Bybit has introduced a new set of stock-tied perpetual contracts, led by pre-IPO derivatives for OpenAI and Anthropic. The exchange confirmed that OPENAIUSDT and ANTHROPICUSDT are now live, giving traders leveraged exposure to reference prices tied to both private companies.
The rollout also includes additional stock perpetual listings, including SNXXUSDT, INTWUSDT and KSTRUSDT. Together, the additions extend Bybit’s push into equity-linked derivatives alongside its existing crypto perpetual markets.
Pre-IPO Contracts Offer Synthetic Exposure
Bybit’s pre-IPO contracts support up to 20x leverage, according to the exchange’s listing terms. The products are designed to track estimated values before a public listing, but they do not represent shares or direct equity ownership.
Mark prices are calculated using the average trade price over the previous 10 seconds, with updates every second and a maximum movement of 1% per second. That mechanism gives the contracts a platform-specific pricing structure rather than a direct link to any official public-market quote.
Bybit said the contracts will automatically convert into standard stock perpetuals if OpenAI or Anthropic complete an IPO. The exchange plans to publish a separate notice before any conversion event.
IPO Timing and Pricing Remain Uncertain
The products are structured as reference contracts rather than company-backed offerings. Bybit stated that it is not affiliated with, sponsored by or endorsed by OpenAI or Anthropic, and that the contract names are used only to identify the reference companies.
That distinction is important because pre-IPO contract prices may diverge sharply from eventual listing prices. Traders are exposed to market expectations, liquidity conditions and exchange-specific pricing before any official IPO terms are known.
Bybit also warned that traders who do not want to hold the converted product should close positions manually before conversion takes effect. Funding rates, margin rules and other terms will shift to the standard stock perpetual structure once conversion occurs.
The listings fit into Bybit’s broader expansion of stock derivative products. The exchange has also added ETF-linked perpetuals such as SMHUSDT, XBIUSDT and XLEUSDT, each offering up to 20x leverage.
OPENAIUSDT and ANTHROPICUSDT are live pre-IPO perpetual markets with conversion tied to future public listings. The next key indicators will be liquidity depth, trader participation, pricing stability and official guidance ahead of any IPO-triggered contract transition.