Key points

  • Bybit said SPCX and NVDA Perp Options went live on September 17 at 20:00 UTC and can trade around the clock.
  • The options reference Bybit's perpetual contracts rather than SpaceX or Nvidia shares and settle in USDT without conveying ownership rights.
  • Fractional lots and portfolio margin broaden strategy access, while synthetic exposure, off-hours liquidity and jurisdictional limits remain material risks.

A new layer of equity-linked derivatives

Crypto exchange Bybit launched options tied to its SpaceX and Nvidia stock-perpetual contracts on September 17 at 20:00 UTC. The products, branded Perp Options, began with SPCX and NVDA contracts and are available around the clock. Bybit's launch notice describes fractional contract sizes, settlement in the USDT stablecoin and integration with its Unified Trading Account. The launch extends the exchange's synthetic equity-linked products into options, adding another derivatives layer rather than providing direct access to company shares.

What the contracts reference

The distinction between the reference asset and the shares is central. Independent reporting by Finance Magnates said the new options use Bybit's SPCXUSDT and NVDAUSDT perpetual contracts as their underlyings. Those perpetual contracts track the companies' prices but do not deliver stock. The option holder therefore has no claim on SpaceX or Nvidia shares, dividends or voting rights. Although the perpetual contracts have no expiry, the options themselves expire, and Bybit said it will add new expiries regularly.

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Trading continues when stock markets close

Bybit is positioning continuous availability as the main difference from conventional U.S. equity options. Trading can continue overnight and on weekends, when the underlying cash-equity markets may be closed. That flexibility also introduces a market-quality question: prices can be harder to anchor when primary exchanges are not publishing live stock trades. Independent coverage noted that liquidity may thin and bid-ask spreads may widen outside regular equity-market hours, potentially increasing execution costs and slippage.

Smaller positions and portfolio margin

The contracts use a multiplier of one and support fractional lots, avoiding the standard 100-share scale commonly associated with listed U.S. equity options. Bybit said users can buy or sell options and construct spreads, straddles and covered-call strategies. Portfolio margin can offset related positions across options, perpetuals and spot holdings when calculating collateral requirements. Those features may lower the size threshold for complex strategies, but leverage and short-option exposure can also amplify losses and margin calls.

Settlement stays inside the crypto account

Profit and loss settle in USDT through Bybit's Unified Trading Account rather than through a securities clearing system. That keeps the product within the exchange's crypto-market infrastructure and avoids delivery of either shares or a separate equity token. It also means users face the operational, counterparty and stablecoin risks of that structure in addition to the market risk of the referenced perpetual and the option itself. Product availability remains subject to Bybit's jurisdictional restrictions and user eligibility rules.

More reference assets are planned

Bybit said Tesla, the Invesco QQQ exchange-traded fund, the Direxion Daily Semiconductor Bull 3X Shares fund and Micron Technology are among the planned additions. The launch reflects a wider convergence between crypto trading venues and traditional market references, with exchanges offering continuous synthetic exposure to stocks and funds. Unlike a conventional listed option, however, the product depends on the exchange's own perpetual market for its reference and settlement chain. The practical test will be whether these options develop sufficient liquidity across expiries and strike prices, especially during hours when U.S. cash markets are shut. Clear contract specifications, margin terms and regional availability will also determine who can use the products and how their risks compare with regulated listed options. For traders and regulators, the key point is that the contracts resemble equity options economically while remaining options on exchange-created perpetual derivatives, not listed-share options.

Sources

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