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Bybit Launches First-in-Market USDC Options for ETH and SOL

  • Written by Daily Sun

This comes after debuting its first-in-market, USDC-settled Bitcoin (BTC) contracts earlier this year.

By popular demand, Bybit's new ETH and SOL options contracts represent an important step in developing more ways for Bybit users to level up their trading experience. To celebrate this launch, Bybit is offering up to 66% off trading fees for 30 days if a user registers before Oct. 4, 2022 10AM UTC.

Upon launch, Bybit users will be able to trade ETH, SOL, and BTC options and perpetuals through portfolio margin, which adopts a risk-based model for experienced traders, including market makers and institutional clients, for optimized capital efficiency.

As the first crypto exchange to build options contracts that are margined and settled in USDC, Bybit users can settle and trade with more certainty and ease without needing to own the underlying crypto asset. They are European-style cash-settled options, which can only be exercised when the contract expires.

There is no need for users to hedge the underlying collateral exposure as USDC is pegged to the value of USD, and is therefore not subject to the volatility often associated with other cryptocurrencies. All profits will also be calculated in USDC, making it easier for users to benchmark and calculate returns.

Options Trading in Crypto

With options contracts, Bybit users are able to speculate on the future price in USD of an underlying asset and settle their trades in USDC. Unlike a futures contract where the transaction is mandatory and has to be completed at the settlement date, options contracts are optional and will expire without a transaction if the price on the settlement date is deemed unfavorable. The risk of options trading is therefore relatively low for traders because the maximum risk is determined by the premium paid.

Maximize Opportunities and Capital Efficiency With Portfolio Margin

Bybit is now the one-stop gateway for USDC-settled options. Its market-beating liquidity is matched with features such as portfolio margin which lowers margin requirements on hedged positions, and unified accounts that accept BTC/ETH/USDT as collateral. The system uses a risk-based margin requirement that is aligned with the general risk of an entire portfolio. It increases capital efficiency by deploying profits from winning positions to offset the losses of losing positions in the same portfolio.

"Our users asked, and we answered," said Ben Zhou, co-founder and CEO of Bybit. "After the inauguration of our first-in-market, USDC-settled options earlier this year, adding ETH and SOL contracts was the natural next step. Our options platform is already a major competitor in the crypto trading helped by Bybit's deep on-screen liquidity, minimal slippage, and robust >100K TPS trading capacity/matching engine."

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About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

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