Binance Lists CXMT Contract Amid Rising Trading Activity

China's Changxin Memory Technology (CXMT) is set to expand its influence among crypto traders after Binance announced that it will launch a contract based on the A-list stock. The move follows an $8.6 billion IPO, which saw CXMT trading heat up on Hyperliquid.

CXMT will start trading on Binance from August 18 with a contract settled in USDT. This is part of Binance's effort to compensate for lost volumes from weak crypto trading by accelerating the listing of equities contracts.

The Binance contract will be backed by underlying assets, and funding rate will be capped at -2% to 2%, avoiding expensive positions. Funding fee settlement will be scheduled every 8 hours.