Bybit has expanded its derivatives lineup with MARSCOINUSDT and an upgraded SHEINUSDT contract, adding two distinctly different markets to its perpetual futures platform. The MARSCOINUSDT listing entered Bybit’s Innovation Zone on September 1 with up to 20x leverage. The additions extend Bybit’s use of perpetual contracts across both crypto-native assets and exposure linked to publicly traded companies.
SHEINUSDT followed a different path. Bybit initially launched the contract on August 27 as a pre-IPO instrument with maximum leverage of 10x, before converting SHEINUSDT into a standard perpetual contract at approximately 03:44 UTC on September 1 and raising maximum leverage to 25x. The conversion followed Shein’s transition from a private-company reference asset to a publicly traded equity.
Shein IPO Changes Bybit’s Contract Structure
Shein began trading on the Hong Kong Stock Exchange on September 1 following a $1.7 billion initial public offering. Shares fell as much as 10% during their debut before recovering most of the decline, with the IPO valuing the company at roughly $26.5 billion. The public listing gave Bybit an observable stock-market reference for SHEINUSDT, replacing the estimated valuation mechanics used during its pre-IPO phase.
Bybit’s TradFi perpetuals are derivatives rather than tokenized shares. The exchange describes these contracts as USDT-settled instruments that provide exposure to traditional assets without expiration. Holding SHEINUSDT does not confer ownership, voting rights or a direct claim on Shein shares, while leverage can amplify both gains and losses.
MARSCOIN Enters the Innovation Zone
MARSCOINUSDT is structured as a conventional crypto perpetual settled in USDT. Bybit lists MarsCoin as the underlying asset, with 24/7 trading, a 0.00001 tick size, a capped funding rate of 2.5% and funding settlements every four hours. Its Innovation Zone classification also carries higher trading fees than Bybit’s standard perpetual markets, reflecting the exchange’s separate treatment of newer or potentially higher-risk contracts.
Bybit retains discretion to modify leverage, margin requirements, funding parameters, mark-price calculations and order limits for both types of perpetual products. The maximum leverage figures therefore describe current contract settings rather than permanent specifications guaranteed to traders.
The two additions illustrate different parts of Bybit’s derivatives strategy. MARSCOINUSDT gives traders leveraged access to a newer crypto asset, while SHEINUSDT converts a previously speculative pre-IPO market into a derivative tied to an actively traded public company. The immediate significance is expanded trading access, while sustained relevance will depend on liquidity, open interest and trading activity after the initial listing period.