POPMARTUSDT Perpetual Contract on Bybit: What Investors Need to Know
Learn how to trade POPMARTUSDT, a crypto derivative tracking Pop Mart's stock. Understand risks, funding rates, leverage, and how it differs from buyi...
POPMARTUSDT is a USDT-margined perpetual futures contract on Bybit that tracks the price of Pop Mart International Group Holdings Limited (HKEX: 9992.HK), the designer toy company behind Labubu and Molly. It is not a share, not a cryptocurrency, and not a token issued by Pop Mart. It is a derivatives instrument that lets traders go long or short on Pop Mart's stock price using USDT as margin, with no expiry date.
Key Facts
| Label | Value |
|---|---|
| Ticker | POPMARTUSDT |
| Instrument Type | USDT-Margined Perpetual Futures Contract |
| Underlying Asset | Pop Mart International Group Holdings Limited (HKEX: 9992.HK) |
| Exchange | Bybit |
| Contract Type | Perpetual (no expiry date) |
| Max Leverage | Up to 10x (verify on Bybit product page; subject to change) |
| Quote & Settlement Currency | USDT (Tether), pegged approximately 1:1 to the US dollar |
| Funding Interval | Every 8 hours |
| Current Price | See live POPMARTUSDT price on Bybit |
| Geographic Restrictions | Not available in all countries. Verify access in your jurisdiction before creating an account. |
Risk notice: Trading perpetual futures carries amplified risk compared to spot markets. With leverage, losses can exceed your initial deposit.
On this page:
- What Is POPMARTUSDT?
- Pop Mart International: The Company Behind the Contract
- How the POPMARTUSDT Perpetual Contract Works
- POPMARTUSDT vs. Buying Pop Mart Stock (9992.HK) Directly
- How to Trade POPMARTUSDT on Bybit
- Investment Considerations: Bull Case and Bear Case
- Risks of Trading POPMARTUSDT
- Frequently Asked Questions
What Is POPMARTUSDT?
POPMARTUSDT is a perpetual futures contract on Bybit that gives traders price exposure to Pop Mart International Group (HKEX: 9992.HK) without requiring them to hold actual shares. The price is denominated in USDT, Tether's USD-pegged stablecoin.
On Bybit, POPMARTUSDT is structured as a USDT Linear Perpetual: a derivatives contract with no expiry date, margined and settled in USDT, that tracks Pop Mart's share price through an index price feed and a funding rate mechanism. Traders can open long positions (profiting if price rises) or short positions (profiting if price falls) using USDT as collateral.
Pop Mart has no affiliation with POPMARTUSDT. The contract is created and issued by Bybit, not by the company. For a full company and product background, see What Is POPMARTUSDT? The Blind Box Company Stock Explained.
What Is a Perpetual Futures Contract?
A perpetual futures contract is a derivatives instrument with no settlement date. Unlike dated futures (which expire on a fixed calendar date and require cash or physical settlement), a perpetual contract remains open as long as the trader maintains sufficient margin. There is no forced expiry.
The contract stays anchored to the underlying asset's price through two mechanisms: an index price feed (real-time data derived from Pop Mart's share price on HKEX) and a funding rate (a periodic payment between long and short holders that corrects premium or discount deviations). Together these keep POPMARTUSDT trading close to Pop Mart's actual stock price.
Because the underlying is a stock that only trades during HKEX business hours, POPMARTUSDT carries a price gap risk that native crypto perpetuals do not: when HKEX reopens after weekends or holidays, accumulated news can move the index price sharply, and the mark price follows immediately.
What Is USDT in POPMARTUSDT?
USDT (Tether) is a stablecoin pegged approximately 1:1 to the US dollar. In the trading pair, "POPMART" is the base asset being priced and "USDT" is the quote currency. If POPMARTUSDT = 15.50, one unit of Pop Mart price exposure costs 15.50 USDT, approximately USD 15.50. All margin deposits, P&L, and funding payments for this contract are settled in USDT.
Pop Mart International: The Company Behind the Contract
Pop Mart International Group Holdings Limited (HKEX: 9992.HK) is a Beijing-founded designer toy company that sells collectible figures through a blind box retail format, listed on the Hong Kong Stock Exchange since December 2020.
