Bybit is extending its copy-trading infrastructure beyond crypto with support for traditional-finance perpetual contracts, allowing users to replicate Master Traders’ positions in stocks including Tesla, Apple and NVIDIA. The move adds another layer to the growing convergence between cryptocurrency exchanges, derivatives and traditional financial assets.

Crypto exchanges are increasingly becoming gateways to more than cryptocurrencies. Bybit is pushing that convergence further by adding TradFi Perpetual Contracts to its Copy Trading Classic platform, allowing users to copy Master Traders who take positions on traditional financial assets.

The feature, announced September 23, lets Master Traders trade perpetual contracts tracking assets including Tesla, Apple and NVIDIA, while followers can automatically replicate those positions. The contracts are settled in USDT, and Bybit says its TradFi perpetual products operate around the clock.

The development is significant because it combines three previously distinct components of digital finance: crypto-native trading infrastructure, traditional asset exposure and social or copy trading.

Rather than purchasing shares through a conventional brokerage account, users gain price exposure through derivatives. Bybit’s own documentation makes an important distinction: its stock perpetual contracts track the price of the underlying shares but do not represent ownership of those shares. Holders therefore do not receive shareholder voting rights or the dividends associated with the underlying stocks.

That distinction matters as crypto exchanges increasingly market traditional financial assets through blockchain-era infrastructure. The products are not simply tokenized stocks in the conventional sense. They are perpetual derivative contracts whose value is linked to traditional financial assets.

Bybit’s latest move builds on an expanding TradFi product strategy. The exchange has already offered perpetual contracts tied to stocks and other traditional assets, giving users access to markets outside cryptocurrency through a USDT-settled derivatives framework. Bybit describes these contracts as providing 24/7 price exposure, even when conventional underlying markets are closed.

The broader market is growing rapidly. Research from CoinGecko found that TradFi perpetuals generated more than $1.32 trillion in trading volume during the first five months of 2026, compared with $104.21 billion for the whole of 2025. CoinGecko also reported that RWA perpetual volume reached $347.17 billion in May 2026, representing a dramatic increase from the beginning of 2025.

This growth is changing the competitive landscape for exchanges. Crypto-native platforms such as Bybit, Binance, OKX and other venues are competing for trading activity in equities, commodities, indices and other traditional assets without necessarily replicating the structure of conventional securities exchanges.

The attraction for exchanges is straightforward: perpetual contracts fit naturally into crypto derivatives infrastructure. They can offer continuous trading, margin-based exposure and USDT settlement while allowing platforms to extend their product catalogs beyond digital tokens.

For users, however, the product structure introduces important differences from conventional investing. A perpetual contract provides exposure to price movements rather than direct ownership. Leverage and funding mechanisms can also materially affect trading outcomes. Bybit’s own educational material notes that its Tesla perpetual, for example, uses a funding-rate mechanism and can be traded with leverage.

The rise of these products is also occurring alongside changes in the regulatory and market infrastructure surrounding tokenized securities. In September, the U.S. Securities and Exchange Commission issued temporary, conditional exemptive relief allowing certain tokenized securities venues to trade tokenized National Market System stocks through specified onchain mechanisms. The SEC described the move as a way to facilitate experimentation with new market infrastructure while it considers further regulatory action.

That development is related to, but distinct from, Bybit’s perpetual-contract model. The SEC’s action concerns tokenized securities trading, while Bybit’s TradFi Perps provide derivative exposure to traditional assets. Keeping those structures separate is important as the terms “tokenized stocks,” “real-world assets” and “stock perpetuals” increasingly appear together in financial technology discussions.

The copy-trading element adds another layer. Bybit says eligible users can follow a Master Trader and automatically mirror supported TradFi Perp positions alongside crypto positions through Copy Trading Classic. This creates a single interface for following strategies across multiple asset categories.

It also changes the role of the crypto exchange from a venue primarily focused on digital assets toward a broader multi-asset financial platform. Bybit has described this direction through its “New Financial Platform” vision, and recent product launches show the company expanding into additional traditional-market derivatives. In September, for example, it launched Perp Options based on TradFi perpetual contracts, initially covering assets including NVIDIA and SpaceX.

For the wider fintech industry, the development points to an increasingly blurred boundary between crypto-market infrastructure and traditional financial markets. Exchanges are using derivatives, stablecoin settlement and always-on trading infrastructure to package traditional asset exposure in formats familiar to crypto traders.

The long-term question is whether this model becomes a complementary layer alongside conventional brokerages and exchanges or develops into a distinct category of multi-asset trading infrastructure. Much will depend on regulation, liquidity, risk controls and how closely derivative products can track their underlying markets during periods when traditional exchanges are closed.

Bybit’s expansion of Copy Trading into TradFi Perpetuals demonstrates where the market is moving today: traditional assets are increasingly being delivered through crypto-native infrastructure, while crypto exchanges are expanding their role from digital-asset venues into broader financial technology platforms.

Market Landscape

The real-world asset and TradFi derivatives market on crypto exchanges has expanded sharply in 2026. CoinGecko found that perpetual contracts have become a particularly important route for gaining exposure to traditional assets, with more than $1.32 trillion in TradFi perpetual volume recorded through May 2026.

The trend is developing alongside regulatory experimentation around tokenized securities. The SEC’s September 2026 Innovation Exemption permits certain venues to experiment with onchain trading of tokenized NMS stocks under temporary, conditional relief.

These are different product structures, but together they illustrate a broader transformation in digital asset infrastructure, multi-asset trading and blockchain financial technology.

Top Insights

• Bybit’s Copy Trading Classic now supports TradFi perpetuals, allowing followers to mirror Master Traders’ positions in selected traditional assets.
• TradFi perpetuals provide price exposure rather than ownership of underlying stocks, meaning holders do not receive voting rights or dividends.
• CoinGecko recorded more than $1.32 trillion in TradFi perpetual volume during the first five months of 2026.
• The SEC’s 2026 Innovation Exemption separately enables limited experimentation with onchain trading of tokenized U.S. stocks.
• Crypto exchanges are increasingly combining digital assets, traditional-market derivatives and multi-asset trading within unified platforms.

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