Cryptocurrency exchange Bybit, which is the cryptocurrency exchange with the largest BTC futures open interest, has unveiled futures contracts that will be settled in the world’s most trusted stablecoins, USDC. Unlike the Bitcoin settled futures contracts, the USDC settled contracts will have stable prices for the duration of each contract.
While announcing the USDC-settled futures contracts, the co-founder and CEO of Bybit, Ben Zhou, said:
“We have been very pleased by the roll-out of our options trading product. We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products. Our derivatives platform has the world’s best liquidity and tightest spread, so traders are ensured the best quote and best execution in the market even during extreme volatility.”
Bybit has decided to tackle the current crypto market volatility by launching stablecoin settled futures contracts.
Bybit portfolio margin account
Those who will participate in the USDC-settled futures contracts will also benefit from the newly launched unified margin account that offers a new structure for trading derivatives. They will be able to use all the crypto assets in their account as collateral to trade the USDC options contracts and perpetuals.
The margin account currently supports the use of USDC, USDT, ETH, and BTC as collateral. More assets will be added soon.
The margin account and today’s announcement for USDC settled futures contracts cements Bybit’s reputation as a fully integrated crypto trading powerhouse with a dedicated dual server system.
Bybit has experienced a 99% uptime throughout the year and a 100K rps trading engine. It has also processed 30,000 transactions at its peak.
Bybit is also offering users one-month trading at their lowest see tier, something that is normally a reserve of the VIP account holders.
Most importantly, Bybit offers the best on-screen liquidity in the market and offers open, transparent communication on its tier-based fee rate.
Crypto options trading
The current total volume of crypto options is only a fraction of the total traded volume of crypto derivatives. Also, contrary to the traditional markets, the majority of crypto options are margined and settled using the currency, BTC.
Bybit is therefore seeking to expand the crypto options space by offering a new type of crypto options, specifically the USDC settled futures contracts.
Bybit’s options also offer a portfolio margin system that is similar to that of SPAN.