The contracts traded just 1.6% apart on average when both markets were active, and traded near $92 and $94 most recently, translating to a more than 300% upside from the IPO price.

That fourfold premium also means Unitree could have a blockbuster debut and still leave leveraged bulls nursing steep losses.

“Unitree can open at twice its IPO price and still liquidate a third of long exposure,” Allium said.

An opening around $45, double the IPO price, would still be about 52% below the current perp price and could liquidate roughly 33% of long exposure, the analysts said. At the other extreme, a $128 opening price (nearly 6x from the IPO price) could liquidate an estimated 53% of the short positions, the report said. If shares open at…