Unitree rises 30% over two consecutive days, negative funding rate deepens again

BlockBeats news, October 20: UNITREE on Hyperliquid is currently quoted at $80.285, up about 13.82% in 24 hours, up 11.17% from midnight today, with an intraday high of $81.745. Over the same period, Unitree Technology's A-shares are quoted at 550.04 yuan, up about 10.91%; the previous day it closed up 16.15%.

As the price continues to rebound, the funding fee pressure on shorts is rising again. The current reference hourly funding rate for UNITREE on Hyperliquid is −0.11909%; the reference funding rate for UNITREE contracts on Binance is −0.49352% per 4 hours.

Of Hyperliquid's most recent 24 settlement rounds, 17 were negative, with a cumulative rate of about −0.66825%; the settlement rates at 08:00, 09:00, and 10:00 today were −0.00899%, −0.03241%, and −0.03902%, respectively, with the negative rate widening round by round in the morning session.

In addition, UNITREE's current 24-hour trading volume is about $42.86 million, and the notional value of open interest is about $20.99 million, corresponding to about 261,400 contracts. Compared with yesterday, this is a 3.4x increase; the OI notional amount increased by about 14.14% due to the price rise, but the number of contracts instead decreased by about 0.48%.

As of press time, prices continue to rebound, but million-dollar longs have still not turned profitable overall. Two longs with positions of no less than $1 million hold a combined position of about $8.31 million, with a weighted average entry price of $90.41, and have not yet broken even, with a combined unrealized loss of about $1.0476 million.

On the news front: recent catalysts are concentrated on policy support and expectations for the ecosystem conference. Nine departments including the Ministry of Commerce announced on October 19 the "Opinions on Accelerating the Promotion of Science and Technology in Commerce," proposing to enrich the supply of intelligent goods such as robots and improve the application level of technologies such as embodied intelligence. Unitree previously announced that it will hold the World Physical AI Conference and Partner Ecosystem Conference on October 22.

Latest rating: Public reports on October 5 showed that JPMorgan previously initiated coverage with an "underweight" rating and a target price of 300 yuan, equivalent to about $44.92 at current exchange rates.

Upcoming events include the ecosystem conference on October 22 and the third-quarter report expected to be disclosed on October 29. Unitree's previously disclosed first-half data showed revenue up 48.54% year on year, but non-GAAP net profit down 19.34% year on year.