tradeXYZ Launches 10x GigaDevice Perp as Investors Skirt China AI Stock Curbs
Updated
Updated · Financial Times · Jul 26
tradeXYZ Launches 10x GigaDevice Perp as Investors Skirt China AI Stock Curbs
1 articles · Updated · Financial Times · Jul 26
Summary
tradeXYZ this week rolled out a perpetual future on Shanghai-listed GigaDevice Semiconductor with up to 10 times leverage, extending crypto-market access to Chinese chip stocks.
About $19 million of CXMT-linked perps changed hands in the past 24 hours, showing demand for instruments that let investors track mainland AI names without owning the underlying shares.
Those products bypass Beijing’s tightly controlled access routes—mainly Stock Connect and QFII quotas—while also reaching Star Market names such as CXMT, where retail participation requires Rmb500,000 in assets and two years of trading experience.
The contracts are synthetic bets whose prices are expected to converge with listed shares via market data feeds, but that structure is testing regulators; Singapore last month put Hyperliquid, a key CXMT perp venue, on its investor alert list.
The spread of equity-linked perps is blurring crypto and traditional finance, with traders already using similar products for pre-IPO exposure to companies such as SpaceX and OpenAI.