The Rollup(@therollupco):"IPO markets are broken. Onchain price discovery is not." Andy on what the CXMT case actually demonstrates: "CXMT IPO priced at $1.28/share. Hyperliquid pre-IPO perp trading at 6.25x that. SpaceX already proved the pattern, the public listing teleported to the Hyperliquid perp price." "Chinese IPO market is just the fullest expression of the US insider-underpricing dynamic. Onchain price discovery works. IPO market pricing doesn't. At some point, they're not gonna be able to get away with this anymore." "This is a big win for Hyperliquid, and another showing as to how broken global IPO markets are just broken."

2026.07.15 19:54

"IPO markets are broken. Onchain price discovery is not." Andy on what the CXMT case actually demonstrates: "CXMT IPO priced at $1.28/share. Hyperliquid pre-IPO perp trading at 6.25x that. SpaceX already proved the pattern, the public listing teleported to the Hyperliquid perp price." "Chinese IPO market is just the fullest expression of the US insider-underpricing dynamic. Onchain price discovery works. IPO market pricing doesn't. At some point, they're not gonna be able to get away with this anymore." "This is a big win for Hyperliquid, and another showing as to how broken global IPO markets are just broken."