Bybit will open 24/7 options trading on SpaceX and Nvidia stock perpetuals on Sept. 17, 2026, at 8 p.m. UTC. The exchange calls them the first options contracts written on stock perpetuals.
The Big Picture
- Bybit lists perp options on SpaceX (SPCX) and Nvidia (NVDA), settled in USDT with fractional lot sizing.
- The contracts drop the 100-share minimum that makes single-name equity options expensive on high-priced stocks.
- Tokenized equity perp volume rose from $85 billion in January to about $470 billion in June 2026.
- SpaceX led that category in June with more than $66 billion in perpetual trading volume.
- Tesla, QQQ, SOXL and Micron are queued as additional underlyings, Bybit said.
Bybit writes options on top of perpetuals
Bybit will list the contracts inside its Unified Trading Account, with portfolio margin and support for spreads, straddles and covered calls. Settlement runs in USDT, and fractional lots let a trader size a position below one standard contract.
“Traditional stock options usually represent 100 shares, which can make them costly when the underlying stock has a high price,” the exchange said in its launch announcement. Bybit plans to add expiries on a rolling basis.
These options reference Bybit’s stock perpetuals rather than listed shares, so the payoff tracks how the venue marks its own perpetual. That exposure lands on a platform whose reserve and volume data sit outside the US regulatory perimeter.
Bybit Launches Equity Perpetual Options, With TSLA and QQQ Among Planned Additions
— Wu Blockchain (@WuBlockchain) August 28, 2026
Bybit announced the launch of Perp Options, which it describes as the industry’s first options product based on equity perpetual contracts. The first markets, SPCX (SpaceX) and NVDA (NVIDIA), will… pic.twitter.com/XKfDQaz1pd
Equity perps became the volume story
Tokenized equity perp volume climbed from $85 billion in January to roughly $470 billion by June 2026, and SpaceX alone accounted for more than $66 billion of June activity. Onchain, HIP-3 equity markets grew from about 2% of Hyperliquid’s perp volume in January to close to half of it by mid-July.
Peers moved the same direction all year. Coinbase listed stock perpetual futures on Magnificent 7 names in March, Kraken rolled out round-the-clock stock and index perps in February, and Binance listed USDT-margined perpetuals on US-listed ETFs in July. Bybit is the first to stack an options layer on that base.
What Bybit has not specified?
The announcement gives the launch window, the underlyings and the account plumbing. It leaves the questions a derivatives desk asks first:
- How is the mark price for each stock perpetual derived, and from which reference venues?
- What strike ladder and expiry calendar go live on day one?
- Which jurisdictions can access the product, given Bybit’s existing regional restrictions?
- How are corporate actions on NVDA and SPCX handled inside the perpetual?
Traders already holding equity perps have a concrete task before launch. Check the margin and liquidation parameters portfolio margin will apply once options share the same account, and confirm how funding on the underlying perp interacts with an options position, because both legs settle against one collateral pool.
The Bottom Line
This launch reads as infrastructure more than novelty. Perpetuals gave crypto venues equity exposure without custody, settlement or exchange hours. Options on those perpetuals add a volatility surface, which is what draws market makers and makes a market function. The derivatives share of crypto trading volume explains why exchanges keep building here.
Pricing integrity is the open question. An option is only as sound as the mark it settles against, and a perpetual mark set by the same venue writing the option concentrates that risk in one place. Listed US equity options clear through the OCC with a regulated price feed behind them. Bybit’s contracts settle inside one venue, and that gap is what regulators and institutional desks will examine first.
