Bybit has expanded its derivatives lineup with five new USDT-settled perpetual contracts spanning crypto-native tokens and traditional-market reference assets. The exchange added NESAUSDT and AEONUSDT alongside TradFi contracts tracking LYTE, NCLD and VST, giving eligible traders leveraged exposure through products that remain available around the clock.
The crypto additions entered Bybit’s Innovation Zone on August 13. The official NESAUSDT listing offers leverage of up to 20x, while AEONUSDT supports up to 25x. Both contracts settle in USDT, trade 24/7 and use four-hour funding intervals, while their Innovation Zone status carries higher trading fees than standard contracts.
TradFi perpetuals extend Bybit beyond crypto-native markets
Bybit simultaneously launched LYTEUSDT, NCLDUSDT and VSTUSDT with maximum leverage of 25x. These products are synthetic derivatives rather than tokenized shares, meaning traders receive price exposure without ownership of the corresponding equities or ETFs and without dividend, voting or other shareholder rights. Bybit also warns that contract prices can diverge from their underlying references.
LYTEUSDT references the Roundhill Photonics & Optics ETF, while NCLDUSDT tracks the Roundhill Neocloud ETF. Roundhill’s official investment platform lists both LYTE and NCLD among its ETF products, providing a primary non-crypto source for the underlying instruments. The Bybit contracts translate the price movements of those regulated-market ETFs into USDT-margined perpetual exposure without transferring ownership of the funds themselves.
VSTUSDT takes the same structure into individual equities by referencing Vistra Corp. The contract trades continuously, settles in USDT and uses an eight-hour funding interval. Its 24/7 availability separates the trading schedule of the derivative from the market hours of the underlying U.S. stock, creating continuous exposure even when traditional exchanges are closed.
Continuous access comes with different risk mechanics
The additions broaden Bybit’s effort to place crypto and traditional-market reference assets inside the same derivatives interface. NESA and AEON provide leveraged exposure to native digital assets, while LYTE, NCLD and VST extend that framework to securities-linked price movements, but the contracts remain distinct products with different underlying risks.
Bybit retains the ability to modify leverage, funding rates, tick sizes, margin requirements and other contract parameters as conditions change. It also notes that corporate actions affecting TradFi reference assets can lead to adjustments, suspensions or termination of the related perpetual. The wider product menu therefore increases market access while adding leverage, funding and basis risks that do not exist in the same form when investors directly own the underlying security.