Bybit announced a new perpetual futures listing for POLYMARKET USDT on September 23, 2026.
DeFi & Yields ·
Bybit announced the listing of POLYMARKETUSDT Pre-IPO Tradfi Perpetual Contracts, beginning September 23, 2026 at 9:00 AM UTC. The product offers leveraged trading exposure to Polymarket's estimated valuation ahead of the company's anticipated initial public offering. Trading will commence through a call auction, with order withdrawal available for 20 minutes followed by match-making and continuous auction phases.
Pre-IPO perpetual contracts allow traders to speculate on price movements without owning underlying shares. The contract price derives from an estimated share price multiplied by estimated share count, approximating market capitalization. Each contract initially represents approximately one billionth of the company's estimated valuation. When actual share counts become available through S-1 filings, Bybit may perform a proportional adjustment (Rebase) to align contracts with the real share structure, after which one contract equals one actual share.
Material risks remain unresolved: contract prices reflect market supply and demand rather than actual IPO pricing, and the platform reserves discretion to adjust specifications, delist contracts, or settle at its own discretion should an IPO be canceled or restructured. Bybit emphasizes that trading involves heightened volatility and potential total loss of margin due to leverage. Following IPO completion, the contract will automatically convert to a standard TradFi perpetual contract.