China’s CXMT gets Binance listing as traders chase IPO gains

Changxin Memory Technology (CXMT) is set to expand its influence for crypto traders, as Binance prepares to launch a contract based on the A-list stock. After an $8.6B IPO, CXMT trading heated up on Hyperliquid. 

Changxin Memory Technology will start trading on Binance from August 18 onward, with a contract settled in USDT. CXMT is the most prominent stock contract from the latest wave of equity offers on Binance Futures.

The listing of CXMT follows the earlier expansion of contracts, where Binance Futures also added SK Hynix and Samsung Electronics. In August, Binance Futures accelerated the listing of equities contracts, aiming to compensate for the lost volumes from weak crypto trading.  

Unlike decentralized futures on CXMT, Binance will offer its contract in a form backed by the underlying assets. The funding rate will also be capped at -2% to 2%, avoiding the issue of holding expensive positions. Funding fee settlement will be scheduled every 8 hours. 

As Cryptopolitan reported, CXMT launched in a high-profile IPO on the Shanghai Stock Exchange. The stock turned into an immediate hit for decentralized traders, who immediately traded the opportunity for fast post-IPO gains. 

… Continue reading the full article at the original source below.