Bybit Pre-IPO Perps Show 4x Gap Over Unitree's $9B IPO

The gap between perpetual pricing and the IPO valuation creates significant liquidation risk, Allium said. It modeled two scenarios. If Unitree opens at $45 – a 100% premium to the IPO price but still 52% below perpetual levels – roughly one-third of leveraged long positions would be forced to close. A debut at $128, nearly six times the IPO price, would eliminate about 53% of short positions. Only a first trade near the $92-$94 range would avoid widespread liquidations, Allium said.

Trade.xyz data show relatively balanced positioning overall. Positions under $50,000 carry 70% short exposure by notional value, suggesting smaller retail traders are skeptical, Allium said.

Aggregate open interest in the two Unitree perpetual markets totals $9.1 million. Cumulative volume has reached about $59 million, per Allium.

Unitree generated $253 million in revenue last fiscal year, up 335%, and delivered over 5,500 humanoid robots. Dedic said the IPO was oversubscribed 8,000x among retail investors.

Bybit's pre-IPO perpetual catalog now exceeds 200 products since its April launch, the exchange said. Tokenized equity instruments across the broader market have reached $2.38 billion in distributed valuation, according to RWA.xyz. Unique holder addresses rose more than 123% in the last 30 days.