Bybit, the world’s second-largest crypto exchange by trading volume, has announced the launch of « Perp Options, » the world’s first-ever options contracts built on top of US stock perpetuals. The product, available 24/7, goes live on September 17, 2026 with SpaceX and Nvidia as the initial underlyings, marking a new milestone in the exchange’s TradFi expansion strategy.
🔑 Key takeaways
- Bybit launches « Perp Options, » the world’s first 24/7 options on stock perpetuals.
- Initial rollout on September 17, 2026 at 20:00 UTC with SPCX (SpaceX) and NVDA (Nvidia).
- Multiplier of 1, USDT-settled, integrated with the Unified Trading Account (UTA).
- Expansion planned to TSLA, QQQ, SOXL and MU in the coming weeks.
- Current TradFi offering: 20 US stocks, 3 commodities and 3 ETFs, with up to 10x leverage.
An industry-first product
Bybit is setting a new benchmark in the derivatives industry with the launch of the first options contracts in the world based on stock perpetuals. The innovation gives traders continuous exposure to major US equities without the traditional market-hour constraints, including weekends and holidays.
The initial phase will go live on September 17, 2026 at 20:00 UTC, with two underlyings: SPCX (SpaceX) and NVDA (NVIDIA). The exchange has confirmed that additional tickers — Tesla (TSLA), the Invesco QQQ Trust (QQQ), the Direxion Daily Semiconductor Bull 3X Shares (SOXL) and Micron Technology (MU) — will be added progressively, along with new expiration dates as the offering matures.
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Technical features and trading conditions
Perp Options stand out through several parameters that bring the product closer to institutional standards while remaining accessible to retail traders. The multiplier is set to 1, enabling fractional-lot trading without the traditional 100-share minimum required for standard US options. Settlement is conducted exclusively in USDT, simplifying P&L calculations and avoiding exposure to the underlying tokens.
| Feature | Detail |
|---|---|
| Initial underlyings | SPCX, NVDA |
| Multiplier | 1 |
| Settlement / collateral | USDT |
| Market access | 24/7, weekends included |
| Integration | UTA + portfolio margin |
| Leverage (SPCX/NVDA perpetuals) | up to 10x |
Access is available 24 hours a day, 7 days a week, with no restrictions tied to traditional equity-market hours or weekend closures.
Unified account integration and advanced strategies
The product is fully integrated into Bybit’s Unified Trading Account (UTA) and portfolio margin system. This unified architecture lets users manage and hedge spot, perpetual and options positions from a single account, with cross-margin offset reducing margin requirements.
« This unified architecture allows users to manage and hedge positions across spot, perpetuals and options from a single account, while reducing margin requirements through cross-position netting. »
Bybit, official announcement — August 28, 2026
Traders can deploy full-fledged options strategies including spreads, straddles and covered calls, narrowing the gap between the crypto trading experience and institutional options practices.
Bybit’s TradFi offensive accelerates
The launch is part of a broader push into traditional financial (TradFi) products on the platform. Bybit launched its first TradFi perpetual contracts in April 2026 and has since added new tickers on a weekly basis.
At the time of the Perp Options launch, Bybit’s full TradFi perpetual suite includes 20 US stocks, 3 commodities (gold, silver and crude oil) and 3 global ETFs (QQQ, EWJ, EWY). The lineup spans semiconductors (TSM, NVDA, MU), big tech (TSLA, SNDK, META, GOOGL, MSFT, ORCL, AAPL, INTC), digital assets (MSTR, COIN, CRCL) and finance (HOOD). All contracts are denominated and settled in USDT, with leverage of up to 10x.
SpaceX: the IPO that could smash every record
The launch of SPCX (SpaceX) options comes against an exceptional backdrop. SpaceX’s IPO is scheduled for June 12, 2026, with valuation projections ranging between $1.75 trillion and $2 trillion and a fundraising target of around $75 billion — more than double the record set by Saudi Aramco in 2019 ($29.4 billion).
| SpaceX metric | Value |
|---|---|
| Starlink subscribers | > 8 million |
| Starlink 2024 revenue | ~ $7.7 billion |
| Total shares outstanding (est.) | 11.87 billion |
| Projected IPO valuation | $1.75 – $2 trillion |
| Targeted IPO raise | ~ $75 billion |
SpaceX recently completed the acquisition of xAI, Elon Musk’s artificial intelligence venture, creating a vertically integrated entity spanning space exploration, satellite technology and AI. SPCXUSDT contracts offer up to 10x leverage, no expiration date and permanent market access.
Regulatory framework and risk warnings
Bybit is positioning itself as the world’s second-largest crypto exchange by trading volume, serving a global community of more than 80 million users. Founded in 2018, the platform has progressively expanded beyond native crypto into traditional finance products, including Bybit TradFi, tokenized stocks and RWA-backed (Real World Assets) yield products.
Bybit TradFi is powered by Infra Capital, a company licensed by the Mauritius Financial Services Commission (FSC). The service is available to eligible users through the official Bybit app and website, but is not offered to residents of the European Economic Area, among other territorial restrictions.
The platform reiterates that derivatives products carry significant risks, including the possibility of substantial or total losses, and urges traders to implement appropriate risk management.
Conclusion
The launch of Perp Options marks a new step in the convergence between crypto and traditional markets. By offering 24/7 options on blue-chip US names like SpaceX and Nvidia, Bybit captures growing retail demand for leveraged exposure to the real economy while bypassing the time constraints of US equity markets.
If the buzz around SpaceX’s historic IPO acts as a catalyst, this product could redefine retail access to major US equities. Conversely, the product’s complexity and lingering regulatory uncertainties — EEA exclusion, an unclear MiCA framework for these hybrid vehicles — could slow institutional adoption in the short term.
Sources
- The Block — Bybit launches 24/7 options on stock perpetuals (August 28, 2026)
- GlobalFintechSeries — Bybit TradFi perpetual contracts
- Investing.com — Bybit launches SPCXUSDT pre-IPO perpetual contract
- Bybit Announcements — Trade SpaceX & Nvidia options 24/7
- FX Daily Report — Bybit equity perpetual options
- Binance Square — coverage of the launch
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
