The market isn't really chasing UNITREE stock, but rather the channels for shorting UNITREE. UNITREE traded approximately 7.59 million USDT in about 83 minutes after launch, with funding rates hitting -2%. The more crowded the shorts, the more expensive it gets to short. What perpetual stocks truly sell are 24-hour liquidity and the shorting rights that A-shares lack. A more dramatic comparison: Gate's 10 perpetual stocks traded about 88,800 USDT in roughly 19 hours after launch; Binance's single UNITREE traded 7.59 million USDT in about 83 minutes—roughly 85 times more. Demand isn't evenly distributed; it only chases the hottest assets, the biggest traffic gateways, and the rare shorting channels. Who profits: exchanges, users needing global synthetic exposure, and holders with post-market hedging needs. Who pays: those chasing sentiment with 20x leverage, and those crowded into shorts under negative funding rates while ignoring holding costs.