What Is POPMARTUSDT? Pop Mart Stock on Bybit Explained
Learn what POPMARTUSDT is: a crypto derivative tracking POP MART's Hong Kong stock price. Understand how it works, risks, and how it differs from actu...
POPMARTUSDT is a USDT-margined perpetual futures contract on Bybit that tracks the share price of Pop Mart International Group Holdings Limited (HKEX: 9992.HK). It is not a cryptocurrency, not a token issued by Pop Mart, and not actual Pop Mart stock. It is a derivatives instrument that gives traders leveraged, 24/7 price exposure to Pop Mart's equity performance without requiring a Hong Kong brokerage account.
If you searched for "what is Pop Mart stock" in the context of crypto, this is the instrument you found. This article explains what POPMARTUSDT is, how it tracks Pop Mart's share price, what makes it different from holding 9992.HK directly, and what risks apply before trading.
On this page:
- What Is Pop Mart Stock (9992.HK)?
- What Is POPMARTUSDT?
- How POPMARTUSDT Tracks Pop Mart's Share Price
- POPMARTUSDT vs. Buying Pop Mart Stock on HKEX
- Where and How to Trade POPMARTUSDT
- What Drives the POPMARTUSDT Price?
- Risks of Trading POPMARTUSDT
- Frequently Asked Questions
What Is Pop Mart Stock (9992.HK)?
Pop Mart International Group Holdings Limited is a Chinese consumer goods company that designs and sells collectible toy figures, listed on the Hong Kong Stock Exchange (HKEX) under the ticker 9992.HK since December 2020. The company is headquartered in Beijing and generates revenue through retail stores, online platforms, vending machines, and IP licensing across mainland China and internationally.
Pop Mart's revenue model is built around blind box collectibles and proprietary IP characters including Labubu, Molly, SKULLPANDA, and Dimoo. The company reported FY2024 revenue of approximately RMB 13.04 billion at ~107% year-over-year growth, with international revenue reaching ~39% of total sales. Market capitalization stood at approximately USD 30 billion as of mid-2025.
Writer instruction: Verify all financial figures from Pop Mart's most recent HKEX filing before publication. Insert current revenue, growth rate, and market cap with date and source citation.
Buying Pop Mart stock (9992.HK) through a licensed Hong Kong broker gives you equity ownership: voting rights, dividend eligibility, and SFC-regulated investor protection. POPMARTUSDT on Bybit gives you none of those things — it gives you price exposure only, through a derivatives contract.
What Is POPMARTUSDT?
POPMARTUSDT is a tokenized stock perpetual futures contract on Bybit. It is a USDT-denominated derivative that synthetically tracks Pop Mart's share price (9992.HK) through an index price feed pulled from HKEX.
| Field | Value |
|---|---|
| Full Name | POPMARTUSDT |
| Instrument Type | USDT-Margined Perpetual Futures Contract |
| Underlying Asset | Pop Mart International Group (HKEX: 9992.HK) |
| Exchange | Bybit |
| Quote & Settlement Currency | USDT (Tether, approx. USD) |
| Expiry | None — perpetual contract |
| Leverage | Up to 10x (verify on Bybit; subject to change) |
| What You Own | A price-tracking derivative — NOT actual Pop Mart shares |
Important: POPMARTUSDT is not the same as buying Pop Mart shares. You gain price exposure to Pop Mart's stock performance, but you hold no equity, receive no dividends, and have no shareholder rights.
What Is a Tokenized Stock Perpetual Contract?
A tokenized stock is a crypto-native derivative instrument that tracks the price of a real-world company's stock. It does not represent share ownership. Holders receive no voting rights, no dividends, and no regulatory protection equivalent to holding actual equity.
A perpetual futures contract is a derivative with no expiry date. Unlike traditional futures that settle on a fixed calendar date, a perpetual remains open as long as the trader holds sufficient margin. There is no forced close date.
POPMARTUSDT combines both: it is a perpetual futures contract whose underlying reference is Pop Mart's stock price on HKEX. Pop Mart has not issued any crypto token. POPMARTUSDT is created and managed by Bybit.
What Is USDT in POPMARTUSDT?
USDT (Tether) is a stablecoin pegged approximately 1:1 to the US dollar. In the pair name, "POPMART" is the asset being priced and "USDT" is the quote currency. If POPMARTUSDT = 15.50, gaining one unit of Pop Mart price exposure costs 15.50 USDT (~USD 15.50). All margin deposits, profit and loss, and funding payments are denominated in USDT.
How POPMARTUSDT Tracks Pop Mart's Share Price
POPMARTUSDT stays aligned with Pop Mart's HKEX share price through three mechanisms: an index price feed, a funding rate, and a mark price calculation.
