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Binance, the world’s largest crypto exchange by trading volume, will list Aerodrome Finance (AERO) at 19:00 UTC+8 on July 17, opening AERO/USDT, AERO/USDC and AERO/TRY spot trading pairs. Deposits will open one hour later, while withdrawals are expected to open at 19:00 UTC+8 on July 18. Aerodrome is Base’s central decentralized liquidity hub, and AERO is used to reward liquidity providers and participate in the protocol’s vote-lock governance system. Binance will apply its Seed Tag to AERO.

A wallet suspected to be linked to a16z sold 105,400 HYPE worth about USD 6.48 million at an average price of USD 61.49, according to HyperInsight. Another 190,000 HYPE was transferred through aggregation routes tied to exchanges including Bybit, though it remains unclear whether the tokens were fully sold. The address moved a total of 315,000 HYPE during the day and now holds about 45,100 HYPE on HyperEVM. HYPE was trading near USD 58.99, down 9.72% over the past 24 hours after falling as low as USD 58.89.

Tom Lee: S&P 500 Could Top 8,000 by Year-End
BitMine Chairman Tom Lee said in a July 14 CNBC interview that the S&P 500 could rise above 8,000 by year-end, as the AI story remains intact. He described a possible three-phase market: the S&P 500 could first reach 7,700, then see a normal 10% to 15% pullback, before rallying above 8,000 by year-end.
On gold and silver's recent weakness, Lee said long-term holders may be taking profits after strong gains, as both assets had outperformed their store-of-value role and became risk-on assets.

Laut SoSoValue-Daten verzeichneten US-Spot-Bitcoin-ETFs am 16. Juli insgesamt netto Zuflüsse in Höhe von 79,15 Millionen USD, angeführt von BlackRocks IBIT mit 33,44 Millionen USD. Spot-Ethereum-ETFs verzeichneten insgesamt netto Abflüsse in Höhe von 28,04 Millionen USD, obwohl Bitwises ETHW den größten Tageszufluss mit 2,28 Millionen USD meldete. BlackRock ist der weltweit größte Vermögensverwalter, während Bitwise eine führende auf Krypto fokussierte Vermögensverwaltungsfirma ist.

Crypto trader Ansem said token buybacks do not necessarily provide lasting support for valuations, pointing to the sharp gap between Hyperliquid and Pump.fun. The two platforms generate about USD 800 million and USD 440 million in annualized revenue, respectively, and both use part of their profits to repurchase tokens, yet HYPE carries a fully diluted valuation of roughly USD 65 billion versus about USD 1.4 billion for PUMP. Ansem arguing that Hyperliquid consistently rewards core users while Pump.fun’s still-unfulfilled airdrop promise has weakened its “trust premium.”

Between June 11 and July 13, about 1.389 billion USDT was traded on Binance’s peer-to-peer market in Venezuela, averaging roughly USD 44 million a day. Ecoanalítica, a Venezuelan economic research firm, estimated that the volume was equivalent to about 75% of the country’s monthly oil exports and represented a significant share of the central bank’s foreign-currency supply in June. USDT’s local over-the-counter price has risen to about 840 bolivars, roughly 15.5% above the official exchange rate.

Fed Chair: We're Not Bailing Out Anybody, Including Crypto
Federal Reserve Chair Kevin Warsh said at a July 14 hearing of the U.S. House Financial Services Committee that the Fed does not want to be in the bailout business, and hopes reforms can reduce extreme risks so the financial system is not in a position where anyone needs to be bailed out, including the crypto industry.
However, when pressed on whether the Fed would provide support if stablecoins or the crypto market faced a run, Warsh did not make a clear commitment that there would be no bailout under any circumstances.

Citadel Securities has invested $400 million in Crypto com at a $20 billion valuation, marking the crypto exchange’s first institutional funding round. Crypto com said the capital is expected to accelerate its expansion across asset classes, including tokenized securities and derivatives.

