In a significant week for cryptocurrency exchange offerings, Bybit and Coinbase have announced major expansions to their trading portfolios. Singapore-based exchange Bybit has officially listed the BASED token for spot trading, while U.S. giant Coinbase has introduced perpetual futures contracts for the KAT token.
Bybit's BASED listing will see trading commence on February 15, 2025, following a deposit period starting February 13. The exchange will offer trading pairs against USDT and BTC. This strategic addition follows extensive technical integration and compliance reviews, aligning with Bybit's broader strategy to diversify its spot trading portfolio. The exchange, which boasts over 20 million registered traders, maintains rigorous listing criteria evaluating project fundamentals, security audits, and regulatory compliance.
The BASED token operates as an ERC-20 asset on the Ethereum blockchain, with a circulating supply of approximately 100 million and a maximum cap of 1 billion. Industry experts anticipate the listing could increase BASED's trading volume by 300-500% in its first week, leveraging Bybit's substantial liquidity pools.
Simultaneously, Coinbase announced on March 27, 2025, the listing of KAT perpetual futures contracts. Trading commenced immediately, contingent on sufficient market liquidity conditions being met. These derivative contracts, which have no expiry date, provide traders with leveraged exposure to KAT's price movements and utilize a funding rate mechanism to maintain price alignment with the spot market.
This move is part of Coinbase's systematic expansion of its derivatives offerings over the past two years, targeting growing institutional and retail demand for altcoin leverage products. The listing is designed to comply with relevant U.S. regulatory frameworks, including CFTC guidelines where applicable.
Both listings reflect a broader industry trend where major exchanges are aggressively expanding their product suites. Bybit has added over 50 new trading pairs throughout 2024, while Coinbase is competing to capture a share of the substantial global crypto derivatives trading volume. Analysts note that successful spot listings like BASED on Bybit often graduate to margin trading within 30-60 days based on performance metrics.
