Bybit Expands TradFi Derivatives with USDT-Settled FX Perpetual Contracts for Major Currency Pairs

Dubai-based cryptocurrency exchange Bybit has significantly broadened its offering in traditional finance (TradFi) derivatives with the introduction of USDT-settled perpetual contracts for three major foreign currency pairs: EUR/USD, GBP/USD, and USD/JPY. This strategic move allows traders to speculate on the movements of these globally significant currency pairs without needing to own the underlying assets, further integrating the crypto trading ecosystem with established financial markets.

The newly launched contracts are designed to track the price fluctuations of the respective currency pairs. Crucially, they do not grant traders ownership of the actual foreign currencies. This distinction is vital as it allows for a more accessible and streamlined trading experience, particularly for those within the cryptocurrency space who may not have direct access to traditional foreign exchange markets. The perpetual nature of these contracts means they have no expiration date, offering traders the flexibility to hold positions for extended periods, a characteristic highly valued in derivative trading.

A key feature of these new offerings is the provision of leverage, with traders able to access up to 100x leverage. This high leverage capability amplifies potential profits but also significantly increases the risk of substantial losses, a common aspect of highly speculative financial instruments. The leverage is applied to the USDT-settled contracts, meaning that profits and losses are calculated and settled in Tether (USDT), a stablecoin widely used within the cryptocurrency industry. This settlement mechanism further bridges the gap between crypto and traditional finance, allowing for a familiar settlement currency for Bybit’s existing user base.

Trading for these FX perpetuals is available 24 hours a day, seven days a week. This round-the-clock access is a significant advantage, especially considering that traditional foreign exchange markets operate on a global, decentralized network with specific trading hours. By offering continuous trading, Bybit caters to a global audience and ensures that traders can react to market movements and news events at any time, regardless of the operating hours of the underlying FX markets.

These new FX perpetual contracts are part of Bybit’s broader "TradFi Perpetuals" suite, which was launched in April. The exchange states that this suite has rapidly grown to encompass over 200 assets, spanning a diverse range of traditional financial instruments. This includes contracts tracking equities, commodities, exchange-traded funds (ETFs), and even pre-IPO companies. The inclusion of major FX pairs represents a substantial expansion of this TradFi offering, demonstrating Bybit’s commitment to providing a comprehensive platform for derivative trading that goes beyond cryptocurrencies.

The foreign exchange market is by far the largest and most liquid financial market in the world. According to data from the Bank for International Settlements (BIS), global over-the-counter (OTC) FX turnover averaged an astounding $9.6 trillion per day in April 2025. This immense liquidity and constant activity underscore the potential for significant trading volumes and opportunities within the FX space. By entering this market with USDT-settled perpetuals, Bybit aims to capture a portion of this global trading activity, leveraging its existing user base and trading infrastructure.

Bybit is not the pioneer in offering forex perpetuals within the crypto exchange landscape. Other platforms have also recognized the demand and potential of this market. Kraken, for instance, launched five forex perpetual futures contracts with leverage of up to 50x in April 2025. More recently, BitMEX introduced six FX perpetual pairs, also with a leverage of up to 100x, in April 2026. These earlier entries by competitors highlight a growing trend among crypto exchanges to diversify their derivative offerings and tap into the vast liquidity of the FX market. Bybit’s introduction of these contracts, with their competitive leverage and 24/7 trading, positions it to compete effectively in this emerging segment.

The addition of EUR/USD, GBP/USD, and USD/JPY contracts provides traders with exposure to some of the most heavily traded currency pairs globally. The EUR/USD pair represents the economic relationship between the Eurozone and the United States, while GBP/USD tracks the British Pound against the US Dollar. The USD/JPY pair, conversely, reflects the strength of the Japanese Yen against the US Dollar. These pairs are subject to a wide array of economic, political, and geopolitical factors, offering ample opportunities for informed trading strategies.

The USDT-settled mechanism is particularly beneficial for crypto-native traders. It eliminates the need to convert cryptocurrencies into fiat currencies to trade FX, simplifying the process and potentially reducing transaction fees and delays associated with traditional banking systems. The use of USDT as the settlement currency also aligns with the common practice in cryptocurrency trading, allowing for seamless integration with existing portfolios and trading strategies.

Bybit’s expansion into FX perpetuals signifies a broader trend within the cryptocurrency industry: the convergence of crypto and traditional finance. As the industry matures, exchanges are increasingly looking to offer a wider array of financial products that cater to a more diverse range of investors and traders. The ability to trade FX derivatives alongside cryptocurrencies, equities, and commodities on a single platform can offer significant advantages in terms of convenience and capital efficiency.

The implications of Bybit’s move are manifold. For its existing user base, it provides new avenues for diversification and hedging strategies. For traders new to crypto derivatives, the familiar FX markets may serve as an entry point into the broader crypto trading ecosystem. For Bybit itself, it represents a strategic diversification of its revenue streams and a strengthening of its position as a comprehensive digital asset and derivatives trading platform. The success of these new offerings will likely depend on factors such as market liquidity, user adoption, and Bybit’s ability to manage the inherent risks associated with leveraged trading products.

The commitment to independent, transparent journalism by Cointelegraph is underscored in the reporting of this news. The article adheres to Cointelegraph’s Editorial Policy, aiming to provide accurate and timely information. Readers are encouraged to conduct their own independent verification of information presented.