Unitree Robotics perpetual futures on Hyperliquid trading at $100 imply a $40.5B valuation, over 300% above its $9B Shanghai Stock Exchange IPO valuation ahead of August 19 listing.
RWA & Tokenization ·
Unitree Robotics' onchain derivatives market is pricing the company significantly higher than its traditional listing valuation. On August 18, perpetual futures contracts tied to Unitree on Hyperliquid were trading near $100, suggesting a market valuation around $40.5 billion—more than 300% above the $9 billion valuation implied by its Shanghai Stock Exchange IPO. The company priced shares at RMB 150.8 each ahead of its August 19 STAR Market debut.
The gap reflects rapid momentum in the onchain market leading up to the traditional listing. Just three days prior, the same derivatives contracts were quoted in the $92–$94 range, showing the valuation had continued climbing in the interim period. This upward trajectory suggests traders on decentralized exchanges were bidding the company's perceived value well above what the regulated IPO process established.
The disparity raises questions about market efficiency across venues and whether the onchain price will converge with secondary trading on the Shanghai exchange, or if the two markets will sustain materially different valuations following the August 19 debut.