Bybit has expanded its traditional-finance derivatives lineup with five USDT-settled perpetual contracts tied to U.S. stocks and exchange-traded funds. The exchange listed AMCUSDT, GMESTOCKUSDT, VUSDT, GDXUSDT and BITOUSDT on July 27, 2026, extending a product range that allows users to trade price movements associated with conventional financial assets through crypto-style derivatives.
The Visa, VanEck Gold Miners ETF and ProShares Bitcoin ETF contracts support maximum leverage of 25x, while the AMC Entertainment and GameStop markets offer up to 20x. All five contracts trade around the clock, settle in USDT and exchange funding payments every eight hours. Bybit has also made them available through automated strategies including Futures Grid, Futures Martingale and Futures Combo bots.
Synthetic Exposure Without Share Ownership
Bybit’s TradFi perpetuals track the prices of their referenced assets but do not provide ownership of the corresponding shares or ETF units. Users do not receive voting rights, dividends, distributions or other shareholder entitlements. The products are leveraged derivatives rather than tokenized securities, meaning gains and losses are settled through the trader’s USDT position instead of through the delivery of an underlying asset.
BITOUSDT adds an additional layer to that structure because it references a fund that already obtains bitcoin exposure through derivatives. ProShares states that BITO invests in bitcoin futures and swaps and does not hold bitcoin directly. A BITOUSDT position therefore tracks a perpetual contract linked to the market price of a U.S.-listed bitcoin futures ETF, rather than providing direct ownership of bitcoin, BITO shares or the fund’s futures portfolio.
The remaining listings broaden Bybit’s coverage across different areas of traditional markets. AMC and GameStop introduce contracts tied to companies known for substantial retail trading interest, while VUSDT references Visa and GDXUSDT follows VanEck’s fund of major gold-mining companies. The contracts package equity and ETF price exposure inside the same margin and settlement environment used for crypto perpetuals.
Round-the-Clock Trading Introduces Pricing Challenges
Unlike the underlying U.S. shares and ETFs, Bybit’s contracts remain open 24/7. This allows positions to be traded when traditional exchanges are closed, but it also creates periods when parts of the external price-discovery process may be inactive. Continuous trading does not mean the referenced stocks and funds are continuously producing fresh market prices, increasing the importance of the exchange’s index and mark-price controls.
Bybit says its index price uses weighted market data during regular, pre-market, after-hours and overnight sessions. When traditional markets are closed and a price component stops updating, the exchange may temporarily remove that component from the calculation and apply smoothing during the transition between trading sessions. The methodology is intended to reduce stale-price distortions, although it cannot eliminate liquidity gaps or abrupt repricing when the underlying market reopens.
The exchange also applies limits intended to keep mark prices close to their indexes, with different deviation thresholds for single-stock and ETF contracts. Bybit warns that reduced liquidity outside traditional market hours can widen spreads, while leverage may cause traders to lose their full margin during adverse movements. The availability of 20x or 25x leverage magnifies both market access and liquidation risk, particularly around earnings reports, corporate announcements or sharp overnight moves.
Bybit continues to modify contract parameters as the TradFi product line grows. A separate adjustment scheduled for July 29 substantially increased maximum market and limit order sizes for contracts including NVDAUSDT, TSLAUSDT and COINUSDT. The exchange also reserves the right to change leverage, margin requirements, funding caps, price calculations and order limits for the newly listed products. These controls show that contract capacity remains actively managed rather than permanently fixed at launch.
The additions reinforce Bybit’s push beyond crypto-native assets into synthetic exposure linked to equities, commodities and regulated investment products. However, the contracts should not be treated as substitutes for owning the underlying securities, particularly because they involve leverage, funding payments, platform-specific pricing controls and counterparty exposure to a centralized exchange. Their longer-term relevance will depend on liquidity, tracking quality and market behavior during periods when traditional venues are closed.