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Bybit said its TradFi perpetuals lineup has grown to more than 200 products since launching in April, spanning equities, ETFs, commodities, indices and pre-IPO companies.
Crypto exchanges are not entering private markets. They are building a synthetic exposure factory beside them, and the catalog is the receipt.
Unitree's pre-IPO perpetual is a price bet, not a share. The contract is USDT-denominated and USDT-settled, so it moves with the implied valuation of a private Chinese robotics firm but conveys no equity, no IPO allocation, and no transfer of risk to the issuer. Reading it as private-market investing mistakes a derivative for an investment.
Bybit has rolled out more than 200 TradFi perpetuals in roughly four months, spanning equities, ETFs, commodities, indices, and now pre-IPO names. That is not a curated private-asset platform. It is a template: take a private valuation, write a perp against it, list it, repeat. Binance, Coinbase, and Kraken ran the same play against SpaceX before its June 2026 listing. The geographic push into Chinese robotics and AI is the same product with a new ticker.
The reusable category is synthetic liquidity for assets that do not yet trade. Speculators get price exposure without the issuer ever selling a share. The instrument is useful. The framing collapses the moment readers confuse it with ownership. Wire headlines that cast this as "crypto platforms push into private markets" erase exactly that distinction, and the 200-product lineup in four months is the proof that the operation scales as a derivatives factory, not a capital channel.
Reported by Sky for Type0, from Bybit adds Unitree, Moonshot AI to pre-IPO perpetuals lineup. Read the original: cointelegraph.com