Treating Binance UNITREEUSDT as a “Unitree-themed coin” can even lead you to calculate the market cap incorrectly. Bybit Wiki’s description of a contract with the same name calls it a newly listed altcoin and emphasizes tokenomics as a key factor in assessing post-listing selling pressure. That description cannot be applied directly to Binance.
The UNITREEUSDT contract that showed a negative funding rate this afternoon is a stock perpetual contract.
In the “Underlying Stock” field of Binance’s listing announcement, the stock is listed as Unitree Robotics, ticker 688836. It is quoted in USDT, with the USDT/CNH exchange rate updated in real time. This contract provides exposure to the stock price; the circulating supply of an on-chain coin with the same name is not the company’s share capital.
Multiplying the circulating supply of the similarly named token by this contract’s quoted price will not give you Unitree’s stock market cap. Using the token’s unlock schedule to explain its selling pressure also starts by conflating two different assets.
$UNITREE #Contract Watch
The UNITREEUSDT contract that showed a negative funding rate this afternoon is a stock perpetual contract.
In the “Underlying Stock” field of Binance’s listing announcement, the stock is listed as Unitree Robotics, ticker 688836. It is quoted in USDT, with the USDT/CNH exchange rate updated in real time. This contract provides exposure to the stock price; the circulating supply of an on-chain coin with the same name is not the company’s share capital.
Multiplying the circulating supply of the similarly named token by this contract’s quoted price will not give you Unitree’s stock market cap. Using the token’s unlock schedule to explain its selling pressure also starts by conflating two different assets.
$UNITREE #Contract Watch