Unitree, SpaceX, Nvidia on-chain: perpetual, 1:1 token or stock

Of ten traditional assets with an on-chain presence as of Aug-29-2026, four—Nvidia, Apple, SpaceX, and Cerebras—exist simultaneously as a perpetual, a 1:1 backed token, and direct stock, while for Unitree Robotics (688836, Shanghai STAR Market), only the perpetual exists. A traditional asset reaches a chain through three pathways that the screen presents identically but the prospectus separates: the non-ownership perpetual (a contract that tracks the price and grants no shares), the 1:1 backed token (a third party holds the title in custody and issues a transferable receipt), and direct stock (the actual purchase in the market where it is listed). This comparison crosses ten assets—two still-private companies, two that went public on Nasdaq this year, two Chinese STAR market firms, two U.S. megacaps, one ETF, and one Hong Kong-listed company—against the three layers, adding the published round-trip commission, cumulative net funding, excluded jurisdictions, and open interest per platform. Backed token catalogs total over 3,100 products across xStocks, Ondo, and Robinhood, and none contain a single A-share from mainland China. The dated argument on what this implies lives in the piece on the cost of the Unitree perpetual; this is the table that supports it.

Non-ownership perpetual, 1:1 backed token, or direct stock: what does each hold?

The three layers are distinguished by a single question: what does the person on the other side of the screen actually own?

Four platforms are measured in depth in Layer 1: two HIP-3 markets on Hyperliquid—trade[XYZ] and Paragon, which deploy their own on-chain order books and set their own fees—plus Aster and Lighter. Unitree also has live markets on four other DEXs that this edition does not measure hour-by-hour—edgeX ($113,467 open interest), ApeX Omni ($5,497), Extended ($1,207), and Carbon (no positions)—which account for 0.5% of the total: seven DEXs and eight markets in total, as trade[XYZ] and Paragon share Hyperliquid. All eight, with their country exclusions and hourly refreshes, are in the where to buy Unitree Robotics on-chain sheet and the traditional asset DEX finder. In the rest of the text, "venue" designates any of them: the specific site where the order is matched, which does not always coincide with the chain that settles it. The distribution of Layer 2 rights is broken down in our comparison of xStocks, Ondo, and Robinhood and in the analysis of voting rights in tokenized stocks.

Which assets have a perpetual, 1:1 token, and direct stock simultaneously (Nvidia, Apple, SpaceX, Cerebras)?

Master table for the Aug-29-2026 edition. An asset "exists" in a layer when there is at least one live and accessible market or product; delisted markets or those with zero open interest are listed as residual. Open interest aggregates the four measured venues.

Legend: pending = not verified by CleanSky as of Aug-29-2026 · n/d = not disclosed by venue · n/a = not applicable. The entire table comes from a single snapshot at 21:52 UTC, including the Aster and Lighter markets for Cerebras, Apple, and Meituan, which had to be consulted separately in the previous edition. Not verified in this edition: Dinari, bStocks (Binance), and Bybit, which remain excluded from the tables until their catalog or API can be crawled.

Key for reading the columns, as not all carry equal weight for the operator:

• Layer. What is owned: nothing (1), a right against the issuer (2), the share (3). Determines rights, custody, and who fails if something goes wrong. The screen is identical for all three; the prospectus is not.
• Venue or issuer. Who operates the book or who issues the token. In HIP-3, the market operator sets their own fees and parameters, so "on Hyperliquid" is not equivalent to "managed by Hyperliquid."
• Round-trip commission. Published base-level fee for opening and closing. Excludes spread and volume discounts; 0% does not mean free.
• Cumulative net funding. Sum of payments between longs and shorts in the indicated window. This is the dominant term in young markets and is not set by the operator. The unit differs by platform—hourly on Hyperliquid, every four or eight hours on Aster—so only sums from the same window are comparable.
• Restricted jurisdictions. Territories excluded by terms of service. Determines if the product exists for the reader before its cost.
• Open interest. Notional value of live positions at the time of the snapshot. Measures committed capital, which requires locked margin; 24-hour volume can be inflated with incentives.

Meituan is included in the table for an indirect reason: it held 9.6488% of Unitree's capital before the IPO, according to the ACN Newswire notice on Aug-10-2026, making it the largest listed and accessible route with proportional exposure to the asset that does not exist in Layer 2. The other is Shoucheng Holdings (0697.HK), a Hong Kong-listed manager, with 3.8262% and no token in any of the three catalogs. With Meituan closing at 77.50 HKD on Aug-28-2026—478.32 billion Hong Kong dollars over the 6,172 million shares deduced from StockAnalysis capitalization—the stake diluted to 8.68% accounts for 4.97% of the listed company's value: $49.70 of economic exposure to Unitree for every $1,000 of MEITx. The full cascade, with its assumptions and reservations, is developed in the calculation of how much Unitree is inside a Meituan share.