Bloomberg ETF analyst Eric Balchunas said T. Rowe Price’s actively managed crypto ETF TKNZ launched today as the first multi-token actively managed spot ETF, with a 0.75% fee and approximately $15 million in initial assets. Its opening portfolio allocates 40.75% to BTC, 18.42% to ETH, 11.01% to BNB, 9.44% to SOL, 9.37% to XRP, 6.45% to HYPE, 3.00% to XLM and 1.28% to DOGE, with USDC and cash accounting for 0.16% and 0.11%, respectively. The fund is underweight BTC and overweight most other tokens, particularly HYPE.

Arkham data shows that Bitcoin’s pseudonymous creator Satoshi Nakamoto holds approximately 1.096 million BTC worth around $71 billion, making Satoshi the largest Bitcoin-holding entity. Coinbase ranks second with roughly 981,000 BTC, followed by Strategy with 844,000 BTC, BlackRock with 732,000 BTC and Binance with 675,000 BTC. The U.S. government holds approximately 325,000 BTC, largely obtained through asset seizures. By individual wallet address, the two largest Bitcoin wallets are both Binance cold wallets, holding approximately 249,000 BTC and 181,000 BTC, respectively.

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 transaction prices are primarily determined by supply and demand on Hyperliquid’s onchain order book. Because no tradable spot asset exists before listing, the contract price does not have to remain close to the RMB 8.66 IPO price.
An internal oracle, mark price, reduced funding rate and 20% Discovery Bound control volatility and determine P&L and liquidations. The bound can be repeatedly re-anchored, so the price is not permanently confined to within 20% of the initial reference. Once CXMT begins trading and sufficient market data becomes available, the contract is expected to convert into a standard equity perpetual using the USD-converted A-share price as its oracle. A material price gap during the transition could cause abrupt P&L changes or liquidations.

Polygon Labs-CEO Marc Boiron sagte, das Unternehmen befinde sich in der Endphase der Übernahme von Coinme und der Integration seines Teams. Um die Profitabilität im Jahr 2027 zu erreichen, stellt Polygon Labs von einer Blockchain-Stiftung auf ein Unternehmen für Blockchain-Zahlungen um. Boiron sagte, die Entlassungen seien durch die strategische Neuausrichtung des Unternehmens bedingt, nicht durch die Leistung der Mitarbeitenden. Polygon Labs fügte hinzu, dass betroffene Mitarbeitende Abfindungspakete sowie Unterstützung bei der beruflichen Neuplatzierung erhalten werden.

Morpho principal engineer Julien said app morpho org and api morpho org experienced a partial outage about three hours ago, likely due to an issue with AWS CloudFront. All Morpho services have since been restored and are operating normally. YEET co-founder Mando also said the project's website is offline due to the same AWS CloudFront outage, stressing that the incident has no impact on user assets or funds. The team is actively working on a fix and expects services to resume shortly.

