《ChangXin Storage on the Chain? How Are 'Unlisted Company Stock Prices' Generated on Hyperliquid?》 An analysis of the pricing mechanism for ChangXin Technology's Pre-IPO perpetual contract (CXMT) on Hyperliquid. Trade xyz deployed a cash-settled derivative via HIP-3, designed to trade the market's expectations of the dollar value per share after ChangXin goes public. Trade xyz initially set a reference price of $5, which is then shaped by Hyperliquid's on-chain order book supply and demand, internal oracle smoothing, marked price, low-intensity funding rates, and a 20% re-anchor price guardrail. Read the full article: https://(wublock123.com)/articles/on-chain-hyperliquid-unlisted-company-prices-59225