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More Accurate Than Brokerages? TradeXYZ Priced CXMT Ahead of Its IPO

TradeXYZ, a decentralized trading platform, accurately predicted the market debut price of CXMT (ChangXin Memory Technologies) on China's A-share STAR Market. On July 27, CXMT listed with a staggering opening market cap of 3.31 trillion RMB (approx. 3.28 trillion USD at the time). Prior to this, TradeXYZ had launched a pre-IPO perpetual contract for CXMT. During the pre-IPO period, the contract price closely mirrored final market expectations, with an opening price discrepancy of less than $0.20 compared to the A-share listing. This success demonstrated TradeXYZ's growing capability in price discovery for major global IPOs, offering global investors a novel channel to gain exposure to assets like A-shares without traditional market barriers. However, a brief discount emerged post-listing due to a controlled transition in the platform's oracle price feed mechanism. On-chain data revealed significant trading activity, with notable profits for early bulls and losses for a major "whale" short-seller. Regional wallet analysis showed a predominance of long positions from US and Greater China wallets, while Korean-labeled wallets were net short.

Odaily星球日报Hace 9 hora(s)

More Accurate Than Brokerages? TradeXYZ Priced CXMT Ahead of Its IPO

Odaily星球日报Hace 9 hora(s)

Hyperliquid's "Stock Price" for ChangXin Memory Tech Hits $8.64: How Was This Price Determined Before the IPO?

Title: Hyperliquid's "Stock Price" for CXMT Hits $8.64: How is This Pre-IPO Price Determined? Summary: On Hyperliquid, a derivative contract tracking the pre-IPO value of Chinese chipmaker Changxin Xinqiao (CXMT) has been trading, with its price reaching $8.64. This price is not a real stock price or a direct IPO valuation, but the result of a specific market mechanism. Trade.xyz deployed this "Pre-IPO Perpetual" (IPOP) contract via Hyperliquid's HIP-3 framework. It tracks the expected USD value of one Changxin A-share post-listing. The contract started with an artificial "discretionary reference price" of $5 set by Trade.xyz. Subsequent trading prices are primarily determined by supply and demand on Hyperliquid's on-chain order book. Since there's no tradable现货 before the IPO, the contract price isn't forced to align with the official IPO price of 8.66 RMB (~$1.28). Key mechanics shape the price: 1. **Order Book-Driven**: The actual成交价 comes from limit orders matched on-chain. 2. **Internal Oracle & Smoothing**: An internal oracle, run by Trade.xyz, calculates a smoothed price based on the order book's "impact price" using a 30-minute exponential moving average (EWMA). This oracle price influences funding rates. 3. **Mark Price for Risk**: A separate Mark Price, derived from the median of the internal oracle and other inputs, is used for calculating profit/loss and liquidation. 4. **Discovery Bound (Price护栏)**: A 20% "Discovery Bound" limits how far the price can move from the current reference point. However, if the price hits the bound, the reference price can be re-anchored upward (or downward) up to 7 times. This explains the阶梯状 jumps to $6, $7.2, and $8.64. 5. **Low Funding Rate**: A minimal funding rate (0.005 multiplier) allows positions to be held with low cost before the IPO, but it provides a weak anchor. Post-IPO, the contract is expected to convert to a standard stock perpetual, with its oracle switching to the actual A-share price converted to USD. This transition could cause price jumps and potential liquidations if there's a significant gap between the pre-IPO contract price and the real market price. In essence, the $8.64 price is a composite of: a人为设定的起点 + on-chain order book supply/demand +内部 oracle 平滑 + low funding rate damping + a moving price护栏. It represents a collective bet by specific market participants on the future public market valuation, not the company's current or official IPO price.

marsbit07/17 05:55

Hyperliquid's "Stock Price" for ChangXin Memory Tech Hits $8.64: How Was This Price Determined Before the IPO?

marsbit07/17 05:55

Prices From the Future Fool the Oracle, Ostium Drained of $24 Million in Five Minutes

