On-chain data platform Allium said in a post on X that it tracked Hyperliquid trader positioning in the 36 minutes before CXMT’s IPO to gauge how the market behaved around the public listing. The data showed that CXMT had already been tradable for 12 days. One minute before the IPO, the perpetual contract price was still within 3% of the opening price, suggesting limited dislocation at that point.
Trading activity then accelerated sharply. Allium said 15-minute volume jumped from $1 million on the previous day to $14 million, while total pre-IPO volume reached $17.8 million. The firm also said smart money traders had already built short positions before the IPO and were profitable, with most of them continuing to hold those positions and some adding more. By region, wallets from the United States and Hong Kong were the most active on the long side, while wallets from South Korea showed the heaviest short positioning. Most long positions, according to the post, came from traders who joined Hyperliquid over the previous weekend.
On-chain data platform Allium said in a post on X that it recorded trader positions on Hyperliquid in the 36 minutes before the CXMT IPO to observe market changes around the public listing.
According to the data, CXMT has been tradable for 12 days. One minute before the IPO, the perpetual contract price was within 3% of the opening price. In the 15-minute window, trading volume rose from $1 million on the previous day to $14 million, and total pre-IPO volume reached $17.8 million.
Allium said smart money traders had already opened short positions before the IPO and were in profit. Most continued to hold those positions, and some increased them. The post said 96% of smart money got in early on the short side and made money. By wallet distribution, U.S. and Hong Kong wallets accounted for the most long positioning, while South Korean wallets accounted for the most short positioning. Most long positions came from traders who joined Hyperliquid over the previous weekend.
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