The line between the crypto market and traditional exchanges is getting thinner. Bybit has just launched perpetual contracts for Unitree Robotics and Moonshot AI, allowing traders to speculate on the shares of both companies before they officially list on public exchanges. Both derivative contracts are settled directly in USDT stablecoin.
This launch adds to the long list of traditional finance (TradFi) products on the Bybit platform. Since opening this asset channel last April, they have released more than 200 perpetual products covering stock movements, ETFs, commodities, global indices, and private company equity. The move responds to industry trends: in May, Bybit had already released contracts for SpaceX, while rival exchanges like Coinbase offer pre-IPO speculation for artificial intelligence companies OpenAI and Anthropic.
For the Unitree and Moonshot instruments, Bybit provides traders with leverage of up to 10x. However, the price benchmark is purely formed by the tug-of-war between buyer supply and demand within the crypto exchange itself. The numbers displayed on traders’ screens can move wildly and deviate significantly from the actual IPO price estimates on the stock exchange later.
The Rush for Robotics Shares and a Blurry AI Timeline
Retail investor enthusiasm for Unitree Robotics is clearly reflected in the order data. The robot manufacturer is offering approximately 40.45 million shares at a price of 150.80 yuan per share. This initial offering portion represents 10% of their total post-offering capital, with a gross proceeds target exceeding 6.10 billion yuan on the STAR Market.
The most prominent fact lies in the demand volume: retail orders exceeded the available shares by more than 8,000-fold. Their official listing debut on the STAR Market is expected this week.
On the other hand, the MOONSHOTUSDT contract for startup Moonshot AI was launched earlier, on August 7. Bybit set specific rules for this contract: a 10x leverage facility, a fixed funding rate of 0.005% every four hours, and margin calculations based on an estimated 1 billion shares. The main issue is that Moonshot’s IPO plan in Hong Kong has yet to find clarity. The company strongly denied reports of an IPO filing in August, while the Financial Times mentioned that their listing schedule remains unclear.
Not Real Ownership, But Pure Speculation
It is important for every trader to realize the limits of this financial instrument: Bybit’s pre-IPO contracts are completely different from tokenized stocks. This instrument does not grant the buyer any ownership rights to the underlying asset.
This product is purely an instrument for betting on price movements. The risks are also multi-layered for the buyer. In addition to the potential for liquidation that could wipe out a trader’s entire margin due to high volatility, there is a fundamental risk from the contract itself. Bybit holds full authority to delist the asset or unilaterally settle the pre-IPO contract if the target company’s listing plan is cancelled or restructured along the way.
For crypto market participants, this product unlocks the gates to a speculation table that was once tightly locked only for Wall Street financial giants. However, with the instrument being completely separate from actual shares, the risk of loss must be borne solely by the trader. Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.