Index Price Feed
Bybit calculates an index price for POPMARTUSDT using real-time data derived from Pop Mart's share price on HKEX. This index price is the reference point the contract tracks. When HKEX is open and trading, the index price updates continuously. When HKEX is closed (evenings, weekends, public holidays), the index price is static — it cannot update because the underlying market is not trading.
This creates gap risk specific to stock perpetuals: when HKEX reopens after a closure, all accumulated news about Pop Mart is priced in immediately. The index price can gap sharply at the open, and POPMARTUSDT's mark price follows within seconds.
Funding Rate
The funding rate is a periodic payment exchanged between long and short position holders every 8 hours on Bybit. It is a transfer between traders, not a Bybit fee.
- Positive rate: POPMARTUSDT is trading above the index price → long holders pay short holders
- Negative rate: POPMARTUSDT is trading below the index price → short holders pay long holders
This creates an economic incentive to push the contract price back toward Pop Mart's actual stock price. The funding rate is the primary mechanism keeping POPMARTUSDT anchored to 9992.HK.
Cost example: At 0.01% per 8-hour period, a 1,000 USDT long position costs ~0.10 USDT every 8 hours, roughly 0.91 USDT per day. Over 30 days that accumulates to ~27 USDT in funding costs, regardless of price direction.
Mark Price
The mark price is Bybit's fair value for POPMARTUSDT, calculated from the index price plus a decaying funding basis component. All unrealized P&L and all liquidation triggers use the mark price, not the last traded price. Monitoring the mark price is essential for managing open positions.
POPMARTUSDT vs. Buying Pop Mart Stock on HKEX
Both instruments give price exposure to Pop Mart International's performance, but they differ in ownership, cost structure, regulation, and access.
| Feature | POPMARTUSDT (Bybit) | Pop Mart Stock (9992.HK on HKEX) |
|---|---|---|
| What you own | A perpetual futures position; no equity | Actual shares of Pop Mart International Group |
| Exchange | Bybit (crypto derivatives, 24/7) | Hong Kong Stock Exchange (HKEX) |
| Regulated by | Varies by jurisdiction; not SFC-regulated | Securities and Futures Commission (SFC), Hong Kong |
| Trading hours | 24/7 — no market close | Mon–Fri, 09:30–16:00 HKT only |
| Leverage | Up to 10x (verify on Bybit) | No leverage on standard purchases |
| Holding costs | Funding rate every 8 hours | None beyond brokerage commissions |
| Dividends | Not passed through | Eligible when declared by Pop Mart |
| Shareholder rights | None | Full voting rights |
| Settlement currency | USDT | Hong Kong Dollar (HKD) |
| Short-selling | Available natively on Bybit | Requires a broker margin account |
| Access | Bybit account; verify jurisdiction | Requires a Hong Kong brokerage account |
The key practical difference: POPMARTUSDT is accessible to crypto traders globally (subject to jurisdiction) without a HK brokerage account, and supports 24/7 trading and native short-selling. The trade-off is that you bear funding rate costs, leverage liquidation risk, and receive none of the regulatory protections that apply to HKEX-listed equity holders.
Where and How to Trade POPMARTUSDT
POPMARTUSDT perpetual futures are traded on Bybit under Derivatives > USDT Perpetual. For a full step-by-step guide covering account setup, leverage selection, order placement, and stop-loss configuration, see the POPMARTUSDT complete trading guide.
Quick steps:
- Create and verify a Bybit account (KYC required)
- Deposit USDT to your Futures Wallet
- Search for POPMARTUSDT in Derivatives > USDT Perpetual
- Set leverage (2x–5x recommended for new traders) and margin mode
- Place a Buy/Long or Sell/Short order with a stop-loss set before confirming
Jurisdiction check: POPMARTUSDT is not available in all countries. Verify access on Bybit's official terms of service before creating an account or depositing funds.
What Drives the POPMARTUSDT Price?
POPMARTUSDT price is driven by Pop Mart's share price on HKEX (9992.HK), which in turn responds to:
- Earnings and revenue: Pop Mart's quarterly and annual results, particularly international revenue growth rate, are the primary fundamental driver. Strong earnings push 9992.HK higher; disappointing results weigh on it.
- IP performance: New character launches, collaborations, and viral brand moments directly affect Pop Mart's sales and therefore its stock price. Revenue contribution from flagship characters like Labubu drives near-term earnings surprises.
- China consumer sentiment: Pop Mart's domestic China market represents the majority of revenue. Chinese consumer confidence indices, retail sales data, and macro stimulus measures all affect the underlying stock.
- Hong Kong market conditions: Broader HKEX sentiment, HKD/USD exchange rate movements, and regional geopolitical factors affect all HKEX-listed stocks including 9992.HK.
