Bybit to Launch 24/7 Stock Perp Options on SpaceX and Nvidia

Bybit is preparing to list options tied to stock perpetual contracts, a product it describes as the first options contracts based on stock perpetuals. Trading is scheduled to begin Sept. 17 at 8 p.m. UTC, with contracts linked to Nvidia and SpaceX perpetuals under the NVDA and SPCX symbols.

The contracts will trade around the clock, settle in USDT and allow fractional lots. Bybit said they will be integrated with its Unified Trading Account, letting eligible traders use portfolio margin alongside other assets held on the platform. Supported strategies include outright option purchases and sales, spreads, straddles and covered calls. The exchange plans to add more expiration dates and eventually introduce contracts tied to Tesla, the QQQ exchange-traded fund, SOXL and Micron.

Bybit's structure targets two constraints in traditional U.S. equity options: limited market hours and standardized contracts that typically cover 100 shares. Fractional sizing could reduce the capital needed for options linked to high-priced stocks or synthetic equity products, while continuous trading lets users adjust positions outside regular U.S. sessions.

The launch reflects a broader shift among crypto platforms from simple tokenized-stock exposure toward derivatives and collateral use. In July, Ondo enabled users to use tokenized equities as collateral for perpetual contracts linked to stocks, commodities and other markets. Bybit is adding an options layer on top of equity-linked perpetuals, allowing traders to structure exposures around volatility, direction and time. Coinbase, Kraken, Robinhood and other firms have also been developing products that offer longer or continuous access to U.S.-linked equities.

Demand for equity-linked perpetuals has grown quickly. Tokenized-equity perpetual volume rose from about $85 billion in January to roughly $470 billion in June. SpaceX was the most actively traded equity perpetual in June, with more than $66 billion in volume. On Hyperliquid, equity-focused HIP-3 markets grew from about 2% of perpetual trading volume at the start of the year to around half, helped by contracts linked to Nvidia, Tesla and the Nasdaq-100.

Bybit's products will not replicate listed equity options. They expose traders to options on perpetual contracts rather than shares held in a securities account, bringing different counterparty, liquidity, pricing and platform risks. Traditional U.S. options benefit from mature market-making, centralized clearing and deep liquidity in names such as Nvidia and Tesla. Crypto-based alternatives will need active order books to keep spreads and execution costs competitive, especially for multi-leg strategies. Continuous trading and fractional contract sizes remain the main differentiators, and the next test is whether demand moves from perpetuals into options.