Bybit Unleashes 100x FX Perpetuals as Crypto Exchange Targets $9.6 Trillion Currency Market

On 8 September, Bybit added three foreign-exchange perpetual contracts to its derivatives trading platform. The contracts offer EUR/USD, GBP/USD and USD/JPY forex trading to eligible traders as perpetual synthetic contracts. The contracts are named EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT and are USDT▲$0.9991-margined with a maximum leverage of 100x.

Unlike most futures contracts, perpetual futures contracts do not have an expiration date, so no rolling over of positions to later expirations is necessary.

According to Bybit, their futures contracts are kept in line with the price of their respective spot currency pairs through funding payments and mechanisms typically used in crypto perpetual futures contracts. Instead of profits and losses or collateral being paid in the currency of the contract, they are paid in USDT.

In contrast to institutional FX markets, where liquidity and price discovery generally occur during specific trading sessions and trading hours, products are available around the clock, including weekends and holidays.

However, accessibility may also come with costs, such as news released while underlying markets are closed, leading to pricing gaps, wider spreads, or weaker tracking until conventional FX liquidity resumes.