TheBlock
Bybit will launch what it calls the crypto industry's first options contracts tied to stock perpetuals on Sept. 17 at 8 p.m. UTC, opening with SpaceX and Nvidia underlyings. The contracts settle in USDT, support fractional lots, and plug directly into Bybit's Unified Trading Account with portfolio margin. Traders can run standard options strategies, including spreads, straddles, and covered calls, without the typical 100-share contract minimum or U.S. market-hour restrictions. Bybit plans to roll out additional expiries and underlyings, including Tesla, QQQ, SOXL, and Micron.
Why it matters
The product sits at the intersection of two fast-moving trends. Tokenized-equity perpetual volume grew from roughly $85 billion in January to about $470 billion in June, with SpaceX the most-traded equity perp in June at more than $66 billion in volume. Hyperliquid's equity-focused HIP-3 markets alone went from about 2% of its perp volume at the start of the year to roughly 50%. Layering options on top of that growing base is the next step in turning crypto-native rails into full-service equity derivatives venues.
Market impact
Bybit's launch extends the work Ondo began in July, when tokenized stocks became usable as collateral for perp trading. Coinbase, Kraken, and Robinhood are also pushing toward round-the-clock equity access, though none have matched options on perps yet. For retail, the bet is clear: full U.S. equity-style derivatives exposure on a 24/7 venue, in stablecoin terms, without a brokerage account or a PDT flag. The competitive question is whether regulated U.S. venues move to compress the market-hour edge before offshore perp-options volume becomes structural.
Frequently asked questions
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What is Bybit launching?
Bybit is launching the crypto industry's first options contracts tied to stock perpetuals, going live Sept. 17 at 8 p.m. UTC with SpaceX and Nvidia as the opening underlyings. Contracts settle in USDT and plug into Bybit's Unified Trading Account with portfolio margin.
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How do these contracts differ from traditional U.S. equity options?
Bybit's contracts trade 24/7 without U.S. market-hour restrictions, settle in USDT rather than shares, and allow fractional lots below the standard 100-share minimum. They plug into a crypto-native venue with portfolio margin rather than a regulated brokerage.
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What strategies can traders run on these contracts?
Traders can run standard options strategies including buying and selling options, spreads, straddles, and covered calls. The contracts support portfolio margin within Bybit's Unified Trading Account.
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How large is the tokenized-equity perp market?
Tokenized-equity perpetual volume grew from roughly $85 billion in January to about $470 billion in June. SpaceX was the most-traded equity perp in June with more than $66 billion in volume.
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Which other platforms are moving toward 24/7 equity trading?
Coinbase, Kraken, and Robinhood are pushing toward round-the-clock equity access, and Ondo enabled tokenized stocks as collateral for perp trading in July. Hyperliquid's equity-focused HIP-3 markets have grown from about 2% of its perp volume at the start of the year to roughly 50%.
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