Wang Ning founded Pop Mart in Beijing in 2010 and pivoted the business toward designer toy collectibles, building it into one of the most recognized collectibles brands globally. The company's flagship IP characters — Labubu, Molly, SKULLPANDA, and Dimoo — are artist-collaboration toy designs that represent Pop Mart's defensible IP moat. Labubu achieved global viral recognition through celebrity association, with Lisa from BLACKPINK among the most high-profile collectors publicly linked to the character, generating demand well outside mainland China.
Because POPMARTUSDT derives its price from Pop Mart's HKEX-listed shares, traders need to understand what drives 9992.HK. The key drivers are: Pop Mart's quarterly earnings (especially international revenue growth), new IP character launches, China consumer spending trends, and broader Hong Kong equity market conditions. These same factors move POPMARTUSDT's mark price via the index feed.
Pop Mart Financial Snapshot
Pop Mart International reported FY2024 revenue of RMB 13.04 billion, representing approximately 107% year-over-year growth, with international revenue reaching approximately 39% of total revenue. Gross margin stood at approximately 66% and net profit at approximately RMB 3.4 billion, reflecting strong commercial performance from the blind box model and IP portfolio.
Writer instruction: Verify all financial figures against Pop Mart's most recent HKEX filing before publication. Insert current revenue, growth rate, and market capitalization with date and source citation.
How the POPMARTUSDT Perpetual Contract Works
POPMARTUSDT uses four interconnected mechanics to track Pop Mart's stock price in real time and manage position risk: an index price feed, a funding rate, a mark price, and a leverage and margin system.
Funding Rate Explained
The funding rate is a periodic payment exchanged between long and short position holders every 8 hours on Bybit. It is not a fee charged by Bybit — it is a transfer directly between traders.
How it works:
- When POPMARTUSDT trades at a premium to the index price (contract above stock price), the funding rate is positive: long holders pay short holders.
- When POPMARTUSDT trades at a discount to the index price (contract below stock price), the funding rate is negative: short holders pay long holders.
This payment mechanism creates a continuous economic incentive to push the contract price back toward the index price, keeping POPMARTUSDT anchored to Pop Mart's actual stock price on HKEX over time.
Cost example: At a funding rate of 0.01% per 8-hour period, a 1,000 USDT long position costs approximately 0.10 USDT every 8 hours — roughly 0.91 USDT per day, or 27 USDT over a 30-day hold. Long positions held over extended periods accumulate this cost regardless of price direction.
Stock-specific behavior: Unlike BTC or ETH perpetuals, POPMARTUSDT's index price is static during HKEX non-trading hours (weekends, holidays, overnight). When HKEX reopens, the index price can move sharply, causing a sudden shift in the funding rate.
Mark Price and Liquidation
The mark price is Bybit's fair value estimate for POPMARTUSDT, calculated from the index price plus a decaying funding basis component. It differs from the last traded price shown on the order book.
Three distinct prices appear on Bybit's interface:
- Index price: real-time reference derived from Pop Mart's HKEX share price
- Mark price: fair value based on index price plus funding basis — used for all P&L calculations and liquidation triggers
- Last traded price: the most recent transaction price on Bybit's order book
Your unrealized P&L and your liquidation level are both calculated using the mark price, not the last traded price. If the mark price reaches your liquidation level, Bybit automatically closes your position regardless of where the last traded price is. Traders managing open positions should monitor the mark price as their primary reference.
Leverage and Margin
Leverage lets you control a position larger than your deposited collateral. At 10x leverage, 100 USDT in margin controls a 1,000 USDT position. Leverage amplifies both gains and losses equally.
Two margin modes are available on Bybit:
| Mode | How It Works | Best For |
|---|---|---|
| Isolated margin | Only the margin you assign to this position is at risk. Loss is capped at your allocated amount. | Traders new to POPMARTUSDT; defined maximum loss per trade |
| Cross margin | Your entire Futures Wallet balance is shared as margin across all open positions. Lower per-position liquidation risk, but a large loss affects the full wallet. | Experienced traders managing multiple positions |
WARNING: At 10x leverage, a 10% adverse price move against your position can result in total loss of your initial margin. Stock perpetuals like POPMARTUSDT carry additional gap risk when HKEX reopens. Start at 2x–5x leverage until you are familiar with the instrument's volatility characteristics.
