Why a ZHIPU perp on Hyperliquid matters: Chinese frontier AI at a discount
Quote257 words
trade.xyz bought the ZHIPU HIP-3 ticker, bringing a perp on HK-listed Zhipu (~$120B) onchain. Compares it with Anthropic (~$965B), OpenAI (~$852B) and SpaceX (over $2T) to argue the Chinese frontier trades at a fraction of US comps.
Key claims
ZHIPU valued at ~$120B, up 26% on the day
GLM-5.2 (753B open weights) beats GPT-5.5 on SWE-bench Pro at roughly 1/6 the cost
MiniMax ~$20B, Moonshot roughly the same and still private
Very interesting.
HIP-3 dominator @tradexyz grabbing the $ZHIPU ticker means a perp tracking @Zai_org's Hong Kong-listed shares is coming to Hyperliquid.
Why this matters?
$ZHIPU is a Tsinghua spinout and basically the first pure-play LLM lab that went public (hkex 2513). It's up 26% on the day, valued at~$120b rn, and sitting at all-time highs.
It's mainly there bc of GLM-5.2, a 753b open-weights model that beats GPT-5.5 on SWE-bench pro benchmark and sits only a point behind @AnthropicAI's Claude Opus 4.8 on frontierswe at roughly 1/6 the cost.
Aside maybe @Kimi_Moonshot's Kimi K2.7, it's def the best open-weights model out there rn, which is also why ZAI is increasingly treated as a frontier lab.
Yet, if you put valuations side by side, it rly still looks like a true bargain.
@SpaceX (now public, includes xai/grok) is valued at over two trillion dollars. Meanwhile Anthropic is valued at~$965b pre-IPO, and @openai at ~$852b based on recent funding rounds.
ZAI at ~$120b is hence only worth a fraction of its US competitors. @MiniMax_AI (also listed in HK, hkex 0100) is sitting even lower at~$20b, which is also where Moonshot/Kimi roughly sits rn (still private tho), with the latter unwinding its structure to list in HK as we speak.
China is cooking and the Chinese frontier trades at a fraction of the US comps.
Looks like $ZHIPU will be the first of them you'll be able to get exposure for onchain. With leverage.
Could cook, and won't be the last one.
Are you ready for the ChinAI rotation?
Hyperliquid.
QUOTING @HyperliquidNews
馃啎 New HIP-3 ticker 馃啎 The $ZHIPU (@Zai_org) ticker has been purchased for 500 HYPE ($34,375) by @tradexyz t.co/ZE1lkRTOyl
馃啎 New HIP-3 ticker 馃啎 The $ZHIPU (@Zai_org) ticker has been purchased for 500 HYPE ($34,375) by @tradexyz t.co/ZE1lkRTOyl
2 images on X
What came next 路 since 18 Jun 2026
No public market for $ZHIPU.
Since then
Zero has written 1 more piece on $ZHIPU since this one.
- ZHIPU and MINIMAX HIP-3 perps: what sits underneath and the risksBullish call on $ZHIPU