Bybit has expanded into major foreign exchange markets with the launch of three USDT-settled perpetual contracts tracking EUR/USD, GBP/USD and USD/JPY.
The products, launched on 8 September, allow users to trade synthetic exposure to the three currency pairs around the clock, including weekends and public holidays. Each contract offers maximum leverage of 100x and has no expiry date.
The contracts are settled in USDT, meaning traders do not need to own euros, pounds, dollars or yen, or hold deposits in the underlying currencies. Instead, profits, losses and collateral are all denominated in USDT.
Bybit’s move takes its derivatives offering into the world’s largest over-the-counter financial market. Foreign exchange turnover averaged $9.6tn per day in April 2025, according to data from the Bank for International Settlements (BIS), a 28% rise from the $7.5tn daily average recorded in 2022.
The three contracts – EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT – follow their respective spot exchange rates, according to Bybit’s launch announcement.
They have been integrated into Bybit’s Unified Trading Account and use funding rates and dynamic leverage. Those features are commonly associated with cryptocurrency perpetual markets and are designed to help keep the contract prices close to their reference rates.
Unlike conventional foreign exchange contracts, Bybit’s products do not mature. Traders can keep positions open without transferring them into later-dated contracts, although funding payments may change the cost of maintaining those positions over time.
The continuous trading schedule is one of the main differences between the new products and traditional access to foreign exchange markets. The contracts remain available when major institutional FX markets are closed or operating with limited activity.
That availability also brings additional risks. News over a weekend could cause a Bybit contract to move before deeper liquidity returns to the underlying FX market. Lower trading activity and weaker price discovery could lead to wider spreads or temporary differences between the perpetual contracts and their reference rates.
Leverage increases liquidation risk
The maximum leverage on all three products is 100x. While leverage allows traders to control positions substantially larger than their posted collateral, it also means that relatively small price movements can lead to liquidation.
The precise liquidation threshold will depend on factors including the entry price, maintenance margin, trading fees and Bybit’s risk-management rules. Funding payments could also reduce returns or increase losses when positions remain open for longer periods.
USDT settlement removes the need to hold each individual currency, but it exposes traders to the stablecoin as well as Bybit’s custody, liquidation and settlement systems. Those risks are different from those involved in holding foreign currency through a bank or regulated FX broker.
Bybit said the products are aimed at traders with an understanding of leveraged derivatives. Availability may vary according to jurisdiction, account eligibility and local regulations. The launch announcement did not confirm that the contracts would be accessible to every Bybit customer.
Part of wider TradFi expansion
The new listings form part of Bybit’s TradFi Perpetuals suite, which launched in April 2026. Bybit says that range now includes more than 200 products linked to equities, commodities, exchange-traded funds and pre-IPO companies.
Crypto exchanges have increasingly introduced derivatives based on traditional financial assets. Open interest in TradFi perpetuals exceeded $2bn between late May and July, according to CryptoQuant data cited by crypto.news. Binance, Bybit and Gate accounted for about 70% of that market in the report.
Bybit has also expanded its TradFi range beyond 200 contracts with synthetic products linked to Unitree Robotics and Moonshot AI. Those instruments, like the new FX contracts, provide exposure to price movements without giving traders ownership of the referenced companies.
The foreign exchange launch extends Bybit’s strategy from stocks and commodities into currency markets. The exchange did not release opening trading volume, liquidity or open-interest figures for the three contracts, so there was no verified market reaction available at publication.
Bybit is entering a market already being targeted by other cryptocurrency exchanges. Kraken introduced five FX perpetual futures in April 2025, offering leverage of up to 50x. BitMEX launched six currency-pair products in April 2026 with leverage of up to 100x.
The performance of Bybit’s new contracts will depend on whether the exchange can maintain sufficient liquidity and accurate price tracking during weekends, holidays and periods of heightened currency volatility. Funding rates, spreads and the methodology used for pricing the contracts will all influence how closely they follow the underlying FX market.
Traders will also need to consider regional restrictions and the precise specifications of each contract. Bybit has not announced any further currency pairs or provided a timetable for expanding its FX offering.
