Caixin: HyperLiquid Pricing Chinese Assets, Emerging Offshore Exchange Challenges Global Financial Regulation

According to Caixin News, HyperLiquid has been quietly rising in the overseas crypto scene for some time, but the real catalyst that sparked widespread discussion in the domestic market was neither the massive airdrop of HYPE tokens (referring to projects distributing tokens to users for free to promote initiatives or reward early supporters) nor the crude oil contracts ignited by Iran's geopolitical conflicts in February 2026, but rather the contracts involving the Chinese asset ChangXin Memory Technologies (CMXT), highlighting how emerging offshore exchanges are challenging global financial regulation.