Changxin Price Benchmarking in the Last Minute Before Market Open, TradeXYZ Narrowed the Price to Within 3%

Today, Changxin Technology opened on the STAR Market at ¥49.5, with a market capitalization of approximately ¥3.3 trillion. In the first minute of trading, the CXMT perpetual contract on TradeXYZ was priced at ¥48.11, resulting in a 3% difference.

An on-chain market running 12 days in advance almost pinpointed the spot price at the open.

Final Fifteen Minutes

The CXMT perpetual contract opened at $5 and surged to $8.09 nine hours later, then retraced all the way back to $6.01. On the eve of listing, the contract price was still at $6.44, equivalent to ¥43.6, about 12% away from the next day's opening price.

The real price convergence occurred after the exchange released the opening call auction indicative price. In the final 15 minutes before the open, the contract saw a trading volume of $14 million, quickly rising to $7.11, equivalent to ¥48.11. Changxin Technology's spot stock opened at ¥49.5. During the morning trading session, the gap between the perpetual contract and the spot price further narrowed to about 1%.

These were not a few small trades in low liquidity that happened to guess the opening price correctly. Before the open, the CXMT perpetual contract accumulated $178 million in trading volume, with a total of 7,144 wallets participating, and the open interest in this market nearly tripled to $77 million in the last week.

The price went through sharp rises, retracements, and last-minute repricing as the market continually corrected the answer with real money.

Pricing Exceeds Team's Expectations

Following the results announcement, tradexyz founder shoku stated that the price discovery experiment for CXMT was "better than expected." Team member @0xmev later mentioned that the opening trading price almost perfectly matched expectations, saying, "Even I was very surprised."

However, the precise opening pricing did not eliminate trader disagreements on Changxin Technology's stock price.

Data compiled by Allium showed that before the open, 91% of wallets with a profitable record in the CXMT market were short, with two large wallets holding a combined $16.8 million in short positions. After the opening surge, the group of addresses on Hyperliquid that profited over $100,000 continued to increase their short positions from $24.2 million to $25.7 million, with the top five CXMT holdings all choosing to add to their short positions against the trend.