Ostium, a perpetual trading platform, suffered a security incident on July 15, resulting in significant losses from its public liquidity vault. Initial analyses from Blockaid, Cyvers, and PeckShield estimate losses of up to $24 million. The exploit occurred over a five-minute window. According to security firms, the core issue was not a missing signature, but a data integrity failure: a registered price oracle (PriceUpKeep) submitted authorized price reports with manipulated future timestamps, creating false trading profits. The protocol’s verification process confirmed the signatures as authorized but did not enforce price sanity checks or timestamp boundaries, allowing the manipulated data to be accepted for settlement. This caused the liquidity vault to pay out on these fraudulent profits. Ostium’s co-founder confirmed the team paused trading within an hour and is collaborating with law enforcement and security experts. The extracted funds were reportedly swapped for ETH, with a portion moved to Tornado Cash. The incident highlights risks in DeFi oracle designs where cryptographic signature verification is insufficient without additional safeguards for data validity, timestamp freshness, and price reasonableness. Ostium's response and planned fixes—including stricter timestamp validation, independent price checks, and circuit breakers—will be critical to preventing similar exploits.

marsbit07/17 05:33

Prices From the Future Fool the Oracle, Ostium Drained of $24 Million in Five Minutes

marsbit07/17 05:33

Hyperliquid Pre-IPO Contract Priced at $7.2 for CXMT, Foreign Capital Intervenes in Chinese Storage Narrative via DeFi

On the eve of Changxin Technologies' (CXMT) highly anticipated STAR Market IPO, a novel DeFi platform is enabling a pre-market price discovery. Trade.xyz has deployed a CXMT perpetual contract on the Hyperliquid blockchain, currently trading around $7.2 USDC (implying a market cap of ~$482B). This marks the first time such a "pre-IPO" derivative has targeted a Chinese A-share company. The article highlights several key drivers: overseas investors, restricted by China's 500,000 yuan (~$69,000) STAR Market access threshold, are using this contract as a direct entry point to bet on the "China storage substitution" narrative. Changxin, the world's fourth-largest DRAM supplier, is seen as a major beneficiary of the current AI-driven memory chip shortage. Furthermore, the 24/7, leveraged, and shortable nature of the perpetual contract contrasts with A-shares' T+1 settlement and lack of short-selling mechanisms for such stocks, potentially offering a hedging tool. While the $3.5 trillion implied valuation aligns with optimistic analyst projections, the article notes a critical divergence from similar contracts for U.S. listings like SpaceX: due to capital controls, direct arbitrage between the A-share and the on-chain contract is virtually impossible, meaning a price gap may persist. Nonetheless, the very existence of this parallel market underscores intense global investor interest in China's semiconductor rise, complementing the landmark IPO itself, which aims to raise up to $92 billion.

marsbit07/16 00:22

Hyperliquid Pre-IPO Contract Priced at $7.2 for CXMT, Foreign Capital Intervenes in Chinese Storage Narrative via DeFi

marsbit07/16 00:22

AlphaX Rolls Out Global Zero-Fee Trading Initiative Across TradFi and Crypto Markets

AlphaX, a high-performance on-chain trading exchange, has globally launched its limited-time Zero-Fee Trading Initiative. The initiative removes transaction fees for all market makers and takers in eligible regions across TradFi perpetual futures, crypto spot, and crypto futures markets. The platform, built on a dual-core architecture, combines centralized exchange speed with decentralized security. It allows quick account creation with just an email, no KYC, and trading within 10 seconds. Simultaneously, AlphaX introduced Auto Earn, an integrated yield feature offering up to 5% APY on USDT. This yield accrues even when funds are used for pending limit orders or as futures margin, enhancing capital efficiency without lock-up periods. To celebrate the launch, a $20,000 Daily Trading Competition is running. Users generating at least 1 USDT in daily trading profit are automatically entered for a share of the prize pool. AlphaX aims to provide a simplified, efficient, and reliable on-chain trading experience.

