kumar007

August 19, 2026

China just had its biggest IPO in a decade. Foreigners cannot buy the stock. But crypto traders already owned it.

CXMT, a Chinese memory chip company, listed on Shanghai's Star Market last week and surged 472 percent on day one. Foreigners cannot buy stocks on the Shanghai Stock Exchange. But Hyperliquid had already been offering a perpetual futures contract tracking CXMT for over a week before the IPO. When the listing happened, the crypto contract had priced the company within 2.5 percent of the actual opening valuation. Crypto just beat traditional finance at price discovery for a Chinese stock that traditional finance could not even access. Did you know this was possible? Have you used crypto perpetual futures to get exposure to restricted markets?