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Hyperliquid CXMT short seller expands bearish position as post-listing sell orders mount

Hyperliquid CXMT short seller expands bearish position as post-listing sell orders mount

ChangXin Memory Technologies’ Shanghai debut drove heavy Hyperliquid activity, with open interest topping $45 million as a 2.6 million CXMT whale short faced mounting losses and another address posted $24.982 million in sell orders.

HYPE

Fact Check
The Onchain Lens X post directly confirms the claim: a whale deposited 10M USDC (8M + 2M) to Hyperliquid, placed a TWAP order, and holds a 2.128M CXMT short worth ~$13.1M. The Odaily newsflash (503874) independently reports the same figures citing Onchain Lens. Earlier flashes (PANews, BlockBeats, Odaily 503847) show the same wallet at an earlier stage with a smaller short and 2M USDC margin add, consistent with the position expanding over the day. All numeric details in the claim — $10M deposit, ~2.128M CXMT short, ~$13.1M value, TWAP staged sell orders — match the primary source.
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Summary

ChangXin Memory Technologies’ July 27 Shanghai debut triggered intense trading on Hyperliquid’s CXMT market, where open interest exceeded $45 million and first-hours volume reached $234 million as the stock surged roughly 470% to 530%. On-chain monitors said the largest bear, identified by HyperInsight as address 0xf29, expanded a 1x short through successive snapshots from about 2.072 million and 2.128 million CXMT to 2.6 million CXMT at an entry price of $6.4083, while layering 300 buy orders between $2 and $4.5 to close the position. Reported unrealized P&L shifted from early profits to losses of about $1.24 million, $1.533 million, $1.642 million, and later $3.062 million after a cited switch to real trade prices, with about $45,000 in funding paid over two hours and a funding fee multiplier returning to 0.5. HyperInsight also said address 0xdb0 placed 98 sell orders for 1.425 million CXMT between $7.32 and $23, worth about $24.982 million, while a separate $2.39 million CXMT short was forcibly liquidated after the token rose 12.7%, producing a $274,720 loss.

Terms & Concepts
  • open interest: Total value of outstanding derivatives positions.
  • funding fee: A periodic payment between traders in perpetual futures that helps keep contract prices aligned with the spot market.
  • liquidation price: The price at which an exchange would force-close a leveraged position to prevent further losses.