Derivatives leadership

Bybit is consistently ranked among the top three global exchanges by open interest in BTC and ETH perpetual contracts. Its USDT-margined perpetuals offer funding rates that historically track closely to the fair value implied spread, indicating deep institutional participation in its order books. Maker rebates of -0.01% on linear contracts mean active market-makers are effectively paid to trade.

Copy trading platform

Bybit's copy trading product is one of the most developed in the industry. Master traders publish full position history, real-time P&L, and drawdown data, follower allocation is proportional and real-time. The transparency of the performance data is above average for the sector.

Spot and NFT

Bybit expanded aggressively into spot trading and now lists 300+ pairs. Its NFT marketplace is integrated with the exchange wallet, allowing seamless trading between NFTs and crypto without external wallet connections.

VARA regulation

Bybit relocated its headquarters to Dubai in 2023 and obtained a VARA licence, positioning it as one of the few tier-1 derivatives exchanges to operate under a dedicated crypto regulatory framework. VARA oversight is meaningful for UAE-based clients.

Proof of Reserves

Bybit publishes monthly Proof of Reserves reports covering all major assets, independently attested via Merkle tree auditing. The reserve ratios for BTC, ETH, USDT, and USDC have consistently exceeded 100%.

Where it falls short

Bybit operates under fewer traditional financial regulatory licences than Kraken or Coinbase. Not available to US residents.

Bottom line

For active derivatives traders outside the US, Bybit's combination of deep perp liquidity, low maker fees, a polished copy trading platform, and VARA regulatory oversight makes it one of the strongest products in the crypto exchange market.