A whale wallet beginning with 0xddb has stayed long on ZHIPU for 48 days and has not reduced the position, according to TradingBeats, formerly known as Hyperinsight. The address first opened the trade on the evening of July 6, buying 100 contracts at an average price of $198.5 for roughly $19,900. It then kept adding to the position, lifting total holdings to 18,300 contracts while bringing the blended entry price down to $161.3. With ZHIPU now quoted at $131.2, the token is down 33.9% from the whale’s first entry and 18.7% below the average cost basis. TradingBeats data shows the wallet is currently holding a roughly $2.404 million long position on 10x isolated margin. The floating loss stands at about $552,000, with a return rate of around -186.8%. Funding costs have added another $52,500, bringing the total pressure on the position to about $605,000. The monitoring data also shows that the address had not cut the position as of Aug. 24 and had not placed stop-loss or take-profit orders. Based on the current funding rate, the position would incur about $12,800 in additional daily cost under a static calculation, while the liquidation price is estimated at about $63.3.

Crypto exchanges are pushing deeper into equities, turning stocks into one of the clearest product expansion paths in this market cycle. CoinGecko data cited in the report shows monthly stock perpetual volume across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, a jump of nearly 40 times in less than a year. TradFi and RWA perpetuals spanning stocks, commodities and indexes reached $347.17 billion in May 2026 alone, with year-to-date volume above $1.32 trillion. The landscape is no longer limited to synthetic price exposure. Binance, Kraken, OKX, Bitget, Gate, Coinbase and Backpack are each combining different layers of product infrastructure, including direct access to real U.S. stocks and ETFs, tokenized stocks backed 1:1 by underlying securities, onchain-transferable equity tokens, stock perpetuals, CFDs and pre-IPO contracts. Their structures differ in important ways, especially around custody, investor rights, redemption and whether users actually own shares or only gain economic exposure. The report argues that crypto stocks remain early relative to traditional equity markets, with CoinGecko data indicating activity in crypto stock derivatives is still less than 1% of traditional stock market volume. Even so, the segment is moving from a niche RWA experiment toward a core competitive arena for centralized exchanges that want to extend from crypto into broader financial trading.

Crypto stock products are turning into one of the clearest expansion paths for centralized exchanges as they push beyond digital assets and into traditional finance. The competitive set is no longer limited to synthetic price exposure. By 2026, major platforms had rolled out a mix of real stock brokerage, tokenized equities, stock perpetuals, CFDs and pre-IPO products, often inside a single account system. According to CoinGecko figures cited in the source article, monthly trading volume for stock perpetuals across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, an increase of nearly 40 times in less than a year. The article also notes that cumulative stock-perpetual volume in the first five months of 2026 had already surpassed the whole of 2025. On the tokenized spot side, xStocks had logged more than $35 billion in cumulative trading volume by July 2026 and nearly 200,000 holders globally, while expanding beyond U.S. stocks and ETFs into Hong Kong, the U.K., Europe and South Korea. The report reviews how Binance, OKX, Bitget, Gate, Kraken, Coinbase and Backpack approach the market through different legal and product structures. It argues that the category now spans four distinct models: traditional brokerage access to real shares, tokenized securities backed by underlying stocks, total-return or synthetic equity tokens, and stock perpetuals or CFDs that do not require 1:1 share backing. The result is a market that is still early by global equity standards, yet increasingly central to how exchanges compete for the next phase of user growth.

Hong Kong small-cap stocks saw active trading on July 29, with names in capital markets, industrial electronics and financial services posting strong gains, according to Odaily. Gate’s Hong Kong stock gainers list showed Ding Shi Capital (00804) up 73.17% at HK$7.10, Chiho Industrial Electronics (01710) up 20.87% at HK$0.55, and Gaoyu Financial (08221) up 18.68% at HK$2.35. On the same day, Gate opened its Hong Kong stock contract trading event, running from 16:00 on July 29 to 16:00 on Aug. 7, UTC+8. Users who register can receive 5 USDT and join trading challenges tied to ZHIPUUSDT, TENCENTUSDT and XIAOMIUSDT. The platform said participants can earn as much as 240 USDT by completing a first trade, daily check-ins and trading tasks, with a total prize pool of 50,000 USDT. Gate also said its stock trading service now covers U.S., Hong Kong and South Korean equities on a 24/7 basis.

