Trade XYZ

Crypto derivatives traders on Hyperliquid are valuing Unitree Robotics at nearly $38 billion through pre-IPO perpetual markets, far above the robot maker’s roughly $9 billion IPO valuation. The gap sets up a potentially sharp convergence event when public trading begins, with leveraged longs and shorts both exposed to liquidation risk.

Hyperliquid is handling record open interest and a growing share of global perpetual futures activity, led by real-world asset contracts. Yet revenue has declined for four straight quarters as builder-deployed markets capture a rising share of trading fees.

Crypto platforms are extending perpetual futures beyond digital assets and into stocks, indexes and commodities, creating round-the-clock exposure to traditional markets. The shift is drawing institutions seeking lower-friction hedging and retail traders looking for access, while questions remain over custody, investor protections and decentralized venues.

Trade.xyz said it will cover trader losses after its SK Hynix perpetual futures contract fell sharply following a single executed trade on a thin Korean pre-market venue. The company maintains that its oracle worked as designed, while signaling a review of how it weighs external prices against its own order book data.

Hyperliquid’s HYPE token has climbed 7% in the past 24 hours, extending a strong recovery from the $60 area while maintaining one of the standout year-to-date performances in crypto. Traders are watching whether adoption momentum, new perps integrations and a potential break above $75 can keep the token’s bullish structure intact.

Hyperliquid’s HYPE token has gained 7% in the past 24 hours, extending a strong recovery from the $60 area as traders reassess momentum around the network. Partnerships, perps expansion and a possible retest of $75 are keeping market attention on whether HYPE can build toward a higher mid-term target.