TheNewsCrypto07/15 07:52

AlphaX Rolls Out Global Zero-Fee Trading Initiative Across TradFi and Crypto Markets

TheNewsCrypto07/15 07:52

June Trading Platform Rankings: Spot Trading Volume Stops Declining and Rebounds, Leverage Demand Bounces Back Strongly

June Trading Platform Rankings: Spot Trading Volume Recovers, Leverage Demand Surges. In June 2026, spot trading volume on mainstream CEXs increased by 6.51% compared to May 2026, while perpetual futures trading volume rose by 17.87%. The significantly higher growth in derivatives indicates a recovery in market risk appetite and a rapid increase in demand for leveraged trading. However, website visits to these CEXs decreased by 3.79% and app downloads dropped by 10.86% in June. This suggests the trading volume growth was driven not by new users, but rather by increased trading frequency and futures participation among existing users. For mainstream Perpetual DEXs, perpetual contract trading volume in June increased by 21.6% compared to May, and their website traffic grew by 9.85%. Note: Some data may be heavily influenced by wash trading or bot activity. Spot and derivatives data is sourced from CoinGecko, traffic data from Similarweb, and download data from a third-party platform.

marsbit07/15 06:28

June Trading Platform Rankings: Spot Trading Volume Stops Declining and Rebounds, Leverage Demand Bounces Back Strongly

marsbit07/15 06:28

RWA Weekly: EU Proposes Revision of MiCA to Cover Tokenization and Non-EU Stablecoins; Swift and 17 Banks to Pilot Tokenized Cross-Border Payments

RWA Weekly: EU Proposes MiCA Revision for Tokenization and Non-EU Stablecoins; Swift to Pilot Tokenized Cross-Border Payments with 17 Banks During the statistical period of July 3-10, 2026, the RWA sector showed signs of recovery. The total on-chain market capitalization of RWAs rebounded to $33.12 billion, ending a prolonged decline. The stablecoin market cap also returned above $300 billion, with active addresses and holders increasing, indicating restored market vitality. Key regulatory developments include China promoting the use of digital yuan in consumption vouchers, the EU considering revisions to its MiCA framework to cover tokenization and non-EU stablecoins, and Kazakhstan authorizing stablecoin use for cross-border corporate and government payments. In Hong Kong, HSBC issued its first "digitally native" structured product. Major project updates feature Swift announcing readiness of its blockchain ledger for a 24/7 tokenized cross-border payment pilot involving 17 global banks. Ondo launched a perpetuals platform allowing tokenized stocks as collateral. Sony received conditional U.S. OCC approval to launch a stablecoin-focused trust bank in 2027. Tether plans to natively issue USDT on Bitcoin via the RGB protocol. Significant funding rounds saw Securitize planning to deploy over $400 million for acquisitions to expand its institutional tokenization business, while Tether invested $20 million in Brazil's Mercado Bitcoin to support its growth in on-chain financial services. Analysis highlights that stablecoins are evolving into global financial infrastructure with regional specializations and that institutions should consider international expansion to gain practical experience in the RWA tokenization space amidst evolving regulations.

marsbit07/10 09:08

RWA Weekly: EU Proposes Revision of MiCA to Cover Tokenization and Non-EU Stablecoins; Swift and 17 Banks to Pilot Tokenized Cross-Border Payments

marsbit07/10 09:08

Velvet crypto slides 75% in a week – Why bulls aren’t giving up yet

Velvet (VELVET) has plummeted 75% in a week, with an additional 16% drop in the last 24 hours due to intense selling pressure. This bearish trend is reflected in a Taker Buy Sell Ratio below 1 and a 28% decline in Open Interest, indicating capital withdrawal from the perpetual market. Despite the sell-off, traders maintain a net long position, as shown by a positive Funding Rate. Their conviction is supported by Velvet's significant gains of 59% over the past month and 533% over the quarter. However, recent liquidations have favored short positions. Crucially, spot investors are accumulating, with $1.58 million in net purchases this week, nearly half in the last 48 hours, suggesting they view the price drop as a buying opportunity for a potential near-term rebound.

ambcrypto07/09 02:03

Velvet crypto slides 75% in a week – Why bulls aren’t giving up yet

ambcrypto07/09 02:03

Want to Get Freebies from Robinhood Chain? Which Ecosystem Projects Are Worth Watching?