Editor | Wu Blockchain
TL;DR:
● Not a stock: CXMT is a Pre-IPO perpetual deployed by Trade.xyz through HIP-3. It tracks the expected USD value of one A-share of ChangXin Memory Technologies but provides no stock ownership, IPO allocation rights, dividends, or voting rights.
● Order book-driven pricing: Trade.xyz manually set the initial reference price at $5. Subsequent transaction prices are primarily determined by supply and demand on Hyperliquid’s onchain order book. Because no tradable spot asset exists before the listing, the contract price does not have to remain close to the RMB 8.66 IPO price.
● Multiple mechanisms control volatility: The internal oracle is updated using a 30-minute EWMA based on the order book’s impact price. The mark price combines the oracle, a 150-second EMA of price deviations, and order book data, and is used to calculate P&L and liquidations.
● Dynamic price discovery bounds: CXMT has a 20% Discovery Bound at each level and permits up to seven re-anchors in each direction. Its price therefore moved through $6, $7.20, and $8.64, rather than remaining permanently confined to within 20% of the initial $5 reference price.
● External pricing takes over after listing: Once ChangXin Memory Technologies goes public and sufficient market data becomes available, the contract is expected to convert into a standard equity perpetual, with the oracle using the RMB-denominated A-share price converted into USD. A price gap during the transition could cause abrupt changes in P&L or trigger liquidations.
Although ChangXin Memory Technologies has not yet officially debuted on the STAR Market, a “share price” that can trade 24 hours a day has already appeared on Hyperliquid.
On July 14, Trade.xyz launched a Pre-IPO perpetual for ChangXin Memory Technologies through Hyperliquid’s HIP-3 framework under the ticker xyz:CXMT. The contract began with an initial reference price of $5, supports up to 5x leverage, and is settled in USDC.
After launch, the price moved through $6, $7.20, and $8.64. As of 02:13 UTC on July 16, Hyperliquid’s onchain data showed a CXMT mark price of approximately $7.37, 24-hour trading volume of around $50.56 million, and open interest with a notional value of approximately $23.07 million.
Meanwhile, ChangXin Memory Technologies has set its A-share IPO price at RMB 8.66 per share, implying an IPO valuation of RMB 579.18 billion, and is expected to list on July 27. At an exchange rate of approximately RMB 6.77 per USD, the $7.37 contract price on Hyperliquid is equivalent to around RMB 49.90 per share, or approximately 5.76 times the IPO price. Based on approximately 66.88 billion shares outstanding after the offering, this corresponds to an implied market capitalization of around RMB 3.34 trillion. Reuters reported that some investors expect the company’s post-listing valuation to fall between RMB 3 trillion and RMB 5 trillion.
However, the $7.37 price is not the actual share price of ChangXin Memory Technologies, nor is it a valuation retrieved by Trade.xyz from a private market database. It is the price of a derivative generated through a combination of order book activity, an internal oracle, a mark price, funding rates, and price discovery bounds.
A Contract on a Future Share Price
According to Trade.xyz, a Pre-IPO Perpetual, or IPOP, is a cash-settled linear perpetual contract designed to reflect the market’s expectations for the value of a company’s public equity after listing.
The CXMT contract specifically tracks the USD value of one ordinary A-share of ChangXin Memory Technologies, rather than the company’s total market capitalization. After the IPO, the oracle will convert the company’s RMB-denominated A-share price into USD at the prevailing exchange rate.
Holding a CXMT contract does not mean owning shares in ChangXin Memory Technologies. Traders receive no IPO allocation, dividends, voting rights, or ability to exchange the contract for actual shares after the listing. Long and short positions are simply trading their respective views on the company’s future public market price.
Therefore, Hyperliquid is not trading “what ChangXin Memory Technologies is worth today.” It is trading “what participants in this contract believe one share of ChangXin Memory Technologies may be worth after listing.”
Hyperliquid Provides the Trading System, While Trade.xyz Defines the Market Rules
CXMT was not listed directly by the Hyperliquid core team. It was deployed by Trade.xyz through HIP-3.
HIP-3 allows third-party builders to establish their own perpetual markets on HyperCore. HyperCore handles the onchain order book, trade matching, margining, liquidations, and settlement. The deployer is responsible for selecting the underlying asset, defining the oracle methodology, setting leverage limits and risk parameters, and executing conversion or settlement when necessary.
In other words, the system has two layers of responsibility:
ComponentPrimary PartyFunctionLimit orders and trade matchingHyperCoreDetermines the actual prices at which traders buy and sellInitial reference price and contract parametersTrade.xyzDefines where the market begins and how it can operateInternal oracle and some mark price inputsTrade.xyz RelayerConverts order book information into funding and liquidation reference pricesMargining and liquidation executionHyperCoreManages position risk based on the mark price
Although trades and settlement are processed through a fully onchain order book, the pricing methodology and oracle updates still depend on Trade.xyz’s market design and Relayer.
The First $5 Was Not Discovered by the Market
Every price discovery process needs a starting point.
According to the CXMT contract specifications, Trade.xyz set the initial reference price at $5. The official documentation describes this as a “discretionary reference price” and explicitly states that it is not a forecast of the IPO price, opening price, or post-listing market price.
