Bybit Announcement | New listing: OPENAIUSDT and ANTHROPICUSDT Pre-IPO Perpetual Contracts with up to 20x Leverage

Bybit has listed the OPENAIUSDT and ANTHROPICUSDT Pre-IPO Perpetual Contracts, offering leveraged trading exposure to OpenAI and Anthropic before their anticipated initial public offerings (IPOs).

Contract specifications

Estimated Share Count

Pre-Rebase: 1 OPENAI ≈ 1/1,000,000,000 of estimated market cap; Post-Rebase: 1 OPENAI = 1 actual share

Pre-Rebase: 1 ANTHROPIC ≈ 1/1,000,000,000 of estimated market cap; Post-Rebase: 1 ANTHROPIC = 1 actual share

Pre-IPO period: Fixed 0.005% every 4h; reverts to standard mechanism after transition

The estimated share count is provided for informational purposes only. It does not constitute a representation, warranty, recommendation, or investment advice. The actual share count will be confirmed after the company's S-1 filing. Bybit will adjust the Contract Size accordingly. What is a Pre-IPO Perpetual Contract?

A Pre-IPO Perpetual Contract lets you trade a company's estimated valuation before it goes public. The contract is settled in USDT. You do not own company shares. Instead, you trade price movements.

Pricing The contract price is based on the estimated share price multiplied by the estimated number of shares, which approximates the company's market capitalization. Before the Rebase, one contract represents approximately one-billionth of the company's estimated market capitalization.

Rebase (Proportional adjustment) When the actual share count becomes available, such as through the company's S-1 filing, Bybit may perform a Rebase to align the contract with the actual share structure. We will publish a separate announcement before the Rebase. After the Rebase, one contract equals one actual share, while your position value remains substantially unchanged.

Mark Price during Pre-IPO period The Mark Price is calculated using the average trade price over the previous 10 seconds and updates every second. The Mark Price can move by up to 1% per second.

Post-IPO transition After the IPO is completed, the contract automatically converts into a standard stock perpetual contract. The Mark Price will then use the standard price index calculation. We will publish a separate announcement before the conversion.

Bybit is not affiliated with, sponsored by, or endorsed by OpenAI or Anthropic. The names "OpenAI" and "Anthropic" are used solely to identify the reference companies underlying these Contracts, and their use does not imply any partnership, endorsement, or association between Bybit and either company.

The companies listed above have not publicly filed an S-1. The actual total share count, valuation, and IPO timeline remain uncertain. Please assess these risks carefully and assume full responsibility. These Contracts do not represent equity, shares, or any ownership, economic, or legal interest in OpenAI or Anthropic, and holders have no rights or recourse against either company or its affiliates.

Contract prices are determined by market supply and demand and may not accurately reflect the actual share price after IPO. As there is no public market for the underlying company's shares, and trading volume and liquidity may be limited, particularly around launch, prices may be volatile and subject to wide bid-ask spreads.

Bybit does not guarantee that the companies will ultimately complete an IPO. If an IPO is canceled, Bybit reserves the right to delist the contract or settle it at a price determined at its sole discretion, which may differ significantly from your entry price. If Bybit determines its settlement price, a conflict of interest may exist between Bybit's interests and yours; you should take this into account when trading.

Minor rounding differences may occur during Rebase execution; position value will remain substantially unchanged.

Pre-IPO contracts may experience significantly higher volatility than standard stock perpetual contracts. Please evaluate your risk tolerance accordingly. Trading with leverage (up to 10x) magnifies both potential gains and losses. You may lose more than your initial margin, and your position may be automatically liquidated, without further notice, if the mark price moves against you.

Bybit reserves the right to adjust the Contract Size (Rebase) when the actual share count becomes available. Bybit will use reasonable efforts to publish a separate announcement with reasonable advance notice before implementing any Rebase.A separate announcement will be made.

Your use of or reliance on the estimated share count, for any purpose, including as a basis for any valuation of the Contract, is solely at your own risk. Any implied valuation of the Contract is not attributable to or endorsed by Bybit.

Pre-IPO investments carry significant risks. You should conduct your own research and independently evaluate the risks before making any investment decision. This is a high-risk, complex leveraged derivative product that may not be suitable for all investors, including retail or first-time investors. Only trade if you fully understand, and can financially bear, the risk of losing your entire investment.

Following the completion of the IPO, Bybit will convert this contract into a standard stock perpetual contract. The Pre-IPO contract price may differ significantly from the actual IPO listing price. A separate announcement will be published before conversion. If you do not wish to hold a standard stock perpetual contract, please close your position before the conversion takes effect. Following conversion, funding rates, margin requirements, and other contract terms will follow the standard stock perpetual contract mechanism then in effect, which may differ materially from the fixed terms applicable during the Pre-IPO period.

This product has not been reviewed, registered, or approved by any regulator and may be restricted, prohibited, or unsuitable in certain jurisdictions. It is solely your responsibility to determine whether you are legally permitted to access and trade this product under the laws applicable to you before trading.

Terms and Conditions apply. Bybit's products and services may not be available in all jurisdictions. You are responsible for ensuring that your use of them complies with the laws applicable to you.

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