CXMT Surges on Debut as Hyperliquid Futures Trigger Heavy Liquidations

CXMT-linked volatility intensified after Changxin Technology debuted on the STAR Market on July 27, with the stock opening at 49.50 yuan, up 471.6% from its 8.66 yuan issue price. According to BlockBeats On-chain Detection, the move also rippled through Hyperliquid’s CXMT contract, which rose to as high as $7.27 before falling to $5.96 about 21 minutes later.

The contract’s sharp reversal led to about $3.53 million in liquidations across the market, including roughly $2.4 million in short positions and $1.136 million in long positions. The two largest liquidation addresses accounted for about $2.504 million in losses, or 70.9% of total CXMT liquidations, and both positions have now been fully closed.

The short position address 0x517 was liquidated at 08:16 on 272,500 CXMT shorts at an average price of about $6.91, with a liquidation size of about $1.885 million and a final loss of about $249,000. The long position address 0x63c was liquidated at 09:41 on 100,000 CXMT longs at an average price of about $6.19, with a liquidation size of about $619,300 and a final loss of about $100,200.

Changxin Technology’s stock later fell from an intraday high of 49.88 yuan to 38.11 yuan, before recovering to about 46 yuan by the time of reporting, still up 431.2% from the issue price. Based on the current share price, the company’s total market value has risen to about 3.08 trillion yuan, compared with an issuance market value of about 579.188 billion yuan.