Bybit Launches Options on Its Own SpaceX and NVIDIA Perpetual

Bybit will launch a derivatives product it calls Perp Options on 17 September at 20:00 UTC, starting with contracts tied to SpaceX (SPCX) and Nvidia (NVDA). The exchange billed the rollout as an industry first, saying the options will trade around the clock with fractional lot sizes, USDT settlement and portfolio margin available to all users inside its Unified Trading Account.

A derivative of a derivative

The contracts do not settle against SpaceX or Nvidia shares. Their underlying is Bybit's own perpetual futures - SPCXUSDT and NVDAUSDT - which track the two stocks' prices without the venue holding or delivering any actual equity. Buyers therefore take exposure to a synthetic instrument that mirrors the share price, with no claim on the underlying stock anywhere in the chain. The perpetuals themselves carry no expiry date, while the new options will, and Bybit says it plans to add fresh expiries on an ongoing basis.

Both names already have regulated, exchange-listed options in the US. SpaceX completed its Nasdaq IPO on 12 June, and standard options on SPCX began trading four days later, while Nvidia options have been available on US exchanges for years. Bybit's version offers weekend and overnight access, fractional sizing and no requirement for a US brokerage account, but it sits outside the clearing and settlement infrastructure that governs the regulated contracts.

The listing fits a rapid pattern of expansion. SPCXUSDT debuted on Bybit in May, marketed at the time as pre-IPO exposure to SpaceX ahead of its since-completed listing. Over the past month alone the exchange has listed perpetuals tracking consumer-staples and utilities ETFs, McDonald's and Shein, among others. Bybit says Tesla, the Invesco QQQ ETF, SOXL and Micron are coming next.

Synthetic and tokenised equity-perpetual trading has grown quickly across the industry, with volumes rising from about $85 billion in January to roughly $470 billion in June, according to The Block, which put SpaceX as the most-traded single name that month at more than $66 billion. Coinbase, Kraken and Robinhood have all moved toward round-the-clock equity access in some form over the same period. Bybit has not published contract specifications, settlement methodology, margin requirements or jurisdictional restrictions for Perp Options beyond the marketing details in its announcement.