Dubai-based crypto exchange Bybit has broadened its reach into traditional financial instruments, launching USDT-settled perpetual contracts for three major global currency pairs: EUR/USD, GBP/USD, and USD/JPY.
Unlike conventional foreign exchange (FX) market hours that close on weekends, this derivative trading runs 24 hours a day. This allows crypto traders to execute trades on fiat currency prices even when the underlying markets are closed. These futures instruments carry no expiration date and offer leverage of up to 100x, with profit and loss calculations settled purely in USDT.
The addition of forex instruments expands Bybit’s TradFi Perpetuals product portfolio, which debuted in April. Since its launch, the exchange has listed more than 200 non-crypto asset options, granting users access to equities, commodities, exchange-traded fund (ETF) instruments, and pre-IPO equity shares. The contract structure paves the way for traders to speculate on currency exchange rate movements without holding physical fiat currency.
Vying for $9.6 Trillion in Volume
The foreign exchange sector holds a track record as the most liquid asset class globally. According to an April 2025 report by the Bank for International Settlements (BIS), over-the-counter (OTC) daily turnover reached an average of $9.6 trillion. That substantial daily volume makes it an attractive target for crypto platforms seeking new trading volume beyond digital asset movements.
Kraken was among the first to target crypto traders interested in fiat assets, launching five forex perpetual futures contracts with up to 50x leverage in April 2025. BitMEX followed a year later in April 2026, introducing trading for six foreign exchange pairs with 100x leverage, matching Bybit’s current offering.
Two Crossing Currents
The availability of fiat currency instruments within the crypto ecosystem highlights the increasingly blurred lines between markets. While many traditional financial institutions draw Bitcoin’s value into their fold through ETFs, crypto traders are taking the opposite route - pulling trillions of dollars in conventional assets into continuous, blockchain-based trading via on-chain USDT settlement.
Reported by Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
