On June 22, trade.xyz officially launched the ZHIPU-USDC perpetual contract in the Hyperliquid HIP-3 market. This contract supports up to 10x leverage and allows for 24/7 trading. This marks the second Hong Kong stock asset integrated by trade.xyz, with the first being MINIMAX (Xi Yu Technology / MiniMax Group, HK:0100), which went live on June 18, 2026.
Quick Overview: This article starts with the background of ZHIPU and the technical breakthroughs of GLM-5.2, detailing the trade.xyz contract mechanism and its early performance. It compares MINIMAX, analyzes multiple driving factors, and further explores the Hyperliquid HIP-3 ecosystem layout, ultimately forecasting the long-term potential of on-chain multi-asset pricing. This move connects the tech breakthroughs of leading AI companies in China, the performance of the Hong Kong stock market, and the efficient liquidity of on-chain derivatives, providing a convenient way for global participants to gain exposure to Chinese AI assets.
ZHIPU (Zhipu AI, HK:2513) development path
Zhipu AI (Knowledge Atlas Technology) was founded in 2019. As a spin-off from Tsinghua University’s Knowledge Engineering Lab, it has grown into a core player in China’s general AI field. The company focuses on large-model research and development, coding capabilities, Agent systems, multimodal processing, and the rollout of enterprise-grade applications. In January 2026, the company completed its IPO on the Hong Kong stock exchange at an issue price of about HK$116.2. To date, the cumulative share price increase has exceeded 18x, and its market capitalization surpassed HK$1 trillion at a peak stage.
In June 2026, the company released the GLM-5.2 flagship model. This version uses an MoE architecture with a total parameter scale of about 744B (about 40B activated). The main upgrade is the stable, lossless support for 1M tokens of context, designed specifically for long-range tasks. Official benchmarks show the model is close to the Claude Opus 4.8 level on the FrontierSWE test, and achieves significant improvements on coding-related evaluations such as Terminal-Bench 2.1. GLM-5.2 is open-sourced under the MIT license; the weights are available on Hugging Face and ModelScope, and the company has also completed Day 0 adaptation with domestic compute platforms such as Huawei Ascend and Cambricon.
On the business side, in 2025 the company’s revenue reached RMB 724 million, up 131.85% year over year, with rapid expansion in its MaaS API ARR. The company has already initiated a listing advisory process for the STAR Market (科创板) and plans to pursue a dual listing in both A-shares and H-shares. Several international institutions raised their target prices—for example, JPMorgan increased its target from HK$950 to HK$1,400.
With these developments compounded by changes in the China–US technology environment, market recognition of Zhipu as a reliable open-source alternative has been further strengthened. After the release of GLM-5.2, the stock price saw a maximum intraday gain of 48%, indicating that the technical milestone directly drove valuation.
trade.xyz ZHIPU contract mechanism and early features
ZHIPU-USDC is a cash-settled linear perpetual contract, with both margin and settlement denominated in USDC. The contract uses an oracle to convert HKD to USD: it is anchored to external quotes during Hong Kong stock trading hours (HKT), and during other times it relies on on-chain liquidity to form a price discovery mechanism. This design allows overseas users to trade with leverage using a unified-margin system without needing to open a Hong Kong stock account or handle FX conversions. Early data showed that after the contract launched, it attracted some level of open-interest interest and trading volume; however, overall liquidity is still at an early development stage, making it suitable for participants who are well prepared for volatility. Compared with MINIMAX, ZHIPU shows stronger market attention in terms of technical narrative intensity and institutional coverage. Together, the two form the initial layout of the trade.xyz Hong Kong stock AI segment, reflecting the platform’s ongoing expansion of equity-type assets.
