TL;DR

• Bybit has launched OURAUSDT as a pre-IPO TradFi perpetual contract.
• Trading began September 22 at 13:30 UTC with leverage of up to 25x.
• The contract tracks implied pre-IPO valuation; traders do not receive Oura shares or IPO allocations.

Oura’s move toward the public markets is now being traded before the stock itself is available.

Bybit has launched OURAUSDT, a pre-IPO TradFi perpetual contract that gives users leveraged synthetic exposure to the smart-ring company’s implied valuation.

Oura Gets A 24/7 Derivatives Market Before Listing

Trading opened on September 22 at 13:30 UTC with leverage of up to 25x.

The product sits inside Bybit’s pre-IPO perpetual desk and is settled in USDT.

That means traders can go long or short on Oura’s implied pre-listing value without owning shares in the company.

It is a very different product from the retail IPO allocation route recently announced by Coinbase.

Bybit is offering a derivative.

Users do not receive an IPO allocation, shareholder voting rights or physical equity if they hold the perpetual contract.

Pre-IPO Price Discovery Moves Onto Crypto Rails

Private-company valuation has historically been difficult for ordinary traders to access before a public listing.

Crypto derivatives are now testing whether synthetic perpetual contracts can fill some of that gap.

The attraction is obvious: continuous trading, leverage and no need to wait for the underlying stock to list.

The risks are equally obvious.

Pre-IPO valuation can be thin, event-driven and difficult to anchor to a transparent cash market.

For Oura, the new contract creates a visible speculative price before conventional public-market trading begins.

That is useful price discovery, but it should not be confused with ownership of the company itself.

This article was written by the News Desk and edited by .