walter

cofounder @hypergambitx || 🎓 @gauntlet_xyz

[walter @ringwraith10]

https://t.co/h5gf505fQ2

[walter @ringwraith10]

@strictrope surviving leopold >> hitting a 20x

[illiquidity providooooor @skyquake_1]

i think $000660 was manipulated by bad actors taking advantage of MM's using HL's oracle/exchange data feeds

The 1st trade at KRW 1.272m/~US$870 was obviously a bad price.

If its a true surprise, one would HL price to spike down, and poss trade through due to liqs (eg crude)

[walter @ringwraith10]

@0xKNL__ think needs 2.6m to hit the 1.2 start

[walter @ringwraith10]

@tradexyz behind every great product are great values

onwards and upwards

[trade.xyz @tradexyz]

On July 27 at 23:01 UTC, SKHYNIX mark price dropped from $1,127.9 to $917.25. This print was based on an executed trade which was relayed by multiple independent data providers. The XYZ oracle was live in external pricing and tracking that venue, which serves as the primary Korean pre-market venue. The oracle system worked as intended according to its specification.

While the system performed as designed, users are understandably upset about liquidations that were triggered. Market integrity is among Trade[XYZ]'s core values, and we understand the trust of our users has been, and will continue to be, earned.

With these values in mind, we have decided to cover liquidation losses attributable to this anomaly. Eligibility requirements will be conveyed soon, and distributions are anticipated to be completed in the coming days. This is a one-time discretionary decision and is not a guarantee of similar future action.

Going forward, our pricing systems will be further improved to handle tail events. We are accelerating our review of how prices are formed, including revisiting assumptions on external venues, and taking into consideration the price formation which occurs on our own orderbooks, which carry increasingly meaningful depth and signal in relation to external sources.

We will share further information soon.

[walter @ringwraith10]

@NAccount32629 capitulation

[walter @ringwraith10]

think the hynix earnings "miss" is the straw that breaks the camel's back for most ppl

so this would be a clear yes if there wasn't FOMC tomorrow -- but perhaps warsh gasses this ridiculous recovery more

[strictrope @strictrope]

Bottom? 😭😭

[walter @ringwraith10]

@avotoast think you bottomed it lol

[walter @ringwraith10]

@MuyaoShen t+0 sell restriction for those that bought intraday dip

[walter @ringwraith10]

@TechFlowPost 校服 lol

[walter @ringwraith10]

ah this funding is the cost of the t+0 conundrum

[walter @ringwraith10]

ah interesting looks like I completely wrongsided this one

xyz:CXMT is trading 3-5% below shanghai

demand to hedge and short is way bigger at $7 -- universal across both foreign and local traders [cannot short on shanghai]

[walter @ringwraith10]

长鑫 perp 的 funding 很可能会挺高的，主要是因为长鑫股票很难直接买到

[1] 上海本地且熟悉 HL 的投资者，如果以 1.28 美元拿到了 CXMT 的配售，大概率会用 perp 做对冲

[2] CXMT 尚未纳入沪股通，因此对海外投资者来说，perp 几乎是获取长鑫敞口的唯一渠道

我认为 [2] 的影响会大于 [1]

目前有几个可以间接参考的案例，但都不完全具有可比性：

兆易创新不太具可比性，因为海外投资者可以通过沪股通买入 https://t.co/bTOO4Rn4Ai，而且 perp 需求仍在形成。

海力士 perp 相对 000660.KS，此前连续几个月的平均 premium 约为 50 bps，直到最近才开始收敛。

[walter @ringwraith10]

@Boywus funding 就是解决t+0 的价格

[walter @ringwraith10]

@ai_9684xtpa 这买空真的是太贵了

[walter @ringwraith10]

@_FORAB HL 是唯一的平台可以买空

[walter @ringwraith10]

@aleabitoreddit get paid to long on hl

[walter @ringwraith10]

chinese twitter is popping ahead of the cxmt IPO as people compare hynix and changxin

--> and so are all the auto translations for hynix

I too am big shorting hercules tn for the funding

[walter @ringwraith10]

