Bybit Expands Synthetic TradFi Market with Unitree and Moonshot AI

The addition of UNITREEUSDT and MOONSHOTUSDT marks a significant expansion of Bybit’s synthetic derivatives suite, which launched in April. While both products allow for 24/7 trading, the underlying companies are at vastly different stages of public accessibility. Unitree is currently positioned for a Shanghai STAR Market debut, with retail demand for its 150.80 yuan shares reportedly exceeding supply by 8,000 times. The offering aims to raise 6.10 billion yuan, providing a concrete benchmark for traders once public pricing begins.

In contrast, the outlook for Moonshot AI remains fluid. Bybit introduced the MOONSHOTUSDT contract in early August, yet the company has disputed reports regarding an imminent IPO filing. Unlike tokenized shares, these perpetuals function as synthetic bets on company valuation, leaving traders vulnerable to price discrepancies between the derivative and the eventual public listing. Bybit maintains that it holds no affiliation with these firms and reserves the right to delist contracts should IPO plans be cancelled or significantly restructured.