How to trade POLYMARKET on Bybit: Polymarket Pre-IPO Perpetuals guide

Polymarket, the world's largest crypto-based prediction market, has become one of the most closely watched private companies in Web3. With over $2.3 billion in total funding, a strategic investment from Intercontinental Exchange (ICE) — the parent company of the NYSE — and a freshly appointed CFO, the company appears to be laying the groundwork for a potential public listing. Bybit's POLYMARKETUSDT Pre-Market Perpetual contract lets traders take a long or short position on Polymarket's estimated valuation before any shares begin trading publicly.

Key Takeaways:

• Polymarket is valued at approximately $13–15 billion on private markets in 2026, up from $8 billion at the time of ICE's investment in late 2025.

• The company hired its first CFO in September 2026, a move widely seen as a signal of IPO preparation, though no listing has been officially confirmed.

• Bybit's POLYMARKETUSDT Pre-Market Perpetual lets eligible users go long or short on Polymarket before any public trading begins, without purchasing private market shares.

What is Polymarket?

Polymarket is a New York-based prediction market platform founded in 2020 by Shayne Coplan. The platform allows users to trade on the outcomes of real-world events — elections, economics, sports, entertainment and crypto markets — using smart contracts on the Polygon blockchain, with trades settled in USDC.The platform surged into mainstream recognition during the 2024 US presidential election, becoming one of the most widely cited political forecasting tools across major media outlets. Since then, Polymarket has expanded to host hundreds of active markets and has become a benchmark for real-time crowd-sourced probability estimates.

Polymarket processes billions of dollars in monthly trading volume across its event markets, making it by far the largest prediction market platform globally by volume.

Polymarket funding and valuation timeline

The company has raised capital at an accelerating pace, with its investor base shifting from crypto-native funds to major traditional finance institutions.

• 2020: Founded by Shayne Coplan in New York City

• 2020–2024: Early funding rounds from Polychain Capital, Founders Fund and General Catalyst

• Oct 2025: Intercontinental Exchange (ICE) announces an investment of up to $2 billion, valuing Polymarket at approximately $8 billion

• Feb 2026: Private market valuation rises to approximately $9 billion

• Apr 2026: Implied private market valuation reaches approximately $12.6 billion

• Sep 2026: Polymarket appoints its first CFO; private market estimates reach $13–15 billion

How much is Polymarket worth?

Private market estimates place Polymarket's valuation at approximately $13–15 billion as of mid-2026, though the exact figure varies by source and timing.At $15 billion, Polymarket would rank among the most valuable private fintech companies globally, and the most valuable prediction market platform by a wide margin.The company's rapid valuation growth reflects both its dominant market position in prediction markets and growing institutional interest, particularly following ICE's strategic investment.

Why traders are watching Polymarket

Several catalysts are driving speculation around a potential Polymarket IPO:Institutional backing. ICE's $2 billion investment is one of the largest strategic bets by a traditional exchange operator on a crypto-native company, signaling confidence in prediction markets as a legitimate asset class.CFO appointment. The hiring of a four-time Fortune 500 CFO in September 2026 is widely interpreted as preparation for a public listing, though the company has not confirmed any IPO plans.Regulatory tailwinds. The Commodity Futures Trading Commission (CFTC) has moved toward clearer regulatory frameworks for event contracts, and prediction markets have gained broader acceptance following the 2024 election cycle.Market dominance. Polymarket's position as the world's largest prediction market gives it significant network effects and brand recognition that would be difficult for competitors to replicate.

The risks

• No confirmed IPO. Polymarket has not announced an IPO. If the company remains private indefinitely, the contract's price discovery relies entirely on market sentiment and estimated valuations.

• Regulatory uncertainty. Despite favorable trends, prediction markets still operate in a complex regulatory environment. Enforcement actions or regulatory changes could materially impact the business.

• Competition. Kalshi, a CFTC-regulated competitor, has been aggressively expanding and recently gained ground in certain event categories. Other platforms may also enter the space.

• Fraud exposure. Reports of stolen-card fraud on the platform in September 2026 highlight operational risks that could affect user trust and regulatory relationships.

• Valuation volatility. Private market valuations can shift significantly between funding rounds and are less reliable than public market pricing.

How Pre-IPO Perpetuals differ from standard perpetuals

Pre-IPO Perpetuals are designed for assets that have not yet listed publicly. During the pre-IPO phase:

• The funding rate is fixed at 0.005% every 4 hours, rather than dynamically calculated

• No trading or funding fees apply during the initial Call Auction phase

• Once the asset transitions to standard perpetual trading (e.g., after an IPO), the contract switches to the normal funding rate mechanism

• The contract may trade at a premium or discount to estimated valuations, as price discovery is driven entirely by market participants

How to trade POLYMARKETUSDT on Bybit

You can trade POLYMARKETUSDT as a Bybit Pre-Market Perpetual, a USDT-settled derivative that lets eligible users take a long or short position on Polymarket's estimated valuation before any public listing.

This is not equity ownership; you won't receive voting rights or dividends.

1. Fund your Unified Trading Account (UTA) with USDT.

2. Search for the POLYMARKETUSDT ticker in the TradFi → Futures → Pre-IPO tab.

Alternatively, go directly to the trading page: Trade POLYMARKETUSDT

3. If the contract is in Call Auction mode, tap Auction Now and place a limit order at your desired price. If it's in Continuous Auction mode, all order types are supported. Trade as you would a standard perpetual contract.

4. Adjust your leverage settings according to your personal risk management strategy. Maximum leverage is 10x, but 2x–5x is recommended for Pre-IPO contracts due to higher volatility.

5. Input your order details, then click on Long or Short to execute your trade.

How to cancel your order

Orders can be canceled within 20 minutes after the call auction starts, or during the Continuous Auction phase.

Go to your Current Orders tab and click Cancel.

Contract specifications

The bottom line

Polymarket's trajectory from niche crypto platform to a $15 billion prediction market giant has made its potential IPO one of the most anticipated listings in the Web3 space. The POLYMARKETUSDT Pre-Market Perpetual contract gives traders a way to express a view before any public listing, but with no confirmed IPO date, evolving regulatory conditions and the inherent volatility of pre-IPO assets, careful position sizing and risk management are essential.

Disclaimer: This article is provided for general information and reflects the author's views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.