Trade Unitree Robotics on Hyperliquid
trade.xyz's xyz:UNITREE perp follows a Shanghai-listed share for about four hours a day: here is how it prices the rest of the time.
Yes, as a perpetual, not as shares. trade.xyz's xyz:UNITREE references 1 Unitree Robotics A-share (Shanghai STAR Market: 688836), converted from yuan at the offshore USD/CNH rate, settled in USDC; it trades 24/7 on Hyperliquid with up to 10x leverage and isolated margin only (as of November 4, 2026), with an external price only during Shanghai STAR Market sessions (about four hours a weekday). Paragon lists para:UNITREE. In the 24 hours to 2026-11-05 10:15 UTC, xyz:UNITREE traded $26.3M with $14.9M of open interest (one side) at a mark of $98.76 (Hyperliquid API).
Live market data
xyz:UNITREE HIP-3 · run by trade.xyz - Mark price
- $98.76
- 24h change
- +3.06%
- 24h volume
- $26.3M
- Open interest (one side)
- $14.9M
- Funding, 1h
- +0.00063%
- Funding, annualized
- +5.5%deployer sets the interest rate
- Max leverage
- 10x isolated
- Taker / maker fee
- 0.009% / 0.003%
Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.
para:UNITREE HIP-3 · run by Paragon - Mark price
- $99.40
- 24h change
- +3.44%
- 24h volume
- $934K
- Open interest (one side)
- $1.34M
- Funding, 1h
- −0.0238%
- Funding, annualized
- −208.5%deployer sets the interest rate
- Max leverage
- 10x isolated
- Taker / maker fee
- 0.009% / 0.003%
Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.
Hyperliquid API snapshot, 2026-11-05 10:15 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is one side (longs, which equal shorts) in USD at the mark price; the Hyperliquid app shows both sides added together, twice this figure. Every HIP-3 market's volume and open interest: HIP-3 data.
What xyz:UNITREE tracks
xyz:UNITREE is a HIP-3 perpetual deployed by trade.xyz that references 1 Unitree Robotics A-share (Shanghai STAR Market: 688836), converted from yuan at the offshore USD/CNH rate. Unitree develops and manufactures humanoid robots, quadruped robots and robot components. It is a linear contract margined and settled in USDC: you gain or lose the dollar move times your size, paid in USDC. You don’t own Unitree shares, can’t vote them and don’t receive dividends.
Hours: about four hours of external price a day
xyz:UNITREE trades 24/7 on Hyperliquid, but its external price runs only during Shanghai STAR Market sessions: 9:30–11:30 AM and 1:00–2:57 PM China time (UTC+8), Monday to Friday. In US Eastern time (standard time, from November 1) that is 8:30–10:30 PM and midnight–1:57 AM ET. The other twenty-odd hours of each weekday, the whole weekend and Chinese exchange holidays run on internal pricing: a 30-minute moving average that follows Hyperliquid’s own order book, held inside discovery bounds. When Shanghai reopens, the price snaps back to the A-share price converted at the offshore USD/CNH rate, so positions can gap at every Shanghai open, not just on Mondays. trade.xyz’s 2026 holiday schedule lists no further Shanghai closures after National Day week (October 1–7).
Leverage, margin and price limits
xyz:UNITREE allows up to 10x leverage (Hyperliquid API, November 4, 2026) with isolated margin only: each position carries its own margin, so a liquidation here can’t take collateral from your other positions. At 10x, a 10% move against you wipes out your margin, and maintenance margin (5%, half the initial margin at max leverage) liquidates you before that.
Whenever the external feed is off, the mark is held inside a ±20% discovery bound with 2 re-anchors per direction. From the last Shanghai price, it can move at most about +73% / −49% before a hard cap holds until the feed returns. If your liquidation price sits outside the active bound, you can’t be liquidated while that bound is in force; the risk moves to the reopen, when the price can jump past your stop.
Fees. Growth mode is on for this market (Hyperliquid API, November 4, 2026), which cuts HIP-3 fees by 90%: trade.xyz’s tier-0 rate is 0.009% taker / 0.003% maker before staking and referral discounts, against 0.09% / 0.03% at standard HIP-3 rates. Growth mode can be switched off; the live card above shows the current rate.
From pre-IPO perp to Shanghai-listed stock
trade.xyz listed xyz:UNITREE before the IPO, as a pre-IPO perpetual: a $75 initial reference price, ±50% discovery bounds with two resets, and a 5x leverage cap, with an anticipated listing date of August 14, 2026. Before listing, the price came only from Hyperliquid’s own order book.
Unitree began trading on the Shanghai Stock Exchange’s STAR Market (688836) on August 19, 2026, at an IPO price of 150.80 yuan (The Next Web; Gasgoo reports a 1,100-yuan open). trade.xyz now marks the market “Converted”: its oracle follows the listed A-share price, divided by the offshore USD/CNH rate. Since the conversion the leverage cap has doubled to 10x. trade.xyz’s spec names the issuer Yushu Technology Co., Ltd., the romanized form of Unitree’s Chinese name.