@0xcarlisle @eltoniselton @AlliumLabs i gotta check it out

[walter @ringwraith10]

长鑫 perp 的 funding 很可能会挺高的，主要是因为长鑫股票很难直接买到

[1] 上海本地且熟悉 HL 的投资者，如果以 1.28 美元拿到了 CXMT 的配售，大概率会用 perp 做对冲

[2] CXMT 尚未纳入沪股通，因此对海外投资者来说，perp 几乎是获取长鑫敞口的唯一渠道

我认为 [2] 的影响会大于 [1]

目前有几个可以间接参考的案例，但都不完全具有可比性：

兆易创新不太具可比性，因为海外投资者可以通过沪股通买入 https://t.co/bTOO4Rn4Ai，而且 perp 需求仍在形成。

海力士 perp 相对 000660.KS，此前连续几个月的平均 premium 约为 50 bps，直到最近才开始收敛。

[Ai 姨 @ai_9684xtpa]

明日上市！Hyperliquid 长鑫定价面临再考验⚡️

▶︎ 合约价格如何切换为真实交易价格
▶︎ 资金费率会如何变化
▶︎ A 股休市时 HL 价格如何确定
▶︎ A 股的集合竞价和盘中停牌机制是怎样的
▶︎ 当前 OI 规模 / 预期市值如何

5 分钟快速了解 07.27 长鑫上市后 Hyperliquid 相关的热门问题👩‍💻👇

1️⃣ 合约价格如何切换为真实交易价格

Hyperliquid $CXMT 合约价格会在长鑫存储正式于科创板交易后（即九点半后）向交易价格收敛

▶︎ 触发条件：A 股有了足够充分、稳定的外部市场数据后，系统会自动启动转换
▶︎ 切换锚点：由 TradeXYZ 基于自身订单簿生成的内部预言机价格，切换为追踪 A 股真实价格的外部预言机价格，并按实时汇率换算为美元
▶︎ 收敛方式：预言机价格每次更新（约 3 秒一次）的变动幅度不能超过 ±1%，这样即使 PreIPO 阶段的价格与真实价格偏离巨大，也只能渐进式靠拢，当然过程中的清算仍不可避免

2️⃣ 资金费率会如何变化

资金费率乘数将由 PreIPO 阶段的 0.005，恢复为 0.5

上市前为了让交易者能长期持仓等待 IPO，不必承担高昂的资金成本，资金费仅为正常合约的 1%，其调节作用被大大削弱，但正式上市后一切会回归正轨

3️⃣ A 股休市时 HL 价格如何确定

此时 HL $CXMT 价格又会回到「基于自身订单簿生成的内部预言机价格」，相当于一个内盘，这部分在此前的推文中做过详细解释，这里不展开了

尤其需要注意的是，休市时的价格波动仍会受到 Discovery Bound（价格发现边界）机制约束，即每次重新锚定幅度为 ±20%，向上向下至多有 7 次动态调整边界的机会，增加该阶段因为流动性不足导致的价格操纵成本

4️⃣ A 股的集合竞价和盘中停牌机制是怎样的

科创板机制决定了，长鑫上市后前 5 个交易日不设价格涨跌幅限制，但仍存在约束机制

▶︎ 集合竞价：时间为 9:15-9:25，其中 9:15-9:20 可以挂单和撤单，但 9:20-9:25 只能挂单不能撤单
▶︎ 盘中停牌：开盘价确定后，交易过程中首次上涨或下跌达到或超过 30% / 60% 时，会触发临时停牌，每次停 10 分钟，一天最多 4 次

而从第六天起，长鑫就和其他科创板股票一样适用常规的涨跌停规则了

5️⃣ 当前 OI 规模 / 预期市值如何

截止到 07.26 17:40，Hyperliquid CXMT 的 OI 规模为 6390 万美元，合约现价 $6.18，对应人民币价格 41.9，即市值约为 2.80 万亿元，预期超越工商银行的 2.76 万亿市值，剑指 A 股第一股