Bybit Launches Oura Pre-IPO Perpetual Trading With Up to 25x Leverage

WHY IT MATTERS

This story shows how crypto exchanges are expanding into areas traditionally reserved for stock markets. A pre-IPO contract is like placing a bet on what a company might be worth when it eventually sells shares to the public. Think of it like a prediction market for a company's stock price before the stock even exists. Leverage, in this context, means borrowing money to make a bigger trade — 25x leverage means a trader puts up $1 but takes on $25 worth of exposure, which magnifies both profits and losses. These products carry significant risk, especially because the underlying company may not go public at all or may list at a very different price than expected.