**Title: Want to Get the Robinhood Chain Airdrop? Which Ecosystem Projects Are Worth Watching?** **Summary:** Robinhood Chain, a key part of Robinhood's push into Layer 2, aims to build a comprehensive ecosystem covering stock tokens, RWAs, perpetual contracts, and spot trading. With its mainnet launch on July 2, 2026, came a 90-day gas fee waiver for swaps, cross-chain transactions, and Perp trading. While the ecosystem's TVL was still modest at around $76.73 million as of July 6, 2026, several early projects present potential opportunities. Key projects highlighted include: * **Arcus:** A stock token and crypto DEX built by dYdX Labs and Robinhood Crypto, focusing on spot and perpetual contracts. Future ARCUS tokens are expected to prioritize the existing dYdX community. * **Lighter:** A ZK-powered decentralized perpetual and spot exchange deployed on Robinhood Chain. It has committed $11 million worth of LIT tokens to the Robinhood community, with users earning points (and double points via Robinhood Wallet) for trading, convertible to LIT. * **Morpho:** Integral to the newly launched "Robinhood Earn" program in the US, where user-supplied USDG stablecoins are lent out via Morpho vaults, targeting a 7% APY. * **Rialto:** An on-chain spot exchange supporting crypto, stocks, ETFs, and commodities. It will initially list over 90 Robinhood stock tokens and uses a "propAMM" system where market makers provide quotes from their own inventory. * **Arrakis:** A non-custodial, on-chain market maker protocol for token issuers to manage concentrated liquidity on DEXs. * **Meridian:** A platform on Robinhood Chain focusing on RWA perpetual contracts and prediction markets, settled in USDe. It rebranded from Ethereal and had previously planned to allocate 15% of its future governance tokens to ENA stakers. * **Native:** An on-chain price discovery and execution system recently deployed on Robinhood Chain, though the team has stated there are no current plans for a token launch. The article emphasizes that this is not investment advice and urges participants to conduct their own research (DYOR).

Foresight News07/06 06:48

Want to Get Freebies from Robinhood Chain? Which Ecosystem Projects Are Worth Watching?

Foresight News07/06 06:48

dYdX Changes Tack and Starts Anew, This Time Partnering with Robinhood: Will It Succeed?

On July 1st, dYdX Labs, in partnership with Robinhood Crypto, launched the Beta version of Arcus, a new decentralized exchange (DEX). Deployed on the newly launched Robinhood Chain (an L2 built on Arbitrum), Arcus supports spot trading for 95 tokenized stocks and plans to introduce cross-asset perpetual contracts. This marks a separate, new product line for the dYdX team, distinct from the existing dYdX Chain. Arcus's core features promise 24/7 trading, self-custody, and institutional-grade liquidity. Initial offerings include zero-fee web-based spot trading and a perpetual contracts testnet. Future plans involve using tokenized stocks as collateral and providing access to Pre-IPO investments. The platform is not available to users in the US, Canada, the UK, and other restricted jurisdictions. This move follows dYdX's v4 upgrade, which, while achieving full decentralization, faced criticism over performance and tokenomics, leading to a loss of market share. Arcus represents a strategic pivot, leveraging Robinhood's vast user base to target the RWA (Real World Assets) sector and global 24/7 trading. The dYdX Foundation clarified that Arcus is a parallel product incubated by dYdX Labs, and the original dYdX Chain continues to operate independently. While no official token plans have been announced, market participants speculate about potential new tokens or airdrops from the Arcus project.

Foresight News07/02 03:53

dYdX Changes Tack and Starts Anew, This Time Partnering with Robinhood: Will It Succeed?

Foresight News07/02 03:53

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