Bybit Launches OURAUSDT Pre‑IPO Perpetual Contract with Up to 25x Leverage

Bybit opened trading of OURAUSDT, a pre‑IPO perpetual contract that tracks the implied valuation of smart‑ring maker Oura, on September 22 at 13:30 UTC. The product is settled in USDT and offers leverage of up to 25×.

How the Contract Works

The OURAUSDT contract allows users to go long or short on Oura’s pre‑listing value without owning any actual shares. It is part of Bybit’s pre‑IPO perpetual desk and settles in USDT, meaning positions are settled in the stablecoin rather than in equity.

Differences from Traditional IPO Allocation

Unlike retail IPO allocation programs, the Bybit contract does not provide shareholders with voting rights, physical equity, or any allocation of Oura shares. It is a derivative product that merely reflects the market’s view of Oura’s valuation before the company lists on a public exchange.

Implications for Price Discovery

By offering continuous, 24/7 trading with leverage, the contract creates a visible speculative price for Oura ahead of its public‑market debut. This can aid price discovery but also carries risks, as pre‑IPO valuations are often thinly traded and driven by events rather than a transparent cash market.

Risks and Considerations

• Traders do not receive actual Oura shares or IPO allocations.
• Leverage amplifies both potential gains and losses.
• Pre‑IPO valuation may be volatile and lack a clear market anchor.