Bitget has added three TradFi Quanto perpetual contracts tied to Tencent (TENCENT), Zhipu AI (ZHIPU), and Xiaomi (XIAOMI), according to an official announcement cited by Odaily. The contracts support up to 20x leverage and are available for 24/7 trading. Bitget said the TradFi Quanto perpetual product lets users trade overseas stocks priced in non-U.S. currencies, including Hong Kong stocks, directly with USDT, removing the need to exchange into foreign fiat currencies first. The exchange said the contracts are quoted in Hong Kong dollars, while margin deposits and profit-and-loss settlement are both handled in USDT. According to the announcement, that structure is designed to simplify the trading process and reduce the extra risk created by exchange-rate swings.

Gate has added Quanto perpetual contracts and launched four Hong Kong stock-linked products in its stocks section at 16:30 UTC+8 on July 21, according to an official announcement. The newly listed contracts are TENCENTHKD for Tencent Holdings (00700.HK), ZHIPUHKD for Zhipu (02513.HK), MINIMAXHKD for MINIMAX-W (00100.HK), and XIAOMIHKD for Xiaomi Group (01810.HK). All four products support leverage ranging from 1x to 20x. The exchange said Quanto perpetual contracts quote the underlying asset in local fiat currency, while margin and profit and loss are settled in USDT. That structure allows users to trade overseas stock derivatives priced in local currencies, including Hong Kong equities, without converting funds into HKD in advance. Gate also said the model can reduce the impact of exchange-rate swings on trading returns and make cross-market trading more straightforward for users.

A whale tracked by Hyperinsight closed a basket of eight long positions tied to semiconductor, memory, and related technology names on the morning of July 17, realizing a cumulative loss of about $9.681 million on roughly $17.869 million in notional value. Since those exits, six of the eight names have rebounded from the whale’s closing prices. Based on current levels cited in the monitoring update, the basket would theoretically have reduced its loss by $1.6317 million, or about 17% of the original realized deficit, if the positions had not been closed at that time. The bounce was led by NBIS, up 16.0%, followed by MRVL at 13.0% and CRCL at 12.0%, while memory names MU, SNDK, and SKHX also recovered. Two China-linked names, CXMT and ZHIPU, remained below the whale’s July 17 exit prices. Hyperinsight said the recovery in this stretch was largely concentrated in U.S. and South Korean semiconductor stocks, and stressed that all eight positions still remain well below the whale’s original entry costs, meaning the rebound only changed the depth of the loss rather than bringing the basket back to breakeven.

ZHIPU staged a sharp rebound on Hyperliquid on July 21, climbing to as high as $149.52 from the day’s low for a 31.1% move before easing to $146.71 at publication, according to monitoring data from Hyperinsight. The move came after a period of sustained weakness in the stock, which had fallen by half from its post-placement level following Zhihu’s July 13 placement of 19.78 million new H shares and renewed concern over competition in China’s large-model sector after Moonshot AI released the open-source 2.8-trillion-parameter Kimi K3 model on July 17. During the rebound, a wallet starting with 0x52e6 opened short positions against the move, beginning when the price had recovered about 12% from the low and adding from $127.5 to $143.2. The trader now holds an isolated 5x ZHIPU short worth about $198,700, with a liquidation price near $163.83, an unrealized loss of roughly $14,100, and a return of about -38.1%. Hyperinsight data also showed that all seven new ZHIPU positions larger than $50,000 opened over the past two to three hours were shorts. Together they amounted to about $953,200 in open interest and were collectively sitting on roughly $70,800 in unrealized losses.