Trade.xyz has not disclosed whether the $5 reference was based on a specific funding round, valuation model, or institutional quote.
CXMT pricing therefore did not begin from zero through entirely free market discovery. Trade.xyz first established an artificial point of reference, after which the order book began trading around that starting point.
This is the first step in understanding the mechanism: the initial price comes from the deployer, while subsequent prices are primarily generated by traders.
Actual Transaction Prices Are Determined by the Order Book
Once the market went live, traders and market makers were able to submit buy and sell orders to HyperCore’s central limit order book. Orders are matched according to price-time priority.
If buyers are willing to pay higher prices while sellers refuse to sell at the current price, the transaction price rises, and vice versa. Before the company is listed, there is no continuously traded public share price that can serve as an external reference. As a result, no external oracle forces the CXMT contract to remain close to the RMB 8.66 IPO price.
This differs significantly from an ordinary cryptocurrency perpetual. If a BTC perpetual deviates from the BTC spot price across major exchanges, arbitrageurs can buy one market and sell the other, pushing the two prices back toward convergence. Before the CXMT listing, there is no freely tradable spot asset and no actual share that can be delivered into the contract, making the same type of arbitrage impossible.
The CXMT contract can therefore remain above or below the IPO price for an extended period. Its price reflects the expectations of order book participants, rather than a value that can be verified through spot arbitrage.
Why Did the Price Move Through $6, $7.20, and $8.64?
CXMT has a 20% Discovery Bound.
With an initial reference price of $5, the mark price can initially move only between $4 and $6. When sustained buying pressure pushes the internal oracle close to the upper bound, the system can re-anchor the reference price at $6, creating a new trading range of $4.80 to $7.20.
If the price continues to rise, the reference price can be moved again to $7.20, producing a new upper bound of $8.64.
The progression can be expressed as follows:
First upper bound: $5 × 1.2 = $6
Second upper bound: $6 × 1.2 = $7.20
Third upper bound: $7.20 × 1.2 = $8.64
CXMT permits up to seven re-anchors in each direction. Therefore, the 20% figure represents the instantaneous range around the current reference price, rather than a permanent limit of 20% above or below the initial $5 reference price.
This also explains the staircase pattern visible during the contract’s early trading. The $6, $7.20, and $8.64 levels were not three naturally formed technical resistance levels. They were price boundaries calculated directly from the contract’s parameters.
This design can reduce the risk of a newly launched market being pushed sharply higher or lower by a single trade. However, it also shapes the price discovery process. When the market reaches a boundary, the chart does not necessarily show that supply and demand have reached a natural equilibrium. It may simply indicate that the price has temporarily reached a system-imposed limit.
The Oracle Is Not the Latest Transaction Price
Because CXMT has no external public share price before listing, it uses Trade.xyz’s internal oracle.
According to Trade.xyz’s documentation, the system first calculates the order book’s impact bid price and impact ask price. These represent the average execution prices for trading a configured notional amount against the bid and ask sides of the order book.
The system does not directly use the best bid, best ask, or latest transaction price. Instead, it evaluates whether the executable order book sits above or below the current oracle:
If executable bid prices are above the oracle, the internal oracle gradually moves upward.
If executable ask prices are below the oracle, the internal oracle gradually moves downward.
If the oracle remains between the bid and ask sides, the adjustment may be zero.
The system then smooths these changes using a continuous-time exponentially weighted moving average with a 30-minute time constant.
This means that the transaction price can rise rapidly while the oracle does not immediately move by the same amount. The oracle catches up only if higher bids and asks remain in the order book. Compared with using the latest transaction price directly, this approach makes it more difficult for a single small and abnormal trade to move the oracle.
However, it also means that the oracle is not an independent measure of “fair value.” It is a lagged and smoothed version of the market’s own order book price.
The Mark Price Determines Liquidations but Is Not the Transaction Price
In addition to the transaction price and oracle price, the system uses a mark price to calculate unrealized P&L, margin requirements, and liquidations.
According to Trade.xyz, the mark price is the median of three components:
1.The internal oracle price.
2.The oracle price plus a 150-second EMA of the difference between the perpetual’s mid-price and the oracle.
3.The median of the best bid, best ask, and latest transaction price.
Taking the median of these three components reduces the likelihood that a single abnormal input will directly trigger liquidations. Relayer updates are also limited to within 0.5% of the current value per update, slowing sudden price movements.
The CXMT market therefore contains several different types of prices:
PricePrimary FunctionTransaction priceThe actual price at which traders buy or sellOracle priceThe funding reference and an input to the mark priceMark priceUsed to calculate unrealized P&L, margin, and liquidationsIPO priceThe offering price of the actual shares, which does not directly constrain the pre-listing contract
When people say that “CXMT rose above $8,” they are usually referring to either the transaction price or the mark price displayed by the interface. The two may not be identical during periods of sharp volatility.
