Bybit has expanded its traditional-finance derivatives market with four USDT-settled perpetual contracts linked to prominent Hong Kong-listed consumer, technology and artificial intelligence companies. POPMARTUSDT, TENCENTUSDT, MINIMAXUSDT and ZHIPUUSDT were opened for trading on July 28, 2026, according to separate notices published by the centralized exchange.
Each contract supports maximum leverage of 25x, uses a tick size of 0.01 and carries a published funding-rate cap of 2%. Funding payments are scheduled every eight hours, while trading remains available 24/7. Bybit also enabled all four markets for Futures Grid, Futures Martingale and Futures Combo bots, allowing users to automate leveraged strategies around the underlying reference prices.
Four Companies Enter Bybit’s Synthetic Market
POPMARTUSDT tracks Pop Mart, the character-based entertainment company behind collectible products and intellectual-property franchises. TENCENTUSDT references Tencent, whose businesses include social communication, gaming, payments, cloud services and digital entertainment. The contracts place two established consumer-facing Chinese companies inside Bybit’s crypto-settled derivatives environment, without requiring traders to access their underlying shares through a conventional securities broker.
The other two listings extend Bybit’s coverage of China’s publicly traded artificial intelligence sector. MiniMax’s Class A shares began trading on the Hong Kong Stock Exchange on January 9, 2026, while Zhipu AI’s listed company operates under the Knowledge Atlas name and stock code 02513. MINIMAXUSDT and ZHIPUUSDT give Bybit users leveraged price exposure to two recently listed AI developers, a category that has attracted growing attention within Hong Kong’s equity market.
Bybit released individual product pages for each contract rather than one announcement covering the entire group. Those pages all carry the same July 28 publication date and state that trading was open when the notices appeared. The sources confirm a coordinated same-day rollout, although they do not specify that every market began trading at precisely the same minute.
The products are not tokenized shares and do not transfer ownership of Pop Mart, Tencent, MiniMax or Zhipu AI. Bybit defines its TradFi perpetuals as derivatives that track the price movements of traditional assets while settling profits and losses in USDT. Contract holders receive no voting rights, dividends, physical delivery rights or other shareholder entitlements associated with the referenced companies.
Round-the-Clock Access Adds Pricing and Liquidation Risk
Keeping the contracts open 24/7 gives traders access outside the normal sessions of the exchanges where the referenced shares trade. That flexibility also creates periods when the underlying equity markets are closed and fresh price discovery may be limited. Continuous derivative trading does not make the referenced shares themselves continuously liquid, leaving Bybit’s index methodology responsible for managing stale or unavailable market inputs.
During active traditional-market sessions, Bybit calculates its index prices from weighted external components and updates them every second. When an underlying market closes and some components stop updating, the exchange may temporarily exclude those inputs and apply smoothing mechanisms during session transitions. These controls are designed to limit abnormal price discontinuities but cannot eliminate overnight gaps or sharp repricing when the underlying market reopens.
Bybit also uses a mark price rather than the latest traded contract price to calculate unrealized profit and loss and trigger liquidations. Its documentation applies specific deviation limits to stock-linked contracts to keep the mark price within a defined range of the index. The pricing framework can reduce exposure to isolated contract-market distortions, but traders remain vulnerable to legitimate movements in the referenced equities.
Leverage magnifies that exposure. At 25x, a trader supplies only a small portion of a position’s notional value as initial margin, meaning a comparatively modest adverse movement can materially reduce the available collateral or trigger liquidation. Funding payments can create an additional cost when positions are maintained across several settlement intervals. The products combine equity-price risk with leverage, funding, liquidity and centralized-exchange counterparty exposure.
Automated bot availability introduces another execution layer but does not change those underlying risks. Grid, Martingale and portfolio-combination strategies can place or rebalance orders according to predefined parameters, yet they remain dependent on available margin, contract liquidity and the exchange’s operational systems. Automation may reduce manual intervention, but it does not protect positions from liquidation or adverse funding conditions.
Bybit retains the authority to change maximum leverage, margin requirements, funding caps, order limits and its index or mark-price methodology. The exchange can also adjust contract launch schedules and other operational parameters as market conditions evolve. The four listings are live under the published terms, but their risk settings are actively managed rather than permanently fixed.
The latest expansion reinforces Bybit’s strategy of offering synthetic access to a wider set of conventional financial assets through stablecoin-settled contracts. Its significance lies in bringing Hong Kong equity references into the same interface used for crypto derivatives, while leaving users exposed to a materially different structure from direct share ownership. Sustained relevance will depend on liquidity, tracking quality, funding behavior and performance during periods when the underlying stock market is closed.