The distinction between volume and open interest is what most changes a decision, and the same asset illustrates this with two opposite profiles on the same day: the Unitree market on trade[XYZ] had $22.29 million in open interest with $1.29 million in 24-hour volume—17× more committed capital than turnover—while edgeX reversed the ratio, with $113,467 in open interest and $1.53 million in volume: 13× more turnover than live position. Why open interest resists manipulation better than volume is developed in the comparison of perpetual DEXs by chain.

How much does it cost to trade the Unitree perpetual on trade[XYZ], Paragon, Aster, and Lighter?

Detail by market. The round-trip commission sums opening taker plus closing taker on the published base rate; the spread is the gap at the first level of the book in the snapshot and is paid in addition to the commission.

Two reading warnings for this table. First: growth mode is a reduced commission decided by the market operator that can be withdrawn at any time; on trade[XYZ], it lowers the standard fee from 0.090% taker and 0.030% maker to 0.009% and 0.003%, with proceeds split equally between Hyperliquid and the operator. Paragon applies the same scheme and split to its Unitree market—its documentation does not publish numerical rates: the 0.018% comes from the growthMode field active in para:UNITREE according to the Hyperliquid API and the HIP-3 table; on Aster, stock perpetuals are 0% maker and 0.009% taker, so the taker round-trip is 0.018%, and on Lighter, taker and maker are listed at 0% in its own API for Standard accounts (Premium accounts, which are optional, do pay). Second: depth does not follow the discount. In the snapshot, the first twenty levels of the UNITREE book on trade[XYZ] totaled $5,027 on the buy side and $175,396 on the sell side; for SPCX, it was $555,031 and $535,917, split almost equally. An order that crosses without moving the price in SPCX will move it in UNITREE, and within the UNITREE book itself, the buy side is exhausted 35× faster than the sell side.

How much does it cost to hold a pre-IPO perpetual for 30 days: CXMT, Unitree, SpaceX?

What this table organizes, and no interface shows together, is how much funding weighs against the commission in each market over 30 days. Anyone opening a position knows the commission beforehand but is completely unaware of the sign and magnitude of what they will pay or collect while holding it; no one sets this rate, it emerges from the imbalance between positions. The mechanics are in how perpetual DEX funding rates work.

The last column compares, for each trade[XYZ] market, the cumulative funding against the round-trip commission at the standard rate: 0.18% of the notional, $1.80 for every $1,000. The ratio indicates how many times larger the term you don't control was compared to the one you do; in growth mode, with the commission ten times lower, each multiple is multiplied by ten.

30-day window unless indicated, closing Aug-29-2026 at 21:00 UTC; UNITREE covers 24.3 days as its market opened on Aug-5. The absolute sum column matters as much as the net: SPCX closes the window at −0.393% after accumulating 1.443% in payments in both directions, nearly four times the balance, so someone who entered and exited halfway through took a very different figure than the final result suggests.

The sign is also not a stable property of the asset. The two markets with STAR underlying (CXMT, UNITREE) and the two that became Nasdaq-listed (CBRS, SPCX) closed the window in negative territory, meaning shorts were paying; ZHIPU, MINIMAX, and SK hynix (memory, KRX) closed in positive territory with absolute sums nearly three to over five times their net: MINIMAX 2.9×, ZHIPU 3.6×, and SK hynix 5.4×.

A comparability warning across the entire table: Hyperliquid publishes an hourly rate and Aster settles every eight hours, except for UNITREEUSDT, which moved to four hours on Aug-19, with a cap of ±2% per period—±1% for SPCXUSDT. Its series of 104 periods therefore mixes the two intervals, and only one period in the entire series hit the −2% floor—Aug-19 at 08:00 UTC—a mechanism limit rather than a market reading. Cumulative sums for the same window are comparable across platforms; instantaneous rates are not.

Where to buy tokenized stocks (xStocks, Ondo, Robinhood) and from which countries?

The three major issuers of backed tokens total over 3,100 products, and none of them is a mainland Chinese A-share or a STAR market ETF.

The 0% for xStocks applies to instant purchases with dollars or USDG—the Global Dollar stablecoin—with the cost built into the price; on Kraken Pro, the taker round-trip costs 0.20% with the first volume tier rate (maker −0.02%, taker 0.10%), not the base level. Ondo does not charge for issuance or redemption and passes the cost to the implicit spread, and its explicit commission is not published in the product sheet. The Jarsy page for Unitree, dated Aug-27-2026 and consulted on the 29th, has no price or ticker: it only directs to account creation.

A clarification on the Robinhood row: its stock tokens are issued as derivatives with Robinhood itself as the counterparty, rather than as receipts for a title deposited with an independent custodian. They are included in this table because the window and usage coincide with Layer 2, with the warning that counterparty risk is not equivalent.