Funding Provides Damping Rather Than an External Price Anchor
Ordinary perpetual contracts use funding rates to keep contract prices close to spot prices. Before the CXMT listing, however, there is no spot market. The funding rate can only compare the contract price with the internal oracle.
Trade.xyz set the IPOP funding rate multiplier at 0.005, while standard XYZ equity perpetuals use a multiplier of 0.5. In other words, the funding rate applied to Pre-IPO contracts is approximately 1% of that applied to standard XYZ contracts.
Funding is still exchanged between long and short positions every hour, but its effect is substantially reduced. This is mainly because the internal oracle is derived from the same order book. If funding were too aggressive, traders holding directional positions while waiting for an IPO could accumulate significant funding costs.
A low funding rate allows traders to maintain their views on the listing price for longer. The trade-off is that the contract lacks a strong external anchor. Funding can dampen short-term deviations between the contract and the internal oracle, but it cannot determine whether ChangXin Memory Technologies should be worth RMB 500 billion or RMB 3 trillion.
External Share Prices Take Over After the Listing
Once ChangXin Memory Technologies begins regular trading on the STAR Market and sufficient external data becomes available, CXMT is expected to convert into a standard equity perpetual.
At that point, the oracle will use the company’s RMB-denominated A-share price and convert it into USD at the prevailing exchange rate. The funding rate multiplier will also increase from 0.005 to the 0.5 multiplier used by standard XYZ equity perpetuals.
This transition may represent the contract’s real test.
If the public share price is close to the onchain contract price, the internal and external oracles may connect relatively smoothly. If the two prices differ materially, the transition could cause a sudden change in the mark price, resulting in immediate P&L changes or even liquidations for positions close to their maintenance margin requirements.
Trade.xyz has set July 27 as CXMT’s anticipated listing date, with a grace period extending no later than September 25. If the listing is delayed for an extended period or cancelled, the contract may, by default, settle using the full-life TWAP from launch through settlement. However, Trade.xyz may apply an alternative settlement methodology in the event of an acquisition, a material adverse event, or other extraordinary circumstances.
Does This Form of Price Discovery Actually Matter?
Trade.xyz’s earlier Cerebras Pre-IPO contract provides one relatively successful example.
According to Talos, the Cerebras contract recorded a VWAP of approximately $354.54 during the final hour before the Nasdaq opening print, compared with an actual opening price of $350, a difference of around 1.3%. Its IPO price, however, was only $185.
This suggests that the contract was more effective at anticipating the public market opening price than tracking the underwriter-determined IPO price.
However, a single case is not enough to demonstrate that the mechanism can consistently and accurately price every company before listing.
The CXMT market faces several particular limitations.
First, there is no direct arbitrage between the actual shares and the contract before listing, allowing mispricing to persist. Second, onchain participants do not represent the entire capital market, and the price may be influenced by a small number of large accounts, the risk preferences of crypto traders, and the market’s liquidity structure. Third, Discovery Bounds mechanically shape short-term price movements, meaning that staircase-like breakouts are not entirely the result of natural supply and demand. Finally, Trade.xyz is responsible for the initial reference price, contract parameters, and the calculation and submission of oracle inputs, creating additional deployer and operational risks.
The CXMT price on Hyperliquid is therefore better understood as a public, continuous expectation indicator backed by real capital, rather than a definitive forecast of the company’s post-listing share price.
Conclusion
Hyperliquid did not calculate the share price of an unlisted company out of thin air.
More precisely, Trade.xyz first established a $5 initial reference price and a set of market rules. Traders then expressed actual buying and selling interest through the onchain order book. The internal oracle smoothed the order book’s impact price into a funding reference, the mark price governed margining and liquidations, and the Discovery Bound limited how quickly the price could move. After the actual shares begin trading, the external A-share price is expected to take over as the oracle reference.
The formation of a Pre-IPO “share price” on Hyperliquid can therefore be summarized as follows:
A manually defined starting point + order book supply and demand + internal oracle smoothing + funding rate damping + price discovery bounds.
It is not the actual share price of ChangXin Memory Technologies, nor is it a simple conversion of the IPO price. It is a collective wager, backed by real capital, on the future public market price by a specific group of market participants.
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South Korean retail investors lost an estimated KRW 2.15 trillion, or about USD 1.45 billion, from leveraged trading over the past month, with investors in their 20s and 30s accounting for 62% of forced-liquidation accounts. By July 13, margin calls had been triggered across roughly 1.2 million retail leverage accounts, while an estimated 320,000 to 460,000 accounts were fully liquidated by brokerages. The Korea Financial Investment Association, the country’s main securities industry trade body, reported KRW 451.9 billion in actual forced sales caused by unsettled trades between July 1 and July 13.