- Crypto-specific factors: Overall crypto market sentiment and funding rate dynamics can move POPMARTUSDT somewhat independently of 9992.HK, particularly during periods of high crypto volatility.
For a detailed 2026 price scenario framework with bull, base, and bear case targets, see the POPMARTUSDT 2026 price forecast.
Risks of Trading POPMARTUSDT
Risk Notice: POPMARTUSDT is a derivatives instrument, not a regulated stock market investment. All trading involves risk of loss. Derivatives trading with leverage carries amplified risk.
Liquidation risk: At 10x leverage, a ~10% adverse price move can liquidate your entire margin. Liquidation is automatic and triggered by the mark price. Use isolated margin and set a stop-loss before leaving a position unmonitored.
Gap risk: When HKEX reopens after weekends or holidays, the index price can move sharply, and the POPMARTUSDT mark price follows immediately. Highly leveraged positions held through HKEX closures face this risk.
Funding rate erosion: A positive funding rate on long positions accumulates as a holding cost over time. Factor this into expected returns for positions held over multiple days.
Regulatory uncertainty: Tokenized stock products operate in a regulatory gray area. Access may be restricted or the product suspended without advance notice. Verify your jurisdiction before trading.
No shareholder protections: Unlike holding 9992.HK through an SFC-regulated broker, POPMARTUSDT holders have no equivalent investor compensation scheme. Platform insolvency or operational failure could result in loss of funds.
Lower liquidity: POPMARTUSDT has narrower order book depth than major crypto pairs. Use limit orders and check available liquidity before placing large orders.
Frequently Asked Questions About POPMARTUSDT
What is Pop Mart stock?
Pop Mart International Group Holdings Limited (9992.HK) is a Chinese designer toy company listed on the Hong Kong Stock Exchange since December 2020. It is the underlying asset that POPMARTUSDT tracks. Buying the actual stock on HKEX through a broker gives you equity ownership; trading POPMARTUSDT on Bybit gives you price exposure only, with no shareholder rights.
What is POPMARTUSDT?
POPMARTUSDT is a USDT-margined perpetual futures contract on Bybit that tracks the share price of Pop Mart International Group (HKEX: 9992.HK). It lets traders go long or short on Pop Mart's stock price using USDT as margin, with no expiry date. It is not a cryptocurrency and not actual Pop Mart equity.
Can I buy Pop Mart stock on a crypto exchange?
No. Actual Pop Mart shares (9992.HK) can only be purchased through a licensed Hong Kong broker on HKEX. On Bybit, you can trade POPMARTUSDT — a perpetual futures contract that tracks Pop Mart's stock price — which gives you price exposure but no equity ownership or shareholder rights.
What is the difference between POPMARTUSDT and Pop Mart stock?
POPMARTUSDT is a perpetual futures contract on Bybit that tracks Pop Mart's HKEX share price in USDT terms. Pop Mart stock (9992.HK) is actual equity, regulated by Hong Kong's SFC, conferring voting rights, dividend eligibility, and investor protection. POPMARTUSDT offers leverage, 24/7 trading, and short-selling; the stock offers ownership and regulatory protection. They are fundamentally different instruments referencing the same underlying company.
Is POPMARTUSDT a real stock or a crypto token?
Neither. It is a tokenized stock perpetual contract — a crypto-native derivative created by Bybit that tracks Pop Mart's HKEX share price. Pop Mart has not issued any crypto token. POPMARTUSDT was created by Bybit, not by Pop Mart.
What is a tokenized stock?
A tokenized stock is a blockchain-based derivative instrument that tracks a real company's stock price without representing actual share ownership. Holders receive no shareholder rights, dividends, or voting privileges. POPMARTUSDT is a tokenized stock perpetual tracking Pop Mart International Group (9992.HK).
Where can I trade POPMARTUSDT?
POPMARTUSDT is available on Bybit under Derivatives > USDT Perpetual. Availability varies by jurisdiction — verify access before creating an account or depositing funds.
How does POPMARTUSDT track the Pop Mart share price?
Bybit calculates an index price using real-time data from Pop Mart's HKEX share price. The mark price (used for P&L and liquidation) is derived from this index price. The funding rate — a periodic payment between long and short holders every 8 hours — keeps the contract price from drifting significantly from the underlying stock price.
What are the risks of trading POPMARTUSDT?
Key risks: liquidation risk from leverage (a 10% adverse move at 10x leverage wipes your margin); HKEX gap risk at market reopens; funding rate erosion on long positions; regulatory restrictions on tokenized stock products; no SFC-equivalent investor protection; lower liquidity than major crypto pairs. See the full risk section above for mitigation steps.