CXMT Contract Sees $3.53 Million in Liquidations as CXMT-Linked Stock Debut Swings Sharply

News Editor

2026-07-27 02:02:30

Changxin Technology’s debut on Shanghai’s STAR Market triggered sharp price swings that quickly spilled into the CXMT contract on Hyperliquid, according to monitoring data from Hyperinsight cited by BlockBeats on July 27. The stock opened at 49.50 yuan, up 471.6% from its 8.66 yuan offering price, hit an intraday high of 49.88 yuan, then fell to 38.11 yuan, marking a 23.6% swing between the high and low. As of publication, it was trading at about 46 yuan, still up 431.2% from the offering price. The volatility was mirrored in the Hyperliquid CXMT contract. Data showed the contract climbed to as high as $7.27 before dropping to $5.96, an 18% pullback in roughly 21 minutes. During that move, total liquidations across the CXMT market reached about $3.5345 million, including roughly $2.397 million in short liquidations and $1.136 million in long liquidations. Hyperinsight said rapid reversals on both ends of the market wiped out large traders on both the short and long side. The two largest liquidation addresses accounted for about $2.5041 million combined, or around 70.9% of all CXMT liquidations. One short address, 0x517, was liquidated at 08:16, while one long address, 0x63c, was liquidated at 09:41. Both addresses have since been fully cleared of CXMT positions.

Changxin TechnologyHyperliquidCXMTWhale LiquidationsLiquidationSTAR MarketHyperinsight

Changxin Technology’s first trading day on Shanghai’s STAR Market spilled over into the CXMT contract on Hyperliquid, with sharp moves on both sides of the market leading to more than $3.5 million in liquidations, according to Hyperinsight monitoring data cited by BlockBeats on July 27.

The stock opened at 49.50 yuan, up 471.6% from its 8.66 yuan offering price. It later touched an intraday high of 49.88 yuan before dropping quickly to 38.11 yuan, for a 23.6% swing between the session high and low. As of publication, the stock was trading at about 46 yuan, still up 431.2% versus the offering price.

CXMT contract fell 18% in about 21 minutes

The move fed directly into the Hyperliquid CXMT contract. Market data showed the contract rose to $7.27 at its high and then fell to a low of $5.96, a drawdown of 18% in roughly 21 minutes.

Across the market, cumulative liquidations in the CXMT contract reached about $3.5345 million. Of that total, short liquidations accounted for about $2.397 million, while long liquidations came to about $1.136 million.

Largest whale liquidations hit both shorts and longs

Hyperinsight said the rapid reversal across both ends of the move caused large traders on both sides to be liquidated. The two biggest liquidation addresses posted combined losses of about $2.5041 million, equal to roughly 70.9% of total CXMT liquidations.

Short address 0x517 was liquidated at 08:16 on 272,500 CXMT short contracts, with an average execution price of about $6.91. The liquidation size was about $1.8848 million, and the final loss was about $249,000.
Long address 0x63c was liquidated at 09:41 on 100,000 CXMT long contracts, with an average execution price of about $6.19. The liquidation size was about $619,300, and the final loss was about $100,200.

The two liquidation events together caused losses of about $349,200. Both addresses now hold no remaining CXMT positions.

Market capitalization rose to about 3.08 trillion yuan

On fundamentals, Changxin Technology issued about 66.881 billion shares in this offering, corresponding to an issuance market value of about 579.188 billion yuan. Based on the current stock price of about 46 yuan, the company’s total market capitalization has risen to about 3.08 trillion yuan.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

900

Disclaimer:

The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.

Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.