Bybit Adds New Trading Pairs as Exchange Volume Grows

Updated on Oct 22, 2020 at 10:57 am UTC by · 3 mins read

To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation.

Bybit has added support for several new trading pairs to its derivatives exchange, bringing the number of cryptocurrencies it supports to seven. Perpetual contracts for USDT with ETH, LTC, XTZ, and LINK have been added to the derivatives platform, which continues to go from strength to strength.

The introduction of new markets, at a time when other derivatives exchanges are mired in trouble, bodes well for Bybit and for the traders who have flocked to the platform this year off the back of the inaugural World Series of Trading competition. The event put Bybit on the map, not only within the crypto community, but attracting interest from the broader trading world, including poker pros and forex vets. Bybit’s addition of new trading pairs adds more weapons to its armory – and more avenues for traders to profitably pursue.

Tether Pairs Proliferate

Bybit’s perpetual swap contracts are paired against USDT, which serves as the reference currency. The new markets, ETH/USDT, LINK/USDT, LTC/USDT, and XTZ/USDT, were added on October 21, giving traders the ability to long or short with leverage. BTC remains the dominant market on Bybit, commanding around 73% of total volume, followed by ETH at 18%.

The introduction of LINK will be particularly welcome to Bybit traders; Chainlink’s native token is a favorite with futures pros, and sees robust volume on other derivatives exchanges including Binance Futures. It was also recently added to BitMEX, but the news was lost amidst greater events that saw the Seychelles-incorporated exchange hit the headlines. The indictment of its founders and executive team, and the arrest of CTO Samuel Reed, sent shockwaves through the industry – and saw the BitMEX cold wallet depleted of funds as users withdrew at the earliest available opportunity.

BitMEX isn’t the only centralized exchange to have endured a torrid time lately; days before the indictments were handed down by U.S. prosecutors, KuCoin was hacked of $150 million. Then, this week the industry awoke to the news that OKEx was unable to process withdrawals because one of its founders was in the custody of Chinese authorities investigating money laundering allegations. Derivatives exchanges Binance Futures and Bybit are likely to be the prime beneficiaries of their rivals’ misfortune – together with decentralized exchanges. In the hours following the news that OKEx was having withdrawal problems, Uniswap’s native UNI token rose 10%.

Bybit Launches Lottery to Celebrate New Listings

To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation. It’s also rolled out a $10 BTC bonus until the end of the month, awarded to users who refer friends to sign up, over and above the 10-20% trading fee discount that’s already in place.

With more than $600 million now being traded every day on Bybit, and support for 20 new fiat currencies having been added in August, the exchange is flourishing.

Share:

Related Articles

Bybit Boosts Security with Zodia Custody Partnership Post-Hack

By April 3rd, 2025

Bybit has taken a significant step to enhance security by partnering with Zodia Custody.

Bitcoin ETFs Saw $220M in Inflows Despite BlackRock’s Selloff, Trump’s Tariff War

By April 3rd, 2025

US-based spot Bitcoin exchange-traded funds recorded an impressive surge in inflows while the leading product saw $116 million in outflows amid the United States tariff war.

GameStop’s $1.5B Bet on Bitcoin Pushes GME Stock Price

By April 2nd, 2025

GameStop’s latest fundraising brought its stock to the green zone as the video game retailer wants Bitcoin exposure.

Exit mobile version