Traders on the Hyperliquid network currently value Unitree Robotics at nearly $38 billion, representing a premium of over 300% compared to its initial public offering valuation of $9 billion. Perpetual (perp) contracts for the Hangzhou-based robot manufacturer are now trading in the range of $92 to $94. This bet reflects expectations of over 300% upside ahead of the company’s schedule to officially list on public exchanges between August 17 and 21, 2026.
The high price of these derivatives aligns with retail market interest, which is reflected in reports that Unitree’s IPO was oversubscribed by up to 8,000 times. The financial performance of the company, founded in 2016, is the primary support for buyer enthusiasm. Their revenue over the past year reportedly reached $253 million, recording a 335% increase thanks to humanoid robot shipments exceeding 5,500 units.
However, behind the aggressive bets from traders, this price discrepancy between the crypto market and traditional exchanges carries a risk of significant losses.
Two Markets and Liquidation Risks
Speculative activity for Unitree currently flows through two pre-listing markets on Hyperliquid, operated separately by Trade.xyz and Paragon. Based on tracking data from Allium, both markets have accumulated $9.1 million in open interest, with trading volume reaching $59 million. When these two markets operate simultaneously, the price difference between the two contracts averages a narrow 1.6%.
The most real threat of liquidation awaits right when the stock begins official trading. If Unitree stock opens at $45 - double the IPO benchmark - this price would still lag 52% behind the current transaction price of the perpetual contracts. This downward scenario could immediately liquidate around 33% of long position exposure. Conversely, if the exchange reacts wildly and the stock opens at $128, or six times the IPO benchmark, about 53% of short position holders will lose their money instantly.
History of Pre-IPO Contract Accuracy
Although derivative prices currently appear to be far above public valuations, pre-IPO perpetual markets have a history of often-precise price predictions. In a listing last July, contracts for CXMT shares missed their actual opening price on the Shanghai exchange by only 2.5%. Community predictions for space company SpaceX (SPCX) also proved highly accurate, correctly forecasting that its price would exceed the IPO target of $135.
For traders still holding Unitree contracts on Hyperliquid today, this streak of historical precision offers a strong reason to hold on. But when traditional exchange trading begins next week, they will be risking millions of dollars in capital on one final question - how far public investor appetite is willing to catch up with the crypto market’s optimism.
Reported by CoinDesk.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
