Crypto Derivatives Let Investors Bypass AI Stock Controls
Chinese investors are using crypto perpetual futures to bet on the price of AI stocks that are locked down by governments on both sides of the Pacific. The latest example is ChangXin Memory Technologies (CXMT), which listed on Shanghai's STAR Market at $1.28 per share in July 2026, but a perpetual futures contract on Hyperliquid shot up to $8.64 - a 526% premium above the IPO price.
The trend has been building all year, with global investors shut out of Chinese A-share IPOs turning to crypto platforms like Trade.xyz and Hyperliquid. The contracts trade 24/7, settle in USDT, and don't require a brokerage account in any particular country.
Beijing's crackdown on cross-border securities trading is making crypto workarounds more appealing, as investors seek ways to bypass restrictions. However, this creates a feedback loop where more restrictions push demand toward unregulated crypto venues, attracting larger traders and deeper liquidity.