Hyperliquid Launches Changxin Storage — Summary of Key Issues to Watch

Author: Ai Aunt; Source: X, @ai_9684xtpa

Hyperliquid has launched Changxin Storage—here’s a summary of a few questions everyone cares about.

• What exactly is Changxin Storage on HL trading?

• The A-share IPO offer price was 8.66 RMB per share—who set the initial 5-dollar price?

• Is CXMT’s price provided by an oracle? And why were there huge buy orders stacked at 6 dollars when it first went live?

If you only want the simple conclusion, here’s a 1-minute quick version:

• CXMT traded on Hyperliquid is trading the market’s expectation of Changxin’s future price per share—i.e., the potential price in the secondary market.

• The initial 5-dollar price is entirely determined by the TradeXYZ platform.

• CXMT’s current quote is extracted from the order book and calculated.

Now let’s expand on each question. If you’re interested, you can keep reading.

1. What exactly is Changxin Storage on HL trading

This question had already triggered widespread discussion in the community before SpaceX’s IPO. Later, when changes in total shares once again fueled the debate, TradeXYZ ultimately chose not to use Rebase and instead insisted that the “price does not depend on market cap or total shares data.”

In short, the $CXMT price on Hyperliquid at this stage points to the “market’s expectation of Changxin’s future price per share,” which has no direct link to financial metrics like the IPO offer price, P/E ratio, cash flow, etc. Instead, its goal is to “let the market discover the price.”

2. The A-share IPO offer price was 8.66 RMB per share—who set HL’s initial 5-dollar price

Hyperliquid’s HIP-3 protocol allows any third party to deploy a perpetual contract market on-chain by staking 500k HYPE and become a “Deployer.” TradeXYZ is one of the earliest and largest among them.

When the market lacks external pricing (e.g., during the Pre-IPO stage), the initial quote of that perpetual contract’s underlying is determined by the Deployer (i.e., the TradeXYZ platform itself). As for the specific rules used to set it—those are a black box.

But is the 5-dollar price just given out randomly? Not necessarily—it corresponds to a boundary interval of [$1.05, $17.92]. The theoretical lower bound price is $1.05 (about 7.12 RMB), which is 82% of the A-share IPO offer price of 8.66 RMB—slightly below the offer price—so it’s still relatively reasonable.

As to why it corresponds to that interval, the answer will be mentioned in the third question.

3. Is CXMT’s price provided by an oracle

There are two phases:

• Pre-IPO phase: the oracle extracts and calculates the quote from the order book

• After正式交易: determined by the actual execution prices (external price), and the contract price will re-converge

In the current stage, due to the lack of external price, TradeXYZ makes the oracle extract information from the order book and calculate a “price impact difference.” This deviation reflects the imbalance between buy and sell power in the order book. Add the deviation to the current price to get the “target price,” then move toward that target price at a controlled, slow speed (called a “time constant”) to prevent easy price manipulation. On each update, the oracle can change by at most ±1% relative to the previous price. That way, even if there are extreme external variables, the on-chain price can only change step by step and won’t swing too violently.

So can the price rise or fall without limits? No—there are Discovery Bounds as price protection.

For Changxin Storage ( $CXMT ), since the maximum leverage is 20x, the platform sets the maximum re-anchoring step to ±20%, giving up to 7 chances to dynamically adjust the boundary up and down. Taking the 5-dollar initial price as an example: if buy orders keep stacking and market demand surges, it adjusts upward for 7 times, reaching a maximum of 17.92 USD. Conversely, if moving downward, it goes to 1.05 USD. The corresponding RMB prices are 7.12 RMB and 121.49 RMB, respectively. Ultimately, price discovery is completed through “re-anchoring”—this is why CXMT, right after launch, stacked a large number of buy orders at 6 dollars, then quickly surged to 7.2 dollars (up 20%), and later rose again to 8.64 dollars (also up 20%).

In the end, the final answer still comes back to the real trading price.

On 07.27, when A-shares open, the contract price on Hyperliquid will be based on actual execution prices, completing gradual convergence. If the deviation isn’t big, then TradeXYZ is great; if the deviation is too large, you can expect a large number of liquidations.

That’s the detailed explanation of the three questions above.