The exchange said the USDT-settled derivatives track estimated valuations before any IPO, with rebase and conversion mechanisms tied to future S-1 filings and eventual public listings.
Bybit has listed OPENAIUSDT and ANTHROPICUSDT pre-IPO perpetual contracts, giving traders leveraged exposure to estimated valuation moves for OpenAI and Anthropic before either company completes an initial public offering. The contracts are settled in USDT, trade 24/7, carry maximum leverage of 20x, and use a fixed funding rate of 0.005% every four hours during the pre-IPO period before reverting to a standard mechanism after transition. Each contract has a size of 1 OPENAI or 1 ANTHROPIC, with an estimated share count of 1,000,000,000 for each company. Before a rebase (proportional adjustment), one contract represents about one-billionth of the company’s estimated market capitalization; after a rebase, one contract is intended to equal one actual share once the real share count is available through a future S-1 filing (U.S. IPO registration document). Bybit said it would publish separate announcements before any rebase and before post-IPO conversion. The exchange said the mark price during the pre-IPO period is based on the average trade price over the previous 10 seconds, updates every second, and can move by as much as 1% per second. Once an IPO is completed, the product is designed to convert automatically into a standard stock perpetual contract, after which mark pricing, funding rates, margin requirements, and other terms would follow the standard stock perpetual framework then in effect. Bybit said it is not affiliated with, sponsored by, or endorsed by OpenAI or Anthropic, and stressed that the contracts do not represent equity ownership or legal claims on either company. It also warned that neither company has publicly filed an S-1, so actual share count, valuation, and IPO timing remain uncertain. The exchange added that prices are driven by market supply and demand, may differ significantly from an eventual IPO listing price, and could be especially volatile because there is no public market for the underlying shares. The company further warned that if an IPO is canceled, it may delist the contract or settle it at a price determined at its sole discretion, which may differ significantly from a trader’s entry price. It described the product as a high-risk, complex leveraged derivative that may not be suitable for all investors and said it has not been reviewed, registered, or approved by any regulator.