Contract Specifications
| Specification | Value |
|---|---|
| Contract Type | USDT Linear Perpetual |
| Underlying Asset | Pop Mart International Group (HKEX: 9992.HK) |
| Quote Currency | USDT |
| Settlement Currency | USDT |
| Tick Size | [Verify on Bybit] |
| Lot Size / Min Order | [Verify on Bybit] |
| Maximum Leverage | [Verify on Bybit; typically 5x–10x for stock perpetuals] |
| Initial Margin Rate | [Verify on Bybit] |
| Maintenance Margin Rate | [Verify on Bybit] |
| Funding Rate Interval | Every 8 hours |
| Trading Hours | 24/7 on Bybit (no expiry) |
All parameters are subject to change. Verify against the current Bybit POPMARTUSDT contract specification page before trading.
POPMARTUSDT vs. Buying Pop Mart Stock (9992.HK) Directly
POPMARTUSDT and 9992.HK both give price exposure to Pop Mart's performance, but they are structurally different instruments with different ownership rights, trading venues, regulatory protection, and cost structures.
| Feature | POPMARTUSDT (Bybit Perpetual) | Pop Mart Stock 9992.HK (HKEX) |
|---|---|---|
| What you own | A perpetual futures position; no equity ownership | Actual shares of Pop Mart International Group |
| Trading venue | Bybit (24/7) | Hong Kong Stock Exchange (HKEX) |
| Regulated by | Varies by jurisdiction; not subject to SFC oversight | Securities and Futures Commission of Hong Kong (SFC) |
| Trading hours | 24 hours a day, 7 days a week | Monday to Friday, 09:30–16:00 HKT only |
| Leverage available | Up to 10x (verify on Bybit) | No leverage by default |
| Holding costs | Funding rate every 8 hours | ETF/share management fee only |
| Dividend eligibility | No; perpetual contracts do not pass through dividends | Yes; Pop Mart distributes dividends to registered shareholders |
| Shareholder voting rights | No | Yes |
| Settlement currency | USDT | Hong Kong Dollars (HKD) |
| Counterparty risk | Exchange insolvency, hacking, or operational failure | Licensed brokerage regulated by SFC; investor protections apply |
| Short-selling | Available natively at any time | Restricted; requires a broker margin account |
The three most practically significant differences for active traders: the funding rate holding cost (which HKEX shareholders do not pay), 24/7 trading availability (HKEX only trades during business hours), and the ability to short POPMARTUSDT without a broker margin account.
How to Trade POPMARTUSDT on Bybit
To open a POPMARTUSDT position, you need a verified Bybit account, USDT in your Futures Wallet, and confirmed access in your jurisdiction. For a full step-by-step walkthrough including screenshots, see the POPMARTUSDT complete trading guide.
Before you trade: POPMARTUSDT is not available to residents of all countries. Verify that perpetual futures trading is permitted in your jurisdiction on Bybit's official terms of service before creating an account or depositing funds.
Create and verify your Bybit account. Complete KYC identity verification with a government-issued ID. Verification typically takes 10–30 minutes.
Deposit USDT to your Futures Wallet. Transfer USDT from your Spot Wallet or from an external wallet. All margin and settlement for POPMARTUSDT is in USDT.
Navigate to POPMARTUSDT. Go to Derivatives > USDT Perpetual and search for POPMARTUSDT. Select the perpetual contract — not spot or expiring futures.
Set leverage and margin mode. Choose isolated or cross margin. Set your leverage ratio (2x–5x is recommended for traders new to this instrument).
Place your order. Select Buy/Long to profit if price rises, or Sell/Short to profit if price falls. Use a limit order for a specific entry price, or a market order for immediate execution.
Set stop-loss and take-profit. Both trigger from the mark price. Always set a stop-loss before leaving a position unmonitored.
Monitor mark price and funding. Check your unrealized P&L (mark price basis), liquidation level, and funding payment schedule in the Positions tab.
