Crypto traders have been placing a much bigger bet on Unitree Robotics than the stock market’s opening price suggested. Just a day before the Chinese humanoid robot maker debuted on the Shanghai Stock Exchange’s Star Market, perpetual futures contracts tied to Unitree were trading at levels implying a valuation more than four times its official IPO price, according to Bloomberg. The mismatch between the crypto derivatives market and the traditional listing price turned Unitree’s debut into one of the more closely watched examples yet of how blockchain-based “pre-IPO perps” are starting to shape expectations before a stock ever opens for trading.

Key takeaways

• Unitree Robotics priced its Shanghai STAR Market IPO with a…