Bybit launched a Polymarket pre-IPO perp (POLYMARKETUSDT), giving traders leveraged exposure to the prediction-market firm's private valuation before any public listing.

The pre-IPO TradFi perpetual lets users go long or short Polymarket's implied valuation with up to 10x leverage, settled in USDT, with pre-market bidding opening at 9:00 UTC on September 23. Unlike a spot listing, the contract tracks a private-company valuation rather than a live token, so there is no Polymarket asset to deliver, only the price traders are willing to pay on the perp itself.

It joins a fast-growing pre-IPO perp trend, with venues from Gate to the Hyperliquid-based TradeXYZ turning private-company valuations, from SpaceX to prediction markets, into leveraged contracts.

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