Investment Considerations: Bull Case and Bear Case
Whether POPMARTUSDT presents a viable trading opportunity depends on your view of Pop Mart's fundamentals and your capacity to manage perpetual contract risks. For a full 2026 scenario analysis with price targets, see the POPMARTUSDT 2026 price forecast: bull and bear scenarios.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency derivatives carry significant risk. The value of POPMARTUSDT can go down as well as up, and you may lose some or all of your invested capital. Always conduct your own research before making any investment decision.
The Bull Case
The bull case for POPMARTUSDT rests on Pop Mart's demonstrated revenue trajectory and international expansion. Key arguments include:
- FY2024 revenue of RMB 13.04 billion at ~107% YoY growth, the strongest in the company's listed history
- International revenue share growing from ~17% (FY2023) to ~39% (FY2024), reducing concentration risk from China's domestic market
- Labubu's sustained global cultural resonance and pipeline of new IP character launches
- 24/7 perpetual futures access enabling position management during HKEX non-trading hours
- Leverage amplification available for traders with high conviction in the thesis
The Bear Case
The bear case points to the trend-dependent nature of the designer toy market and perpetual contract-specific cost risks. Key arguments include:
- Revenue is IP-driven; if Labubu-era demand fades, growth could decelerate faster than current trajectory implies
- Funding rate erosion: a sustained positive funding rate on a long position compresses net returns even on a flat underlying
- Basis risk: POPMARTUSDT may diverge from 9992.HK during high crypto volatility or HKEX non-trading hours
- Regulatory risk: tokenized stock products have been suspended by exchanges in the past without advance notice
- Platform risk: no SFC-equivalent investor protection applies to POPMARTUSDT positions on Bybit
Risks of Trading POPMARTUSDT
Risk warning: Trading perpetual futures contracts carries amplified risk compared to buying assets in spot markets. With leverage, losses can exceed your initial deposit. Cryptocurrency exchanges are not subject to the same regulatory protections as licensed securities exchanges.
| Risk | Description | Severity | Mitigation |
|---|---|---|---|
| Liquidation Risk | If mark price reaches your liquidation level, position closes automatically and initial margin is lost | High (if leverage is used) | Use isolated margin; set stop-loss above liquidation price; start at 2x–5x leverage |
| Funding Rate Cost | Positive funding rate on long positions compounds into a material holding cost over days or weeks | Medium | Monitor funding rate before sizing; factor cost into expected return |
| Basis Risk | POPMARTUSDT price may diverge from 9992.HK during high volatility or HKEX non-trading hours | Medium | Understand the index price mechanism; avoid large leveraged positions through HKEX reopens |
| Gap Risk | HKEX price gaps at open can shift mark price rapidly toward liquidation levels | Medium to High | Reduce position size or close before HKEX weekends if carrying high leverage |
| Regulatory Risk | Tokenized stock products face varied regulation; access may be restricted without notice | Medium to High | Verify local jurisdiction rules; do not over-concentrate in a single tokenized position |
| Platform Risk | Exchange insolvency, hacking, or operational failure | Medium | Do not leave large USDT balances on exchange beyond active trading position |
| Company Performance Risk | Pop Mart earnings, brand news, and China consumer trends directly move the contract price | Medium | Monitor quarterly earnings and HKEX filings |
Liquidation Risk
Liquidation is the automatic, forced closure of your position by Bybit when your margin balance falls below the maintenance margin threshold. It is triggered by the mark price, not the last traded price, and cannot be undone.
At 10x leverage, a ~10% adverse move from your entry price can trigger full liquidation. Intraday moves of 10–20% are common on niche stock perpetuals during high-volatility periods. The HKEX gap risk compounds this: if Pop Mart stock opens significantly lower or higher than its previous close, the mark price can gap directly past stop-loss orders to the liquidation level.
Mitigation: Use isolated margin; set a stop-loss well above your liquidation level; monitor the Bybit Positions tab for real-time liquidation price updates; avoid maximum leverage on this instrument.
Funding Rate Cost Erosion
A sustained positive funding rate represents a compounding holding cost for long position holders. At 0.01% per 8-hour period, a 5,000 USDT long position costs approximately 4.50 USDT per day — 135 USDT over 30 days. This cost reduces net returns even when the POPMARTUSDT price moves favorably but slowly.
