Bybit Introduces Pre-IPO Futures Trading for Unitree and Moonshot AI

Key Highlights

• Pre-market trading on Hyperliquid values Unitree shares at approximately $93, surpassing the Shanghai IPO listing price of $22.37 by over 300%
• Crypto market participants have assigned Unitree an estimated worth of $38 billion compared to the official $9 billion IPO assessment
• Retail demand for Unitree’s public offering reached 8,000x oversubscription, with shares expected to begin trading between August 17-21
• Data from Allium suggests that even a robust market debut at $45 could trigger liquidations for approximately one-third of leveraged long traders
• Bybit’s new pre-IPO perpetual offerings for Unitree and Moonshot AI bring its traditional finance derivatives portfolio past 200 instruments

Unitree, the Chinese robotics manufacturer, is preparing for its debut on Shanghai’s STAR Market with shares priced at 150.80 yuan (equivalent to $22.37). This pricing establishes a corporate valuation in the vicinity of $9 billion.

However, cryptocurrency market participants on Hyperliquid are telling a dramatically different story.

According to data compiled by blockchain intelligence provider Allium, pre-market perpetual instruments on the decentralized exchange were changing hands in the $92-$94 range on Friday. This trading activity suggests an aggregate company worth approaching $38 billion—exceeding the formal IPO assessment by more than fourfold.

Understanding Pre-IPO Perpetual Instruments

Pre-IPO perpetual futures represent derivative instruments enabling market participants to establish leveraged exposures to a firm’s anticipated valuation ahead of its public market debut. These contracts do not confer equity ownership rights, nor can they be exchanged for underlying securities.

Following the company’s transition to public markets, contract prices typically align with prevailing stock exchange quotations.

Hyperliquid has emerged as a primary marketplace for such instruments. The platform currently facilitates pre-IPO speculation across commodities, equities, and privately-held enterprises through market operators including Trade.xyz and Paragon.

Historical performance indicates notable accuracy. A derivative tracking Chinese semiconductor manufacturer CXMT landed within 2.5% of its Shanghai launch price last July. Market participants similarly anticipated that SpaceX would commence trading above its $135 reference price in June.

Liquidation Exposure for Market Participants

The substantial divergence between current perpetual pricing and the official IPO valuation establishes significant liquidation vulnerability.

Allium’s research team outlined the scenario explicitly. Should Unitree commence public trading at $45—representing a 100% premium to the IPO price yet remaining 52% beneath perpetual market levels—approximately one-third of leveraged long positions face forced closure.

Conversely, a market debut at $128, representing nearly six times the IPO assessment, could eliminate roughly 53% of short-side positions.

Widespread liquidations would only be avoided if actual market prices align closely with the $92-$94 range reflected in perpetual contracts.

Trade.xyz, representing the larger Hyperliquid marketplace, shows relatively balanced positioning. However, participants holding positions under $50,000 demonstrate 70% short exposure by notional value, indicating skepticism among smaller retail traders.

Aggregate open interest across both Unitree perpetual markets totals $9.1 million, with cumulative trading volume reaching approximately $59 million.

The robotics company generated $253 million in revenue during the previous fiscal year, representing 335% growth, while delivering over 5,500 humanoid robots to customers. Reports indicate its public offering attracted oversubscription levels reaching 8,000x among retail investors.

Bybit has simultaneously introduced pre-IPO perpetual derivatives for Unitree alongside artificial intelligence venture Moonshot AI. The Dubai-headquartered cryptocurrency exchange reports its traditional finance perpetuals catalog has expanded beyond 200 products following its April introduction.

Tokenized equity instruments across the broader market have achieved $2.38 billion in distributed valuation, per RWA.xyz tracking, with unique holder addresses climbing more than 123% over the trailing 30-day period.

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