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A live market priced CXMT's 472% IPO pop before Shanghai opened

Wallet-level positioning into a 472% open, with the perp priced before the Shanghai bell.

CXMT opened 472% above its offer price on July 27. A Hyperliquid perpetual had priced most of that gap before the bell, and wallet-level data shows who was positioned going in.

Jul 27, 2026
Tokenized Assets
Tokenized Equities
Perpetuals
Authors
Elton Shehdula, Head of Research, Allium
Elton Shehdula
Head of Research
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Key takeaways

  1. CXMT opened 472% above its issue price on July 27; the Hyperliquid perp got within 3% of the opening price.
  2. The bankers' price was 82% below the open; on listing eve the perp sat within 12% of the coming open.
  3. $178M traded in the perp before Monday's open; 7,144 wallets traded it and 2,195 held a position into listing eve.
  4. Wallets that had made money trading CXMT were 91% short into the open, $16.8M of it in two large wallets.
  5. Allium's smart-money screen wallets held $17.6M short against $0.7M long on listing eve.

Download the full report for the data and charts.

Informational only. Not investment advice.

A live market priced CXMT's 472% IPO pop before Shanghai opened

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