Bybit has listed SDGRUSDT, a perpetual contract providing synthetic exposure to Schrödinger Inc. shares. The contract launched on September 22 and offers leverage of up to 25x through the exchange's TradFi perpetual platform.
Biotech Stock Enters Perpetual Futures Market
Schrödinger is a software and drug-discovery company. The listing represents an expansion beyond crypto-linked and technology names that have traditionally dominated early TradFi perpetual products on crypto exchanges.
Bybit users can trade continuous long or short exposure to SDGR through a USDT-settled contract, creating a market with different trading hours and mechanics compared to the underlying stock.
Key Differences From Equity Ownership
The SDGRUSDT contract does not deliver physical SDGR stock. Holders receive synthetic price exposure rather than direct ownership, meaning they have no shareholder voting rights and no direct ownership relationship with Schrödinger.
Traders taking positions in the contract are holding derivatives linked to the stock's price. The perpetual structure also introduces leverage and funding-rate dynamics that do not exist when investors purchase shares directly.
Broader Market Shift
The listing reflects a broader trend among crypto exchanges, which increasingly position themselves as global derivatives venues beyond their traditional focus on digital assets. Bybit's TradFi desk continues to apply the perpetual futures structure to a widening set of public-market prices.
