Crypto▲ Bullish
CXMT whale down $11M as Binance listing looms for China memory stock
A whale shorting CXMT on Hyperliquid is down $11M with $3.6M in funding costs as Binance prepares to list the China memory stock on August 18.
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Changxin Memory Technology is about to get a bigger audience in crypto. Binance will list a CXMT perpetual contract settled in USDT starting August 18, the exchange said. The move follows a wave of equity-style listings on Binance Futures that already added SK Hynix and Samsung Electronics this month.
The Shanghai-listed memory chip stock went public at a $8.6 billion valuation and immediately became a favorite on decentralized trading venues. CXMT has been trading on Bybit and Gate since its debut, and the shares rallied 10% on Monday to a record above $9.
On Hyperliquid, CXMT is now among the top 20 perpetual contracts by open interest at $1.9 million. The action is concentrated in a handful of large positions. One trader shorted CXMT before the IPO and has held the position for a full month. The short is now worth $114.4 million in notional size, with an unrealized loss of over $11 million and $3.6 million in cumulative funding payments, according to data shared by on-chain sleuth VietnamPenguin. The whale initially deposited $32 million on Hyperliquid to open the trade; the remaining margin stands at $22 million before liquidation.