A Shanghai STAR Market debut can reprice a company several times over in a single morning, and the IPO price is set weeks ahead and does not change once it is set. Unitree priced its offering at $22.37 a share on August 6 and investors paid up by August 12, but the shares have not begun trading and the exchange has not announced a listing date.

Two builders on Hyperliquid, Trade.xyz and Paragon, each run a perpetual on one Unitree A-share. Trade.xyz says its contract will track Unitree shares once the stock lists, so its price on August 14 is a market estimate of where Unitree opens.

That estimate was $93 on August 14, 4.2x the $22.37 IPO price, which puts Unitree’s market cap at $37.8B against the $9.0B the offering set. In July the same kind of contract came within 2.5% of CXMT’s Shanghai open at the bell, which is the case for reading the price at all. The deck tests what it implies and who is exposed to it.

Positioning is visible before the first trade. Across the 923 accounts holding a position on Trade.xyz, the larger of the two markets and the one quoting $93 against Paragon’s $91, exposure splits $6.5M long against $6.6M short, and the smallest positions are 70% short by value. The deck then prices three openings against those positions to show which side is forced out at each one.

Figures come from Allium’s Hyperliquid data, queried through August 14, 2026 at 12:00 UTC, with IPO terms and CXMT’s opening price as reported benchmarks. Open interest is stated on one side of the market.

Informational only. Not investment advice.