Bybit announced Perp Options on August 28, with trading launching September 17 at 20:00 UTC on stock perpetuals for Nvidia and SpaceX. The product lets traders buy and sell options contracts on equity-linked perpetual futures around the clock, a departure from traditional stock options markets that operate on exchange hours.
The announcement does not specify initial volume or open interest caps. Bybit plans to add Tesla, QQQ, SOXL, and Micron to the options roster after the September debut, though no timeline was given. The exchange did not disclose whether the product would operate against its own order flow or through a designated market maker model.
Crypto derivatives platforms have expanded into equity-linked instruments in recent months. Crypto exchanges have offered perpetual futures on major stocks for years, but wrapping them in options contracts adds layers unavailable to retail traders in regulated stock markets. The 24/7 availability lets traders operate across timezones while U.S. equities trading remains confined to 9:30 a.m. to 4 p.m. Eastern time.
Options on crypto-native perpetuals carry different risk mechanics than traditional equity options. The underlying perpetual contracts use funding rates to keep their prices tethered to spot markets, and option holders face liquidation risk if the perpetual's mark price swings past their margin buffer. Bybit does not appear to have released documentation on how it will handle settlement or margin requirements on the options side.
The Nasdaq 100 (QQQ) and Semiconductor ETF (SOXL) are both included in Bybit's roadmap alongside individual mega-cap stocks. Nvidia and SpaceX represent the highest-profile names in the initial pair, each carrying significant retail interest in crypto-native trading venues.
Bybit's options launch sits within a six-month window in which multiple crypto exchanges have introduced or expanded equity derivatives. The regulatory posture remains unsettled: the SEC has taken no formal position on options on stock perpetuals offered outside registered exchanges, and Treasury guidance on crypto derivatives tied to foreign equities remains absent. If Bybit reports significant adoption by September 18, other platforms may accelerate similar product roadmaps; if volume stays subdued, the cost of compliance may deter additional launches.