Two Unitree perps: trade.xyz and Paragon
xyz:UNITREE (trade.xyz) | para:UNITREE (Paragon) | |
|---|---|---|
| Max leverage (Nov 4, 2026) | 10x | 10x |
| Margin | Isolated | Isolated |
| External price | Shanghai sessions, 9:30–11:30 AM and 1:00–2:57 PM China time | Same Shanghai sessions |
| Off-hours limit | ±20% per band, 2 re-anchors (up to about +73% / −49%) | ±10% per band, 4 re-anchors (up to about +61% / −41%) |
| OI cap (both sides, as set by the deployer) | Per-market cap | $25M |
trade.xyz’s ±20% band is unusually wide: on most trade.xyz markets the band equals 1 ÷ max leverage (10% at 10x). That gives the price more room during the long daily gaps when Shanghai is shut. Paragon also bars US persons in its own terms. The books are separate; most of the volume is on trade.xyz.
All Hyperliquid stock, ETF, index, FX and commodity perps, live: Hyperliquid stocks.
Contract specs
xyz:UNITREE · trade.xyz
| Tracks | 1 Unitree Robotics A-share (Shanghai STAR Market: 688836), converted from yuan at the offshore USD/CNH rate. |
|---|---|
| Price source | trade.xyz relayer: CNY A-share price converted at the offshore USD/CNH rate. |
| External hours | External price during Shanghai STAR Market sessions: 9:30–11:30 AM and 1:00–2:57 PM China time (UTC+8), Monday to Friday. |
| Outside those hours | All other hours, weekends and Shanghai holidays: internal pricing (30-minute moving average of the order book), limited by discovery bounds. |
| Max leverage | 10x (live from the API) |
| Margin mode | Isolated only; live from the API |
| Price limits | ±20% per band, 2 re-anchors per direction (about +73% / −49% total) |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | trade.xyz Specification Index (reviewed November 4, 2026) |
para:UNITREE · Paragon
| Tracks | 1 Unitree A share (Shanghai STAR: 688836), CNY price ÷ USD/CNH. OI cap $25M (counted on both sides, as Hyperliquid measures it). |
|---|---|
| Price source | Paragon oracle from institutional data (Equity.CN.688836/CNY + USD/CNH). |
| External hours | Shanghai regular session: 9:30–11:30 AM and 1:00–2:57 PM China time, Monday to Friday. |
| Outside those hours | Outside the Shanghai session, weekends and holidays: internal pricing (30-minute EMA of the book) inside bounds. |
| Max leverage | 10x (live from the API) |
| Margin mode | Isolated only; live from the API |
| Price limits | ±10% per band, 4 re-anchors per direction |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | Paragon Contract Specifications (reviewed November 4, 2026) |
How to trade it
- Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
- Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
- Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
- Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for
xyz:UNITREEorpara:UNITREE. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first. - Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
- Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.
Risks
- It's a perp, not the asset. You get cash-settled price exposure in USDC. No share ownership, votes or dividends, and the price you trade can drift from the underlying, especially when its home market is closed.
- The deployer runs the oracle. trade.xyz and Paragon publish the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
- Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
- Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
- Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
- Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.
Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.
Questions people ask
Can you trade Unitree Robotics stock on Hyperliquid?
Yes, as a perp. trade.xyz's xyz:UNITREE references 1 Unitree Robotics A-share (Shanghai STAR Market: 688836), converted from yuan at the offshore USD/CNH rate, margined and settled in USDC. You don't own shares, votes or dividends.
Is Unitree still pre-IPO on Hyperliquid?
No. trade.xyz opened xyz:UNITREE as a pre-IPO perp at a $75 reference price. Unitree listed on Shanghai's STAR Market (688836) on August 19, 2026, and the perp converted to follow the listed share price in USD.
When does the Unitree perp follow the real share price?
Only during Shanghai STAR Market sessions (9:30–11:30 AM and 1:00–2:57 PM China time). The rest of the time, including weekends, xyz:UNITREE keeps trading on trade.xyz's internal pricing inside a ±20% band with 2 re-anchors per direction.
Can I trade this on Hyperliquid from the US?
No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE and trade.xyz announced on October 29, 2026 a plan to offer regulated US versions of trade.xyz's markets, subject to regulatory approvals and with no launch date. The CFTC's November 3, 2026 statement on single-stock perps covers US-registered exchanges, not Hyperliquid, so nothing has changed for US users.
Sources
- trade.xyz docs: Specification Index
- trade.xyz docs: China stocks (Shanghai STAR sessions, CNH conversion)
- trade.xyz docs: Oracle price (external and internal pricing)
- trade.xyz docs: Discovery bounds
- trade.xyz docs: Margin modes (maintenance margin)
- trade.xyz docs: Fees and growth mode
- trade.xyz docs: Holiday closures
- trade.xyz docs: Pre-IPO specification index
- Paragon docs: Contract specifications
- The Next Web: Unitree lists in Shanghai on 19 August after record demand
- Paragon docs: External pricing (UNITREE session and CNH conversion)
- trade.xyz docs: General disclaimer (restricted persons)
- ICE press release: Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore (2026-10-29)
- CFTC press release 9319-26: Chairman Selig statement on equity perpetual futures (2026-11-03)
- Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-05 10:15 UTC)
- Hyperliquid Docs: HIP-3 builder-deployed perpetuals
- Hyperliquid Docs: Fees (HIP-3 and growth mode)