Unitree hit Shanghai's 20% limit. Its Hyperliquid perp rose 24.9% — and a short was liquidated the moment the stock locked
Unitree Robotics hit its 20% daily limit on Friday, Oct 23, its first limit-up since it listed on Shanghai's STAR Market on Aug 19. ChainCatcher reported that the stock touched the limit at 14:29 Beijing time, at 624 yuan, with more than 4 billion yuan traded. Other humanoid robot names, including Leyard, also hit their limits. According to BigGo Finance, Unitree's market value is back above 250 billion yuan.
A Shanghai stock can rise at most 20% in a day. Unitree's perpetual on Hyperliquid has no such cap. It rose 24.9%.
The minute the stock locked, a short was liquidated
The Unitree perp (xyz:UNITREE) closed the previous day at 75.73. It drifted up after Shanghai opened, then took off when the afternoon session began at 05:00 UTC, running from 79.7 to 92.6 in two hours.
At 06:28 UTC — 14:28 in Beijing, right as the stock hit the limit — 0xeb8e…c0b7 had a short liquidated for $460K at an average of 92.10. It was the largest Unitree perp liquidation of the day. Shorts lost $1.1M to liquidations in total; longs lost $7K.
The perp kept trading after Shanghai closed. It hit a high of 95.84 at 17:15 UTC and closed the day at 94.62. Volume was $54.1M, 3.4 times normal, from 1,111 wallets, 2.7 times the usual count.
The largest short is still open
0xf507…df6d added $745K of shorts on the way up yesterday, at an average of 85.70. It is now short $1.89M of the Unitree perp at 5x, entry 84.55, down $207K. The leverage is low, so its liquidation price is far away at 128.18, 35% above the current price.
Two other shorts are still open: 0x30c3…e484 with $300K at 10x (liquidation 118.01) and 0xf777…a894 with $180K at 3x.
What to watch
Shanghai doesn't reopen until Monday, Oct 26, at 01:30 UTC. Until then, Unitree's price only moves on Hyperliquid. The perp has gained about 5 percentage points more than the stock, which amounts to betting that Monday opens higher. If Unitree stalls on Monday, the perp has to give that back. If it locks limit-up again, 0xf507's short keeps bleeding.
Live positions and liquidations: Unitree perp page.
Data: Hyperliquid on-chain trades, liquidations and positions, compiled by CryptoAnimon. Positions and liquidation prices as of about 07:00 UTC Oct 24. Liquidations count only the liquidated side.
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