1 week ago
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Key Takeaways
- CXMT perps settle in USDT and convey no shares, dividends or voting rights.
- Gate lists long and short positions from 1x to 10x.
- Direct STAR Market entry requires RMB500,000 (approx. $73,800) in assets and two years of experience.
- About $19m in CXMT perps traded before a roughly RMB66.6bn ($9.8bn) IPO.
According to a Financial Times report, tradeXYZ and Gate launched perpetual futures tied to CXMT, China’s leading domestic DRAM manufacturer, ahead of its July 27 debut on the Shanghai Stock Exchange. Roughly $19 million of CXMT contracts changed hands in one 24-hour window.
Gate’s official product announcement confirms the contract settles in USDT. It tracks changes in CXMT’s expected valuation, and none of the collateral posted to trade it ever reaches the company.
So the exchanges are not widening foreign access to China’s...
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