Comprehensive analysis of driving factors
GLM-5.2’s long-range task capability represents Zhipu’s deepening on top of its coding foundation, focusing on software engineering and Agent execution at scales ranging from several days to several months. This capability—carried through project-level context, stable execution workflows, and adherence to production standards—gives developers an experience closer to real production environments. Infrastructure optimizations such as the IndexShare architecture and MTP speculative decoding further reduce the computational cost of running 1M-context workloads. The geopolitical and policy environment also adds a strategic dimension to Zhipu’s open-source strategy. The company’s investment in adapting to domestic compute power, together with support from Beijing on AI infrastructure, forms a clear long-term development roadmap. Commercial validation is reflected in API pricing power and rising call volumes: even in an intensifying competitive environment, it still maintains a tight supply-demand situation. On valuation, the market has repriced based on high growth expectations. Although R&D spending leads to interim losses, institutional forecasts still point to an exponential expansion of future revenues. Feedback from the developer community shows GLM-5.2 has received a “usable frontier-adjacent” assessment in daily coding and Agent scenarios, further strengthening market confidence. Risk factors include volatility amplification under high valuations, the impact of future lock-up periods, and potential gaps created when synthetic pricing occurs outside trading hours. These elements together shape a complete decision framework for participating in this asset.
Hyperliquid HIP-3 ecosystem positioning
The HIP-3 mechanism allows builders to deploy custom perpetual markets by staking HYPE. trade.xyz has become an active participant in this segment and leads most of the trades in equity-type assets. Previously, the platform partnered with S&P Dow Jones Indices to launch officially licensed S&P 500 perpetual contracts, enabling 24/7 on-chain access to the TradFi benchmark index.
trade.xyz’s execution on HIP-3 is reflected in rapid response to new narratives, a unified HyperCore order book, and an efficient risk-control system. This architecture provides a low-barrier listing channel for diversified assets, while maintaining sub-second trading performance and a zero gas fee advantage.
Long-term potential of on-chain asset pricing
As the HIP-3 ecosystem matures, more categories of assets are expected to achieve on-chain pricing, including other Hong Kong or A-share tech targets, the semiconductor industry chain, the new energy sector, and pre-IPO projects. A permissionless model lowers traditional market access barriers, helping global liquidity spill over toward emerging-economy beta. This trend drives deeper integration between TradFi and DeFi, enabling more participants to manage cross-timezone risk in a unified-margin, US-dollar-denominated manner. Oracle reliability and liquidity depth will be key support factors, while iterations of Gap management tools will further improve the usability of synthetic assets. In the long run, the HYPE ecosystem could capture value growth through fee sharing and network effects. If builders continue introducing high-quality underlying assets, on-chain markets may evolve into a global risk-pricing venue parallel to traditional exchanges.
Summary
The launch of the ZHIPU perpetual contract on trade.xyz demonstrates the synergy between technological innovation, capital market performance, and on-chain infrastructure. This event provides a new participation channel for global users interested in China’s AI development, and it also showcases Hyperliquid’s practical pace toward asset diversification. Future thoughts:
The ZHIPU listing may be just the beginning. As the HIP-3 builder ecosystem expands, more Hong Kong stock targets may quickly follow, and Japan-listed stocks (especially high-attention sectors such as semiconductors, automobiles, and robotics) also show considerable potential—the time-zone difference in the Tokyo market and Asia’s technology narrative naturally fit 24/7 on-chain pricing. Looking further ahead, even core A-shares (mainland China equities) may achieve partial on-chain exposure via synthetic perps or oracle anchoring, allowing global capital to participate in China’s domestic economic growth in US-dollar terms with low friction.
If this path can be advanced steadily, it will greatly improve global accessibility to emerging-market assets, while also giving Hyperliquid a broader growth space. Traders can access app.trade.xyz or search for ZHIPU-USDC in the Hyperliquid app. It is recommended to prioritize risk control and manage positions with reference to Hong Kong stock trading hours.
Developers can experience GLM-5.2 through official channels and track its adoption in real Agent projects. Investors, meanwhile, need to continue monitoring the company’s quarterly guidance, the iteration of the GLM series, and new market dynamics for HIP-3. This wave reflects a promising direction worth watching in the 2026 DeFi space: efficiently converting real-world asset narratives into tradable products, and expanding global accessibility through on-chain mechanisms. Future progress depends on continued investment by all parties in technology, liquidity, and governance.
Disclaimer: This article is for information purposes only and does not constitute investment advice. The crypto market is highly volatile; investing involves risks. Please do your own research and independently bear the consequences.