Bybit Adds Unitree & Moonshot AI Pre-IPO Perpetuals in USDT Cash-Settled Market
Bybit, a Dubai-based crypto exchange, has listed pre-IPO perpetuals tied to private-market narratives for Unitree and Moonshot AI. The new contracts are USDT-denominated and cash-settled, giving traders price exposure without owning the underlying shares.
Unitree has regulatory approval to pursue an IPO on China’s Shanghai STAR Market, with Bybit positioning its pre-IPO perpetuals to reflect expectations before public trading begins. Bybit also says its broader TradFi perpetuals catalogue has grown to 200+ products since launching in April, spanning equities, ETFs, commodities, indices and pre-IPO companies.
The article places this move in a wider industry trend: exchanges including Binance, Coinbase and Kraken have rolled out similar pre-IPO derivatives around well-known private listings. It also notes rising momentum in tokenized equities (RWA.xyz data cites $2.38B distributed value and 1.31M holders), but emphasizes that this catalyst is not tied to a major public token launch.
For traders, these Bybit pre-IPO perpetuals may increase derivatives activity and liquidity around upcoming corporate events. Still, the impact on broader crypto markets is likely limited, because the news does not introduce a mainstream token catalyst. pre-IPO perpetuals are best treated as high-narrative, basis-risk trades rather than a signal for spot demand.
Neutral
This news expands Bybit’s USDT cash-settled pre-IPO perpetuals for Unitree and Moonshot AI, which may boost derivatives activity around specific corporate timelines. However, the catalyst is not a mainstream token launch, so there is no clear, direct demand impulse for any major crypto asset. As a result, the expected price impact on the mentioned instrument (USDT-settled contracts) and broader market stability is likely limited and short-lived.