Bybit Expands Pre-IPO Perpetuals Past 200 Products With Unitree, Moonshot
Bybit added Unitree Robotics and Moonshot AI to its pre-IPO perpetuals offering, pushing its traditional finance derivatives lineup past 200 products. The exchange offers up to 10x leverage on the new instruments, raising questions about price discovery and volatility in illiquid underlying assets.
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Bybit Crosses 200 TradFi Derivatives
Bybit announced the addition of Unitree Robotics and Moonshot AI perpetual contracts, bringing its pre-IPO derivatives lineup above 200 products. Both instruments carry up to 10x leverage. The exchange did not disclose the exact date of launch or specify trading fees for the new contracts.
Market Structure and Risk Questions
Bybit's expansion into pre-IPO perpetuals reflects a broader convergence between crypto derivatives platforms and traditional finance. However, the model raises structural concerns: most private company shares trade infrequently, making price discovery difficult and potentially exposing traders to wide bid-ask spreads and flashy liquidations. Unitree and Moonshot are unlisted companies with no transparent market price, meaning the perpetual contracts rely on pricing feeds or market-maker estimates rather than direct spot market data.
Regulatory and Competitive Context
Other major crypto exchanges have quietly expanded pre-IPO derivatives offerings in recent months, capitalizing on retail interest in speculating on private company valuations without holding underlying equity. Bybit's rapid growth to 200+ products suggests strong user demand, though no trading volume or open interest figures have been disclosed for individual pre-IPO perpetuals.
Why It Matters
For Traders
Unitree and Moonshot perps offer leverage exposure to unlisted companies, but underlying price feeds are opaque; confirm liquidity and funding rates before opening positions.
For Investors
Pre-IPO perpetuals strip equity rights while introducing leverage; this mirrors how derivatives have historically compressed price discovery in illiquid markets.
For Builders
If price oracles for pre-IPO perps rely on centralized feeds or thin external data, this creates a regulatory surface worth monitoring as exchanges scale TradFi derivatives.
This article is for information only and is not financial advice. Read the full disclaimer.
