A whale was liquidated after shorting Changxin Memory contracts.

Today, SK Hynix led a sharp rebound in South Korea’s stock market. Bitget’s market data shows SK Hynix is currently up 12.49%. However, funding rate data from trade.xyz indicates investors may be actively shorting the stock: the annualized funding rate for SK Hynix on South Korea’s stock market stands at -55.37%, with a 24-hour trading volume of $1.36 billion and open interest of $492 million. For SK Hynix’s US-listed ADRs, the annualized funding rate is -63%, alongside a 24-hour trading volume of $413 million and open interest of $130 million.

On trade.xyz, the contract price of Changxin Technology (CXMT) has plunged sharply, falling more than 11% in the past hour to a current level of $7.6. During the same period, CXMT’s trading volume surged to $11.16 million, while open interest reached $9.15 million.

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According to trade.xyz market data, the CXMT (Changxin Technology) contract on the platform surged sharply after its price protection mechanism was lifted, now trading at $8.48. Based on the post-IPO total share count of approximately 6.688 billion shares disclosed in the prospectus, its corresponding market capitalization hits 3.8 trillion RMB. Notably, since the price protection mechanism is triggered when the deviation between the underlying asset’s marked price and the oracle price is excessive, the current open interest of this contract amounts to $6.01 million, with a trading volume of $5.13 million.

South Korean President Lee Jae-myung said South Korea’s stock market, after a sharp rally in a short period, needs time to stabilize. Speaking at a policy meeting with senior government officials in Seoul on Wednesday, Lee stated, “South Korea’s domestic stock market is currently quite unstable. Given that the market has seen an unprecedented sharp rally in such a short timeframe, it will take time and a certain level of volatility to stabilize.” Lee acknowledged recent controversies surrounding leveraged ETFs, and urged heads of the Financial Supervisory Service (FSS) and Korea Exchange (KRX) to promptly address the issues and formulate follow-up response measures. Market analysts expect regulators will take steps to curb the impact of such high-risk products on market stability, including potentially raising the minimum margin requirements for investing in leveraged ETFs. South Korea’s largest opposition party, the People Power Party, on Tuesday accused the Lee Jae-myung administration of setting ambitious stock market goals while ignoring accumulating leverage risks, thereby encouraging excessive risk-taking.

Today, trade.xyz, a platform in the Hyperliquid ecosystem, launched contract trading for Changxin Memory Technologies, a popular market asset, making TradFi once again a hot topic in the crypto market. Likely boosted by this news, HYPE’s price started rebounding at 10 o’clock, according to HTX market data, currently trading at $67.254, with a 24-hour increase of 6.52%.