Hyperliquid Lists Long-Xin Storage Perpetual Futures at $7.2, Above IPO Pricing of 8.66 Yuan

On July 15, decentralized derivatives platform Hyperliquid launched perpetual futures contracts for Long-Xin Storage (a Chinese chip memory manufacturer) ahead of its Shanghai Stock Exchange IPO on July 16. The contracts were priced at $7.2 per share (approximately 52 yuan), compared to the IPO offering price of 8.66 yuan per share, implying a market valuation of about 3.5 trillion yuan—roughly six times the IPO issuance value of 579.2 billion yuan.

Since launch, the contracts generated $1.32 million in trading volume and $2.41 million in open interest within 24 hours, marking the first time on-chain pre-market futures have targeted a Shanghai Stock Exchange IPO.