Yield Farming Launch Day Sees Dip, On-Chain Order Book Shows Low Price "Deep Dive"

August 10, according to TradingBeats (formerly Hyperinsight) monitoring, Unitree Technology today initiated its STAR Market IPO for online and offline subscriptions. The stock code is 688836, with a planned issuance of 40.446 million shares, accounting for 10% of the post-issue total share capital.

On the subscription day, the UNITREE IPO pre-trading contract on Hyperliquid continued to fall, trading at $81.9, a decrease of about 5.3% in 24 hours. This represents a retracement of about 10.6% from the intraday high of $91.6 on August 7. The 24-hour trading volume is only about $392,000, with open interest value of about $3.932 million.

The short position concentration is abnormal. According to monitorable data, UNITREE has 175 long positions and 150 short positions, with a long-to-short ratio of about 1.17:1. However, the largest short position (0x091) held by a single address is worth about $924,000, accounting for nearly 47% of the total short position value and is about 5.4 times the position size of the largest long position address.

The current holder is shorting 11,307.7 UNITREE contracts, with an average entry price of $82.3, and a floating profit of about $6,000. The position value is about $924,000, which is 2.4 times the 24-hour trading volume of the contract. The liquidation price is about $162.6, with a cross-margin collateral of about $1.006 million.

The open interest value of UNITREE has decreased by about 2.6% in the past 24 hours, but is still about 50.6% higher than three days ago. Large positions established earlier have not been closed out, but there was a slight deleveraging today.

Market sentiment has shifted from previous chasing gains to a bearish bias. The accumulated funding rate for UNITREE in the past 24 hours is about -0.0004%, compared to around +0.0078% in the previous 24 hours. The current hourly funding rate is about -0.0007%, and the contract premium index is about -1.05%.

There is another group of deep underwater positions in the order book. The address starting with 0x727 is currently maintaining a short position, yet has placed 100 buy orders in the $20 to $65 range, intending to buy 8,921 UNITREE contracts, with a nominal amount of about $379,000 and a weighted average order price of around $42.5. The highest tier is still about 20.6% lower than the current price.

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