Mitigation: Check the current funding rate on Bybit before sizing a long position; consider shorter holding periods when funding is elevated; monitor the funding rate countdown to assess next payment timing.
Basis Risk and Gap Risk
POPMARTUSDT carries compounded volatility from two independent sources: Pop Mart's equity performance and broader crypto market movements. These can amplify each other unpredictably. During HKEX non-trading hours — evenings, weekends, and Hong Kong public holidays — the index price is static and cannot reflect new information about Pop Mart until HKEX reopens.
When HKEX reopens after a weekend or holiday, all accumulated news is priced in at once. If significant Pop Mart news broke during the closure, the index price can gap sharply at the open, and POPMARTUSDT's mark price follows immediately.
Mitigation: Reduce leverage before known risk events (earnings, major market holidays); consider closing leveraged positions before HKEX Friday close if holding through the weekend.
Frequently Asked Questions About POPMARTUSDT
What is POPMARTUSDT?
POPMARTUSDT is a USDT-margined perpetual futures contract on Bybit that tracks the price of Pop Mart International Group Holdings Limited (HKEX: 9992.HK). It allows traders to go long or short on Pop Mart's stock price using USDT as margin, with no expiry date. It is not a cryptocurrency, not a stock, and not a token issued by Pop Mart. For the full explainer, see What Is POPMARTUSDT? The Blind Box Company Stock Explained.
Is POPMARTUSDT the same as buying Pop Mart stock?
No. POPMARTUSDT is a perpetual futures contract, not an equity share. Holding it gives you no ownership of Pop Mart, no voting rights, and no dividend entitlement. It tracks Pop Mart's share price but does not always equal it. See the comparison table above for a full side-by-side breakdown.
How does the POPMARTUSDT funding rate work?
The funding rate is a payment exchanged every 8 hours between long and short position holders on Bybit. It keeps the contract price anchored to Pop Mart's stock price. When POPMARTUSDT trades above the index price, longs pay shorts (positive rate). When it trades below, shorts pay longs (negative rate). The current rate is available in real time on Bybit's POPMARTUSDT contract page.
What is the mark price and why does it matter?
The mark price is Bybit's fair value for POPMARTUSDT, calculated from the index price plus a funding basis component. All unrealized P&L calculations and liquidation triggers use the mark price, not the last traded price. Monitoring the mark price is essential for managing open positions and avoiding unexpected liquidation.
What is the maximum leverage on POPMARTUSDT?
The maximum leverage for POPMARTUSDT on Bybit is listed in the contract specification table above. Verify current limits directly on Bybit before trading, as leverage parameters are subject to change. For traders new to this instrument, 2x–5x leverage is advisable until you understand its volatility characteristics.
Does POPMARTUSDT pay dividends?
No. Perpetual futures contracts do not pass through dividends. Pop Mart distributes dividends to registered 9992.HK shareholders, but POPMARTUSDT holders receive no portion of those distributions. If Pop Mart pays a dividend, Bybit may make a price adjustment to the contract instead.
What are the trading hours for POPMARTUSDT?
POPMARTUSDT trades 24/7 on Bybit with no market close. However, Pop Mart's underlying stock only trades on HKEX Monday–Friday, 09:30–16:00 HKT. During HKEX non-trading hours the index price is static, creating gap risk when HKEX reopens after weekends or holidays.
What are the main risks of trading POPMARTUSDT?
The four most material risks are: liquidation risk (automatic forced closure at the mark price if margin falls below maintenance threshold); funding rate cost erosion (compounds on long positions held over days or weeks); basis and gap risk (POPMARTUSDT can diverge from 9992.HK, especially at HKEX reopens); and regulatory risk (tokenized stock products have been suspended by exchanges in the past). See the full risk table and section above for mitigation strategies.
Where can I see POPMARTUSDT contract specifications?
All contract specifications — tick size, lot size, maximum leverage, margin rates, and funding interval — are listed in the contract specification table in this article. Verify current values on Bybit's official POPMARTUSDT product page before trading, as specifications are subject to change.
Related Reading
- What Is POPMARTUSDT? The Blind Box Company Stock Explained
- How to Trade POPMARTUSDT Perpetual Futures: Complete Guide
- POPMARTUSDT 2026 Price Forecast: Bull and Bear Scenarios
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