Bybit has launched USDT-settled perpetual contracts tracking three major foreign currency pairs: EUR/USD, GBP/USD and USD/JPY. These instruments allow traders to speculate on FX movements without owning the underlying currencies, featuring no expiration date and leverage of up to 100x. Profits and losses are settled in USDT, with trading available 24/7, including when traditional FX markets are closed.
The new products expand Bybit’s TradFi Perpetuals suite, which launched in April and now includes more than 200 assets across equities, commodities, ETFs and pre-IPO companies. This move follows similar initiatives by competitors; Kraken launched five forex perpetual futures with up to 50x leverage in April 2025, while BitMEX introduced six pairs with up to 100x leverage in April 2026. The launch targets the global FX market, which averaged $9.6 trillion in daily over-the-counter turnover in April 2025, according to the Bank for International Settlements.
Bybit’s expansion into foreign exchange perpetuals signals a deepening integration of traditional finance derivatives within crypto-native infrastructure. By offering 24/7 access to major currency pairs with high leverage, the exchange is catering to traders seeking continuous exposure to macroeconomic trends that typically pause during standard banking hours. This product line complements existing equity and commodity offerings, positioning Bybit as a multi-asset venue rather than solely a cryptocurrency platform.
From a Market Structure perspective, this development highlights the growing convergence between decentralized finance tools and institutional-grade asset classes. While competitors like Kraken and BitMEX have already entered this space, Bybit’s entry intensifies competition for liquidity in non-crypto perpetuals. The reliance on USDT settlement introduces specific counterparty and regulatory considerations distinct from fiat-denominated FX trading, potentially attracting users who prioritize stablecoin efficiency but may face different compliance hurdles depending on their jurisdiction.
