TradFi

TradFi is the foundation of the modern financial system, encompassing regulated financial services such as banking, credit, savings, and foreign exchange. As a counterpart to crypto finance (DeFi and CeFi), TradFi is built around centralized institutions and emphasizes compliance, security, and stability, while facing growing challenges from new financial models in terms of efficiency and openness.

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Hyperliquid CXMT Pre-IPO is an IPOP Perpetual Futures contract governed by the HIP-3 framework, designed to track the anticipated pre-IPO price of ChangXin Memory Technologies. The contract is settled in USDC and does not confer any stock ownership. This
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Hyperliquid CXMT Pre-IPO is an IPOP Perpetual Futures contract governed by the HIP-3 framework, designed to track the anticipated pre-IPO price of ChangXin Memory Technologies. The contract is settled in USDC and does not confer any stock ownership. This

The Hyperliquid CXMT Pre-IPO Contract is an on-chain perpetual derivative that tracks the anticipated pre-listing price of Changxin Technology (CXMT), settled in USDC. It does not confer ownership of A-share registered stock. Unlike the three participation paths outlined in [Changxin Technology CXMT](https://www.gate.com/learn/articles/what-is-cxmt-changxin-stocks-pre-ipo-trading-guide), Hyperliquid is designed for global users with on-chain trading capabilities, offering a product under the IPOP category within the HIP-3 framework. Changxin Technology is the listed entity of Changxin Storage, with its stock narrative closely tied to the DRAM storage cycle and the STAR Market IPO process. Before official A-share listing, Hyperliquid introduced a synthetic perpetual market for CXMT, enabling investors to express directional views on Changxin Technology’s anticipated listing price on-chain, without holding individual stocks in the legal sense. Understanding the Hyperliquid CXMT Contract requires separating co
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