New futures contracts help to expand the stock portfolio
Singapore-based Bybit continues to add cryptocurrency derivatives to its line of products for users to negotiate with the latest expansion of their token coverage. This is after other recent increases in the stock exchange’s product portfolio with the launch of new futures contracts.
In a continuation of recent efforts to expand its cryptocurrency ecosystem, Bybit has added three new cryptocurrency pairs to its line of derivative offerings.
The new USD Tether-based pairs, including ADA / USDT, DOT / USDT and UNI / USDT, reflect the increasing popularity of these tokens as privacy, improved blockchain scalability and decentralized financial initiatives gain new momentum.
Bybit, which offers perpetual reverse, perpetual USDT and inverse futures contracts, is classified as one of the main cryptocurrency derivatives exchanges by volume. Total 24-hour billing reached US $ 17 billion at the time of writing, lagging behind competitors Binance and Huobi. Much of the stock exchange volume revolves around the BTCUSD perpetual contract, which accounts for almost 75% of total activity.
Per Ben Zhou, CEO and co-founder of Bybit:
“We are delighted to be able to bring these highly demanded currencies to our trading platform and offer our customers even more options. Bybit is well known for our excellent liquidity. We have done extensive research and preparation to ensure that the markets for these new trading pairs are no exception. “
The latest move to incorporate Cardano, Polkadot and Uniswap with 1-25x in the platform offerings leverage an extension of the stock exchange futures after the launch of the BTCUSD0625 futures contract for the desktop trading application on March 11th. The new contract will be settled on June 25, 2021 and precedes the introduction of the future contract BTCUSD0924 scheduled for March 18, 2021.
These additions also reflect the growing popularity of USDT margin contracts. Perpetual USDT contracts allow investors to fund trades with the USDT as collateral, rather than cryptocurrencies. This makes it easier for investors looking to finance and settle trades quickly, while making it easier to calculate profit and loss along with margin costs.