phase runs from 9:15 to 9:25, during which orders can be canceled from 9:15 to 9:20, and orders can only be placed (but not canceled) from 9:20 to 9:25;
Once the price reaches or exceeds a 30% or 60% daily price fluctuation limit for the first time after the market opens, a temporary trading halt will be triggered; each halt lasts 10 minutes, with a maximum of four such triggers per day;
Starting on the sixth trading day, the STAR Market’s standard daily price fluctuation limits will resume.
As of 5:40 p.m. on July 26, the open interest (OI) for the Hyperliquid CXMT contract stood at approximately $63.9 million, with a contract price of about $6.18, corresponding to a price of approximately 41.9 yuan.
Based on the current contract price, CXMT’s estimated market capitalization is approximately 2.8 trillion RMB, slightly higher than Industrial and Commercial Bank of China’s (ICBC) market capitalization of approximately 2.76 trillion RMB. The market is watching to see if the company has the potential to become one of the highest-valued companies on the A-share market after its listing.
With the launch of spot trading for Changxin, Hyperliquid—as an on-chain derivatives platform exploring price discovery mechanisms for traditional stock IPOs—will also face its first large-scale market test.