Bybit Enters $9.6 Trillion FX Market with 24/7 Perpetual Contracts

Bybit, a leading cryptocurrency exchange, has expanded its derivatives business into major global currency markets with the launch of three USDT-settled FX perpetual contracts. The new contracts track EUR/USD, GBP/USD and USD/JPY, offering traders exposure to significant currency movements without owning the underlying currencies.

The contracts, which provide synthetic exposure to currency fluctuations, do not expire and can be traded continuously with a maximum leverage of 100x. This feature allows traders to maintain positions without rolling contracts into later maturities, although periodic funding payments may affect their cost.

Bybit's FX perpetuals operate around the clock daily, making them available on weekends and holidays when traditional foreign exchange markets are closed. However, this also creates additional pricing risk due to the potential for weekend news to cause a contract to move before deeper FX markets reopen.

The launch of these contracts marks Bybit's entry into the $9.6 trillion FX market, which is already targeted by other cryptocurrency exchanges such as Kraken and BitMEX. The success of Bybit's new products will depend on their ability to maintain deep liquidity and close tracking during periods of currency volatility.