Bybit has added six new names to Perp Options, the options contracts it built on top of its own TradFi Perpetuals, bringing the lineup to eight tickers less than two weeks after the product’s debut. Tesla, the Invesco QQQ ETF, the leveraged Direxion Semiconductor Bull 3X ETF (SOXL), Micron Technology, SK Hynix and Sandisk join SpaceX and Nvidia, which launched the product on September 17. According to the announcement, Bybit is also running a trading challenge through October 27 that splits up to 70,000 USDT between two reward tracks.
The contracts don’t settle against actual shares. Their underlying is Bybit’s own perpetual contracts on those names, SPCXUSDT and NVDAUSDT among them, which themselves track a stock’s price without Bybit holding any shares. A Perp Options buyer is therefore taking a position on a synthetic instrument priced off Bybit’s own perpetual market, not a regulated options exchange. Real, exchange-listed options already exist on most of these underlyings. SpaceX’s began trading on Nasdaq shortly after its June IPO, and Nvidia’s have traded for years. What Bybit is selling isn’t first access to the exposure, but access outside market hours, without a brokerage account or options approval, settled in USDT through the same Unified Trading Account used for its spot and perpetuals markets.
How a Perp Options trade actually works
The mechanics follow the pattern Bybit set on September 17. Contracts trade 24/7, including weekends, with European-style settlement and no early assignment, meaning a position can only be exercised at expiry rather than at any point before it. Everything settles in USDT rather than the underlying shares, and lot sizes are fractional, so a single high-priced name like Nvidia doesn’t require the 100-share block a standard listed contract does. Bybit says the product supports naked options and combo strategies, with portfolio and cross-margin handled through the Unified Trading Account, the same account used for spot, futures and now options. To open one, a user picks a ticker under the TradFi tab, sets an expiry and strike, and buys or sells a call or put.
Six new tickers, most of them chip names
The six additions lean heavily toward the same trade. Four of the six, SOXL, Micron, SK Hynix and Sandisk, are semiconductor or memory names, alongside Tesla and a broad Nasdaq-100 ETF. SK Hynix only became reachable this way recently. Its American depositary shares started trading on Nasdaq under the ticker SKHY on July 10, months after Bybit’s own SpaceX and Nvidia perpetuals went live. SOXL is notable for a different reason. It’s already a 3x daily-leveraged ETF before Bybit’s options contract sits on top of it, compounding both the swings and the decay leveraged ETFs are known for over anything but a short holding period. The lineup matches what Bybit previewed when it first announced Perp Options on September 1, when it named Tesla, QQQ, SOXL and Micron as next in line. SK Hynix and Sandisk weren’t on that original list.
Two ways to split 70,000 USDT
The challenge runs from today through October 27 and splits the pool into two pots. A 5,000 USDT pool pays 5 USDT each to the first 1,000 users who place a qualifying first Perp Options trade during the window. A second pool of up to 65,000 USDT unlocks in tiers based on the combined trading volume of everyone in the challenge, then gets split among the top 50 traders ranked by their own individual volume. A new user could in principle collect from both pools at once.
The release doesn’t say which users are excluded by jurisdiction, a question that already trails Bybit’s broader TradFi Perpetuals push, or what the eligibility bar is beyond placing one qualifying trade. Bybit has separately warned that liquidity can thin and spreads can widen once trading moves outside the referenced stocks’ regular hours, a tradeoff built into offering equity exposure around the clock rather than during the hours the underlying market is actually open. Round-the-clock equity access isn’t unique to Bybit, either. Coinbase, Kraken and Robinhood have all pushed in the same direction over the same stretch, largely through tokenized shares or extended-hours trading rather than options written on a perpetual contract.
