Bybit has expanded its derivatives lineup with three USDT-settled perpetual contracts tied to major foreign exchange pairs — EUR/USD, GBP/USD and USD/JPY — while also outlining plans to build an all-in-one European platform combining crypto trading, banking-style services, tokenized stocks and regulated derivatives.
The new FX-linked instruments trade under the symbols EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT, have no expiry date and are available around the clock, subject to jurisdictional restrictions. They are not spot FX accounts and do not deliver underlying currencies. Instead, they are derivatives designed to track corresponding spot exchange rates, with collateral, profit and loss settled in USDT. Bybit said the contracts are integrated with its Unified Trading Account, allowing eligible users to manage FX exposure alongside crypto, commodity and equity-linked products. The wider TradFi perpetual range now covers more than 200 assets, according to the company.
The exchange is offering leverage of up to 100 times on the three listings. Bybit warned that margin calls, liquidation, funding costs, stablecoin exposure and deviations between the contract and its reference rate can all affect results. Funding transfers between long and short positions are intended to anchor each contract to its index, but recurring payments can make hedging more expensive or profitable over time. While the contracts remain available during nights and weekends, the underlying dealer market is not equally liquid at all hours, and spreads may widen when traditional FX venues are closed.
The launch follows data from the Bank for International Settlements showing average global over-the-counter FX turnover reached $9.6 trillion per day in April 2025, up from $7.5 trillion in 2022. EUR/USD and USD/JPY were the two most-traded pairs in that survey. Bybit has not disclosed initial open interest, market-maker participation, typical spreads or the full jurisdiction-by-jurisdiction availability of the contracts.
Separately, Bybit is preparing a broader European push after securing a Markets in Crypto-Assets license in Austria in May 2025 and an electronic money institution license from Austria’s Financial Market Authority. The EMI approval could allow users to hold accounts with IBANs, receive salaries, pay bills and make transfers. Bybit is also seeking a MiFID II license, which could open access to regulated derivatives, stocks and commodities for European clients. The company said it plans to continue using outside partners such as xStocks, which is linked to Kraken, for tokenized equities rather than building every service internally. Bybit serves more than 80 million users worldwide, but has said crypto services alone have not made its European operation profitable because of high compliance costs.
