. Let's craft. Word count: aim for 500-600. Let's write the content. Lead: Unitree, the robot maker, saw its shares surge 600% on their first day of trading, a pop that left even the most optimistic crypto traders behind. Before the stock opened in Shanghai, a Hyperliquid perpetual futures contract had priced Unitree far above its IPO valuation — but the actual first public trade still came in roughly 75% above that crypto-implied price. Section 1: "The crypto price tag" On Hyperliquid, traders had already been betting on Unitree's debut, pushing the perpetual contract to a level well above the IPO price. That's a paraphrase. Then: But when the stock actually hit the market, it opened about 75% higher than what that contract implied. The gap is a reminder that pre-IPO perpetuals are a rough proxy for real demand. Section 2: "The Shanghai open"
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