Binance Prepares to Launch CXMT Contract Amid IPO Frenzy

China's Changxin Memory Technology (CXMT) is expanding its influence among crypto traders as Binance prepares to launch a contract based on the A-list stock.

Following an $8.6 billion IPO, CXMT trading heated up on Hyperliquid, with the company's shares reaching a new peak above $9 and breaking records on both traditional and decentralized markets.

The listing of CXMT follows the earlier expansion of contracts by Binance Futures, which added SK Hynix and Samsung Electronics in August. Binance will offer its contract settled in USDT, unlike decentralized futures, and capping the funding rate at -2% to 2% to avoid expensive positions.

CXMT gained attention after a 10% rally on Monday, with the shares reaching a new peak above $9 and breaking records on both traditional and decentralized markets. The company is now valued at over 4 billion yuan, or over $594 million.