"IPO markets are broken. Onchain price discovery is not." Andy on what the CXMT case actually demonstrates: "CXMT IPO priced at $1.28/share. Hyperliquid pre-IPO perp trading at 6.25x that. SpaceX already proved the pattern, the public listing teleported to the Hyperliquid perp price." "Chinese I
Andy argues that Hyperliquid's pre-IPO perp market accurately prices CXMT shares at 6.25x the IPO price, proving onchain price discovery superior to broken IPO markets.
"IPO markets are broken. Onchain price discovery is not." Andy on what the CXMT case actually demonstrates: "CXMT IPO priced at $1.28/share. Hyperliquid pre-IPO perp trading at 6.25x that. SpaceX already proved the pattern, the public listing teleported to the Hyperliquid perp price." "Chinese I
How Is a Pre-IPO Company's "Share Price" Determined on Hyperliquid? ChangXin Memory Technologies’ CXMT contract on Hyperliquid is a cash-settled Pre-IPO perpetual deployed by Trade[XYZ] through HIP-3, rather than an actual stock. Trade[XYZ] set the initial reference price at $5, while subsequent tr
Hyperliquid sets $5 reference price for CXMT pre-IPO contract, but traders are already pricing it much higher