A token replicating a share is a financial instrument under MiFID II and falls outside MiCA per Article 2.4.a of Regulation (EU) 2023/1114; the details and the four jurisdictions are in the article on the cost of each layer. Regarding where this layer is headed in the medium term, see the ICE and OKX joint venture on tokenized equities.

Another structural difference compared to Layer 1: there is no funding in Layer 2. The cost of holding the position for 30 days is zero plus the bid-ask spread; in exchange, the hours are those of the window (24/5 on Kraken, 24/7 on-chain; 24/5 on Ondo with six assets in continuous trading) and exit depends on the issuer maintaining liquidity.

How to buy Unitree (688836) from outside China: STAR 50 ETF or Meituan?

For the two non-U.S. listed companies in the table, Layer 3 forks: Meituan is accessible via international brokers on HKEX; Unitree is not accessible in any direct way. These are the remaining routes and their published annual cost.

The management fee for KSTR is 0.65% net thanks to a revocable waiver on a 0.89% gross fee: if the issuer withdraws it, the cost rises without the portfolio changing. The STAR 50 index inclusion rule defaults to requiring more than six months of listing, with a fast track for recent IPOs: the period drops to more than three months for the top five in the market by average daily capitalization since debut, and to more than one month for the top three, if approved by the advisory committee; ordinary reviews are quarterly. With that schedule, the first possible window for Unitree is the December 2026 review. Until then, anyone buying any of the three ETFs is buying the 50 positions that are already inside.

There is a time restriction that only affects Layer 1 with Chinese underlyings: for STAR stocks, the trade[XYZ] market uses an external oracle from 9:30 to 11:30 and 13:00 to 14:57 (UTC+8) on business days, converting offshore yuan to dollars in real-time; outside that window, the price is set by the venue's internal mechanism. The snapshot for this table was taken on a Saturday night, with internal pricing active in all Chinese underlying markets.

How is this table built and which cells remain pending (Aug-29-2026 edition)?

Each edition comes from a single snapshot taken all at once, not from queries spread throughout the day: funding and open interest endpoints drift between calls, and a table stitched together from different moments ceases to be comparable with itself. It is taken by a script over the public APIs of Hyperliquid, Aster, and Lighter, without private keys; Layer 2 issuer and Layer 3 access data are reviewed against each one's documentation. This edition corrects the exception from the previous one: the Aster and Lighter markets for Cerebras, Apple, and Meituan are now included in the single snapshot, so no cell comes from a different moment.

There are eleven pending cells in this edition, one fewer than in the previous one.

Outside the tables are two checks that do not occupy a cell. Dinari, bStocks (Binance), and Bybit, without crawled catalogs or APIs: their rows were nearly empty and are listed here instead of in the table. And the DefiLlama pre-IPO panel count: a figure circulating since June speaks of fourteen tracked pre-IPO markets, but in the current snapshot, the two Ventuals markets show zero open interest, so the June series does not describe August. The panel returns an access error from the command line and we have not confirmed it in a browser.

Unitree open interest was reported at $9.1 million on Aug-15-2026 across two markets, compared to the $25.03 million aggregate from the four venues measured in this snapshot—$25.15 million if all eight live DEX markets are summed. The two figures correspond to different moments, separated by the Aug-19 session in which the main market traded over a million contracts. The same logic applies to maximum leverage: the pre-IPO product specification listed 5x and the API returns 10x following the market conversion.

The refresh is weekly, on Mondays. Between editions, the figures that move the most are cumulative funding and open interest; those that barely move are Layer 2 and Layer 3, which respond to catalog and regulatory decisions. If the comparison of interest is between perpetual platforms rather than layers of the same asset, the adjacent piece is the comparison of perpetual DEXs by chain; for HIP-3 market mechanics and the reaction of U.S. regulators, see the analysis of trade[XYZ], the SEC, and the CFTC; and for whether the perpetual price matches the stock once it lists, see the pre-IPO perpetual scoreboard and the SpaceX post-IPO case.

Sources and links: Hyperliquid — info endpoint documentation (POST queries to api.hyperliquid.xyz/info) · Aster API (fundingRate) · Lighter API (orderBooks) · docs.trade.xyz — fees · docs.trade.xyz — IPOP specification index · docs.trade.xyz — China stocks · trade.xyz — terms · xStocks — catalog · Kraken — xStocks FAQ · Ondo Stocks · Jarsy — Unitree · Regulation (EU) 2023/1114 (MiCA) · Teahose — Unitree access · Cointelegraph — Bybit · Paragon — documentation (jurisdictions; docs do not publish numerical rates and refer to Hyperliquid table) · Aster — documentation (stock perps fees and terms) · Aster — fundingInfo (interval and cap per symbol) · Lighter — documentation and terms · Ondo — product documentation · StockAnalysis — Meituan capitalization · China Securities Index — STAR 50 (inclusion rules)