Bybit Introduces Five-Minute Price Bets on BTC and ETH

Bybit, a global cryptocurrency exchange, has introduced a new trading feature called Bybit Odds. This product allows traders to bet on whether Bitcoin or Ether will finish above, below, inside, or outside a specified price level after five minutes. The apparent simplicity of this product requires qualification, as it can still result in the loss of the entire amount allocated to the contract.

Bybit uses its own multi-exchange index and locks the entry price when an order is matched. The settlement values for an Odds contract are not based on Coinbase prices, but rather Bybit's own index. Three contracts are available: Up/Down, Price Target, and Price Range, with maturities ranging from five to seven days.

For example, a trader can place a 100 USDT Up/Down contract displaying a 1.90 payout. A correct call returns 190 USDT, including the allocated 100 USDT, while an incorrect call forfeits the 100 USDT. Before fees, the break-even success rate is approximately 52.63%.

The Bybit Odds product has been compared to fixed-return or binary options, which are characterized by a yes-or-no outcome and predetermined payout. However, Bybit notes that traders cannot lose more than the amount allocated to the contract itself. Nevertheless, users in cross-margin or portfolio-margin mode may automatically borrow USDT against eligible collateral to place a trade, raising initial and maintenance margin requirements and increasing liquidation risk.

Access to Bybit Odds is fragmented due to local rules. The company has not disclosed Odds volume, revenue, market-maker concentration, or user-retention data, which would establish whether this is a meaningful exchange business rather than a small engagement feature.