Bybit Launches Options on Its Own SpaceX and NVIDIA Perpetual
Bybit is adding options to a product that never holds the underlying shares, even though real, exchange-listed options on both stocks already exist.
Bybit will launch what it calls Perp Options on 17 September at 8 pm UTC, starting with contracts on SpaceX (SPCX) and Nvidia (NVDA).
The products let users trade options around the clock, with fractional lots, USDT settlement, and portfolio margin available to all users within Bybit's Unified Trading Account.
Bybit plans to add new expiries regularly and says Tesla, the Invesco QQQ ETF, SOXL and Micron are coming next. The exchange's own announcement describes the launch as "an industry first."
A Derivative of a Derivative
The options don't settle against SpaceX or Nvidia shares directly. Their underlying is Bybit's own perpetual futures contracts - SPCXUSDT and NVDAUSDT - which themselves track the stocks' prices without Bybit holding or delivering any actual shares.
An option buyer is therefore taking a position in a synthetic instrument that mirrors the stock, with no path to the underlying equity anywhere in the chain.
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