Bybit launched three FX perpetual contracts on Sept. 8, expanding its derivatives business into major global currency markets. The exchange introduced USDT-settled contracts tracking EUR/USD, GBP/USD and USD/JPY.
Summary
- Bybit launched USDT-settled perpetual contracts tracking EUR/USD, GBP/USD and USD/JPY with continuous trading and leverage.
- All three contracts offer maximum leverage of 100x and remain tradable around the clock daily.
- Traders receive price exposure without owning euros, pounds, dollars, yen, or underlying currency deposits directly.
- The products use USDT collateral, indefinite maturities, funding rates, and Bybit’s Unified Trading Account system.
- Global over-the-counter foreign exchange turnover averaged $9.6 trillion daily during April 2025, BIS data showed.
The Bybit FX perpetuals operate continuously and offer leverage of up to 100x. They do not expire. Traders can therefore maintain positions without rolling contracts into later maturities, although periodic funding payments may affect the cost of holding them.
The contracts provide synthetic exposure to currency movements. Buyers do not own euros, pounds, dollars or yen. Profits, losses and collateral are denominated in USDT.
Bybit FX perpetuals provide synthetic currency exposure
The three products follow their respective spot exchange rates, according to Bybit’s official release. Their tickers are EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT.
Bybit integrated the contracts with its Unified Trading Account. The exchange also applies funding rates and dynamic leverage, using mechanisms commonly found in cryptocurrency perpetual markets to keep contract prices close to their reference rates.
Continuous trading is a key difference from conventional FX access. The contracts remain available on weekends and holidays, when activity in the underlying institutional foreign exchange market is limited or closed.
That feature also creates additional pricing risk. Weekend news may cause a Bybit contract to move before deeper FX markets reopen. Thin liquidity or a lack of active price discovery could widen spreads and produce temporary differences between the perpetual contract and its underlying reference.
Leverage of 100x increases liquidation exposure
Bybit allows maximum leverage of 100x on the new contracts. High leverage lets traders control positions much larger than their posted collateral, but it also reduces the price movement needed to trigger liquidation.
The precise liquidation level depends on entry price, maintenance margin, fees and the exchange’s risk rules. Funding payments can also reduce returns or increase losses when positions remain open for extended periods.
USDT settlement removes the need to hold each underlying currency. However, it introduces exposure to the stablecoin and to Bybit’s custody, liquidation and settlement systems. These risks differ from holding currency through a bank or regulated foreign exchange broker.
Bybit said the products are intended for traders who understand leveraged derivatives. Access may also depend on jurisdiction, account eligibility and local regulations. The launch announcement did not establish that the contracts would be available to every Bybit customer.
Bybit expands a suite covering more than 200 assets
The listings extend Bybit’s TradFi Perpetuals suite, which launched in April 2026. The exchange says the range now covers more than 200 products tied to equities, commodities, exchange-traded funds and pre-IPO companies.
Crypto exchanges have increasingly added derivatives linked to traditional assets. As crypto.news previously reported, open interest in TradFi perpetuals exceeded $2 billion between late May and July, based on CryptoQuant data. Binance, Bybit and Gate accounted for about 70% of the segment in that report.
In related coverage, Bybit expanded its TradFi lineup beyond 200 contracts after adding synthetic products linked to Unitree Robotics and Moonshot AI. Those instruments also provide price exposure without ownership of the referenced companies.
The FX launch broadens that strategy from stocks and commodities into currency trading. Bybit did not publish opening volume, liquidity or open-interest figures for the three new contracts. There was therefore no verified market reaction available at publication.
Crypto exchanges target the $9.6 trillion FX market
Foreign exchange remains the world’s largest over-the-counter financial market. Daily turnover averaged $9.6 trillion in April 2025, up 28% from $7.5 trillion in 2022, according to official data from the Bank for International Settlements.
Bybit is entering a market already targeted by other crypto exchanges. Kraken introduced five FX perpetual futures in April 2025 with leverage reaching 50x, according to its product announcement. BitMEX followed in April 2026 with six currency pairs offering leverage of up to 100x, its official release showed.
The next test will be whether Bybit can maintain deep liquidity and close tracking during weekends, holidays and periods of currency volatility. Funding rates, spreads and index methodology will determine how closely the contracts follow the underlying FX market.
Traders will also need to monitor regional restrictions and contract specifications. Bybit has not announced additional currency pairs or a timetable for expanding the FX range.
