Bybit expands pre-IPO perpetuals with Unitree and Moonshot AI
Crypto exchange Bybit has broadened its suite of traditional finance (TradFi) derivatives, rolling out new pre-IPO perpetual contracts linked to Chinese robotics firm Unitree and artificial intelligence startup Moonshot AI. With these additions, Bybit’s TradFi perpetual lineup now exceeds 200 products across equities, exchange-traded funds (ETFs), commodities, indices and private companies.
The new instruments are USDT-margined and settled, giving traders synthetic price exposure to the companies without conferring actual ownership of the underlying shares. This structure allows market participants to speculate on the potential valuation of Unitree and Moonshot AI ahead of their listings, mirroring how traders currently approach crypto perpetual futures.
Unitree, known for its advanced robotics technology, received the green light from China’s securities regulator in July to proceed with an initial public offering on Shanghai’s STAR Market. Bybit’s Unitree-linked perpetual contract offers access to the company’s anticipated public-market valuation before its stock officially starts trading on the exchange.
Moonshot AI, an up-and-coming artificial intelligence company, is the second name in Bybit’s latest pre-IPO batch. While it remains a private firm, derivatives tied to its implied valuation allow traders to express views on the broader AI boom, similar to how investors use tech stocks and AI-focused ETFs in traditional markets.
Bybit’s push into pre-IPO perpetuals is part of a wider industry trend where crypto platforms are increasingly targeting private-market exposure. In recent months, major exchanges such as Binance, Coinbase and Kraken have launched derivatives referencing high-profile private firms, including SpaceX, enabling users to gain pre-listing exposure via crypto-native instruments instead of waiting for a conventional IPO.
This convergence of crypto and traditional finance comes as tokenized real-world assets, and especially tokenized equities, gain momentum. Data from onchain tracking platforms shows that tokenized stocks have reached around 2.38 billion dollars in distributed value, with approximately 1.31 million holders. The number of holders has surged by more than 120% over the last month alone, underscoring growing demand for equity-like exposure on blockchain rails.
The rise of pre-IPO perpetuals marks an evolution from simple crypto derivatives to a broader catalog that mirrors traditional financial markets. Initially, exchanges focused on perpetual futures for major coins like Bitcoin and Ether. Now, they are turning to synthetic versions of blue-chip stocks, sector ETFs, commodities and unlisted companies, effectively transforming crypto venues into multi-asset derivatives hubs.
For traders, the appeal is obvious: markets that are accessible around the clock, lower minimums than many traditional brokerages, and the ability to trade multiple asset classes from a single crypto account. Pre-IPO perpetuals add another layer, offering exposure to companies that would otherwise be out of reach until listing day or until private rounds open to institutional players.
However, these products also introduce additional complexity and risk. Unlike listed stocks, which have transparent order books on recognized exchanges, the pricing of pre-IPO perpetuals is based on indicative valuations, private funding rounds, secondary-market chatter and the exchange’s own pricing methodologies. This can lead to sharp volatility and sudden repricing events when new information about the company’s IPO prospects emerges.
There are also structural differences that traders need to understand. Perpetual contracts do not have an expiry date; instead, they use funding rates to keep contract prices aligned with a reference value. In the case of pre-IPO products, that reference may be more model-based and less grounded in continuous public trading, which can widen the gap between perceived fair value and the market price during periods of speculation or low liquidity.
Regulatory uncertainty is another key factor. While the contracts are designed as derivatives that track notional exposure to private firms, regulators in different jurisdictions may take varying views on whether such products fall under securities, derivatives, or a hybrid category. As more exchanges expand this segment, oversight and compliance requirements are likely to tighten.
For institutions and sophisticated traders, pre-IPO perpetuals can function as a hedging or positioning tool around anticipated listings. A fund expecting a strong IPO may take a long position before the event, then adjust or unwind that exposure once the stock begins trading on its primary venue. Conversely, if sentiment turns, these instruments provide a way to express a bearish view without directly shorting the eventual stock.
Retail traders, on the other hand, are drawn by the chance to “get in early” on high-profile names in robotics and AI, sectors that have captured global attention. Products tied to companies like Unitree and Moonshot AI tap into narratives around automation, humanoid robots, large language models and AI infrastructure, giving traders a thematic way to express macro views on technology adoption.
The growth of tokenized stocks and onchain equities suggests that such experiments are not isolated. As more traditional assets migrate onto blockchains in tokenized or synthetic form, the line between centralized crypto exchanges and multi-asset trading platforms continues to blur. Pre-IPO perpetuals occupy a niche at the intersection of private markets, public markets and crypto-native derivatives.
In the longer term, this integration could reshape how capital formation and price discovery work. If enough volume shifts toward tokenized or synthetic trading before an IPO, private companies might find that their implied valuations are increasingly influenced by crypto market sentiment, not just traditional venture capital and institutional investors. That, in turn, could affect IPO pricing, lock-up dynamics and post-listing performance.
For now, Bybit’s launch of Unitree and Moonshot AI contracts highlights how aggressively exchanges are competing to capture traders’ attention with differentiated offerings. With more than 200 TradFi perpetual products already live since the lineup debuted in April, the platform is positioning itself as a bridge between digital assets and traditional markets, betting that demand for hybrid, cross-asset instruments will continue to accelerate.