Bybit Lists ESP/USDT Pre‑Market Perpetual Futures (10:10 UTC launch)
Bybit announced the launch of ESP/USDT perpetual pre‑market futures, with trading to begin at 10:10 a.m. UTC on February 10, 2025. The contract is a perpetual (no expiry) pre‑market futures designed to enable price discovery before a spot listing. Key specs: ticker ESPUSDT, contract value 1 ESP, margin in USDT, initial margin 5% (up to 20x leverage), maintenance margin 2.5%, funding every 8 hours, and minimum price increment 0.0001 USDT. Risk controls include auto‑deleveraging, an insurance fund, real‑time position monitoring and per‑tier position limits. Bybit says the timing targets Asian and European sessions to maximize liquidity; the listing follows internal legal and risk reviews and aligns with derivatives standards and recent global regulatory frameworks (e.g., MiCA). Traders should expect elevated volatility during initial sessions because pre‑market pricing leans on expectations rather than spot liquidity. The launch expands Bybit’s derivatives offering and may accelerate ESP’s market discovery ahead of potential spot listings, creating short‑term trading opportunities and arbitrage possibilities for sophisticated traders.
Neutral
The listing expands derivative access and can increase liquidity and price discovery for ESP, which is constructive. However, because this is a pre‑market perpetual relying on expectations rather than spot liquidity, initial sessions are likely to show elevated volatility and wider spreads, raising short‑term risk. Bybit’s risk controls (insurance fund, auto‑deleveraging, margin rules) mitigate extreme systemic risk, and similar past events—such as derivatives listings ahead of ETF or spot launches—typically produced strong speculative interest and short‑term price swings followed by normalization once spot markets open. Therefore the net market impact is neutral: bullish for ESP’s discoverability and derivative liquidity, but balanced by heightened short‑term risk and no guaranteed sustained price appreciation absent spot adoption or broader demand.