Die Bank von Korea hat ihren Leitzins um 25 Basispunkte auf 2,75% angehoben, das erste Mal seit Januar 2023. Damit entsprach sie den Markterwartungen nach 36 der 37 von Reuters befragten Ökonomen vorhergesagten Entscheidung. Südkorea gehört zu den aktivsten Retail-Krypto-Märkten der Welt, und der Wechsel von expansiver Geldpolitik zu strafferen Maßnahmen könnte die spekulative Nachfrage nach Krypto und anderen risikoreichen Vermögenswerten weiter abkühlen. Dadurch wäre der Markt stärker von globaler Liquidität und institutionellem Kapital abhängig.

Die größte Börse Südkoreas Upbit hat die Notelistung des Tottenham Hotspur Fan Token (SPURS/BTC) angekündigt. Die zweitgrößte Börse des Landes, Bithumb, wird Gracy (GRACY), Tottenham Hotspur Fan Token (SPURS), ZTX (ZTX), WIKEN (WIKEN) und Step App (FITFI) von der Liste nehmen. Beide Börsen gaben an, dass die Löschungen auf den Ergebnissen ihrer laufenden Projektüberprüfungen basieren.

Laut SoSoValue-Daten verzeichneten US-amerikanische Spot-Bitcoin-ETFs am 15. Juli insgesamt Nettomittelzuflüsse in Höhe von 108 Millionen USD; BlackRocks IBIT meldete dabei den größten Einzeltageszufluss mit 80,82 Millionen USD. Spot-Ethereum-ETFs zogen 53,83 Millionen USD an, angeführt von BlackRocks ETHA mit 45,29 Millionen USD an Nettomittelzuflüssen. BlackRock ist der weltweit größte Vermögensverwalter und betreibt den größten US-amerikanischen Spot-Bitcoin-ETF nach Vermögenswerten.

Der US-Senat hat einstimmig eine nicht bindende Resolution verabschiedet, in der festgehalten wird, dass FTX-Gründer Sam Bankman-Fried unter keinen Umständen eine Begnadigung durch den Präsidenten, eine Strafaussetzung (Strafkommutation) oder irgendeine andere Form bundesstaatlichen Gnadenrechts erhalten soll. Die Vorlage wurde mit einstimmiger Zustimmung ohne Einwände angenommen. Bankman-Fried gründete FTX, das einst zu den weltweit größten Krypto-Börsen zählte, bevor es 2022 zusammenbrach, und verbüßt derzeit eine 25-jährige Haftstrafe, nachdem er wegen sieben Betrugs- und Verschwörungsanklagen verurteilt worden war. Die Resolution folgt auf seine Bemühungen, um Gnade zu ersuchen, und kommt, nachdem Präsident Donald Trump Binance-Gründer Changpeng Zhao sowie den Silk-Road-Gründer Ross Ulbricht begnadigt hatte.