Bybit will list the MOONSHOTUSDT Pre-IPO Perpetual Contract, allowing users to gain leveraged exposure to Moonshot AI's estimated valuation before its anticipated initial public offering (IPO).

Pre-market trading schedule for MOONSHOTUSDT
• Call Auction: Starts at Aug 7, 2026 11am UTC
• Order Withdrawal: Available for 20 minutes after the Call Auction starts.
• Match-Making: Begins 25 minutes after the call auction starts.
• Continuous Auction: Begins 30 minutes after the Call Auction starts (if the match-making process is successful).


Contract specifications

Specification	Details
Contract type	MOONSHOTUSDT Perpetual Contract
Underlying equity/index	Moonshot AI(MOONSHOT) Moonshot AI is the company behind Kimi, one of China's leading AI assistants. Learn more.
Settlement asset	USDT
Estimated share count*	1,000,000,000
Tick size	0.01
Maximum leverage	10x
Funding rate cap	Pre-IPO period: Fixed at 0.005% every 4 hours After transition: Reverts to the standard mechanism
Funding fee settlement interval	Every 4 hours
Trading hours	24/7
Official website	https://www.moonshot.ai/

*The estimated share count is provided for informational purposes only and does not constitute a representation, warranty, recommendation, or investment advice. The actual share count will be confirmed after the company's S-1 filing. Bybit will adjust the contract size accordingly.

What is a Pre-IPO Perpetual Contract?
A Pre-IPO Perpetual Contract allows you to trade a company's estimated valuation before it goes public. The contract is settled in USDT, and you do not own any company shares. Instead, you trade the price movements of the contract.

Key mechanisms
Pricing
The contract price is based on the estimated share price multiplied by the estimated number of shares, which approximates the company's market capitalization. Before the Rebase, one contract represents approximately 1/1,000,000,000 of that estimated market capitalization.

Rebase (proportional adjustment)
When the actual share count becomes available, such as through the company's S-1 filing, Bybit may perform a Rebase to align the contract with the actual share structure. A separate announcement will be published before the Rebase.

After the Rebase, one contract will represent one actual share, while the value of your position will remain substantially unchanged.

Please note:
• Bybit reserves the right to adjust the launch time and specifications of each contract at any time, including but not limited to changes to tick size, leverage, margin requirements, order limits, funding rates, and price data sources, with or without prior notice.

• Pre-IPO Perpetual Contracts are synthetic derivative instruments that allow you to trade a company's estimated valuation before it goes public. You do not own company shares. Contract prices are determined by market supply and demand and may not reflect the actual share price after the IPO. Bybit is not affiliated with or endorsed by the referenced company.

• When the actual share count becomes available, Bybit may perform a Rebase (proportional adjustment). If the IPO is canceled or restructured, Bybit may delist the contract or settle it at a price determined at its sole discretion. Following IPO completion, the contract will be automatically converted into a standard TradFi Perpetual Contract. Separate announcements will be published before any Rebase or conversion.

• Trading involves significant risks, including the risk of losing your entire margin due to leveraged trading and the heightened volatility typically associated with Pre-IPO instruments.

• This product may not be available in all regions. By trading this contract, you confirm that you understand and accept all associated risks. Nothing in this announcement constitutes investment advice. For full risk disclosures and applicable terms, please refer to our Help Center.

• In the event of any inconsistency or discrepancy between the English version of this announcement and any translated versions, the English version shall prevail.

• Bybit reserves the right to amend or withdraw this announcement at any time without prior notice.

This Tradfi Perpetual should not be, and no person should be, offering, selling, marketing or otherwise making available, directly or indirectly, this Tradfi Perpetual to any person in Hong Kong. No document relating to the Tradfi Perpetual has been nor should be issued, nor has been or should be held in the possession of any person for the purposes of issue in Hong Kong; and no advertisement, invitation or document relating to the Tradfi Perpetual which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong has been or will be issued. Hong Kong is designated an Excluded Jurisdiction for this Tradfi Perpetual, and the Tradfi Perpetual is not available to, and must not be accessed, used or acquired by, any person resident, incorporated, established or located in Hong Kong, whether that person is a "professional investor" as defined in the Securities & Futures Ordinance (Cap 571) of Hong Kong or otherwise.

1. This Tradfi Perpetual is a complex product. You should exercise caution in relation to it. If you are in any doubt, you should seek independent professional advice.
2. The documents and other information relating to the Tradfi Perpetual have not been reviewed by the Securities and Futures Commission of Hong Kong (the "SFC"). You are advised to exercise caution in relation to any dealing in relation to this Tradfi Perpetual. If you are in doubt about any of the contents of this document, you should obtain independent professional advice.
3. Where past performance information relating to the Tradfi Perpetual or its underlying reference asset is provided, past performance is not indicative of future performance.
4. This Tradfi Perpetual is not authorized by the SFC and no such authorization has been sought or obtained. This Tradfi Perpetual is not, and must not be treated as, available to any person in Hong Kong.
   
   If you have any questions, please contact our Customer Support.