Hyperliquid (HYPE) Traders Price Unitree Near $93 Before IPO

Hyperliquid News

Hyperliquid (HYPE), the native altcoin of an onchain derivatives venue, is at the center of a pre-IPO market where traders are pricing Unitree Robotics near $93 per share before the Chinese robot maker begins public trading. The implied valuation is roughly $38 billion, more than quadruple the $22.37 offering price. The company’s Shanghai STAR Market offering was set at 150.80 yuan per share, valuing Unitree at about $9 billion, while pre-IPO perpetual contracts on the Hyperliquid network changed hands between $92 and $94 on Friday. These synthetic derivatives let market participants speculate on what a private company will be worth once its stock starts trading, without owning shares or converting positions into equity. Unitree has drawn attention beyond crypto venues after its retail offering was described as 8,000 times oversubscribed, with trading expected between Aug. 17 and Aug. 21. Founded in Hangzhou in 2016, the firm builds four-legged and humanoid robots for research, industrial and consumer use, and reported $253 million in revenue last year, a 335% increase, with humanoid shipments above 5,500. Markets run by Trade.xyz and Paragon together show $9.1 million in open interest and roughly $59 million in turnover, and their average price gap was only 1.6% when both were active. The premium creates a fragile setup: an opening around $45, double the IPO price, would still sit about 52% below the prevailing perp price and could force liquidation on about 33% of long positions, while a $128 opening could affect about 53% of short positions. On Trade.xyz, the larger venue, positioning is nearly balanced at $6.5 million long and $6.6 million short, but accounts under $50,000 carry 70% of their value on the short side, signaling a bear market style bet against the debut premium. Earlier pre-IPO contracts have also been watched closely: a CXMT contract came within 2.5% of the Shanghai debut price in July, while traders correctly expected SpaceX to debut above its $135 IPO price.

Separately, on-chain data recorded Aug. 15 show that Hyperliquid’s token-burn mechanism continues to remove HYPE from circulation within the protocol’s onchain derivatives ecosystem. HYPE is the network’s native token, and its fee-and-burn flow is closely watched because it connects trading activity directly to supply changes. The cumulative burn total reached 47.71 million HYPE, worth about $2.73 billion at the referenced price, after an additional 5,490 HYPE was burned over the latest 24-hour window. During that same period, the protocol generated $1.21 million in trading fees, roughly equivalent to 1.71 billion won, a figure that matters because Hyperliquid’s official fee documentation explains how those fees are allocated. Revenue is directed to the Hyperliquidity Provider vault, an assistance fund and asset distributors; the assistance fund automatically converts fees collected during Hyperliquid Layer-1 execution into HYPE, then burns those tokens so they are removed from both circulating and total supply. The latest tally marks a rise from the previously reported 47.62 million cumulative burn, showing that even modest daily burns can compound as long as trading activity persists. In other words, the market is not watching a single large supply shock; it is watching a recurring, fee-funded reduction that grows with trading volume. This structure makes the token’s supply schedule dependent on protocol usage rather than a discretionary treasury decision or a one-time airdrop. It also underscores how Hyperliquid’s economics tie the native token directly to derivatives volume: when markets are active, fee conversion and burning continue; when activity slows, the pace of supply reduction can moderate. The data do not establish a direct price signal, because burn counts can change with the reference time, calculation method and token price used at the moment of measurement. Still, the mechanism gives HYPE holders a transparent usage-linked variable to monitor alongside open interest, turnover and fee generation across the ecosystem.

COINOTAG's analysis ties these developments to a single arc: Hyperliquid is using its derivatives infrastructure to expand price discovery beyond crypto assets, while its fee documentation shows a mechanical link between usage and HYPE supply. The official Hyperliquid fee document is the load-bearing primary record here: it states that the assistance fund converts fees into HYPE and burns the tokens, removing them from circulating and total supply. That mechanism does not guarantee an all-time high, but it gives the market a verifiable way to assess whether trading growth around products such as Unitree pre-IPO perps is being reflected in token economics.