Bybit expands USDT-Margined offerings with inclusion of Cardano, Polkadot, & Uniswap
Singapore-based Bybit continues to add to its lineup of crypto derivatives products for users to trade with the latest expansion of its token coverage following other recent augmentations of the exchange’s product portfolio with the launch of new futures contracts.
New Futures Contract Additions Help Enlarge Exchange’s Footprint
In a continuation of recent efforts to magnify its crypto ecosystem, Bybit has added three new cryptocurrency pairs to its lineup of derivatives offerings.
The new USD Tether-based pairs, including ADA/USDT, DOT/USDT, and UNI/USDT, reflect the increased popularity of these tokens as privacy, improved blockchain scalability, and decentralized finance initiatives gain fresh momentum.
Bybit, which offers inverse perpetual, USDT perpetual, and inverse futures contracts, ranks as one of the top cryptocurrency derivatives exchanges by volume. Total 24-hour turnover topped $17 billion as of writing, placing it just behind competitors Binance and Huobi. Much of the exchange’s volume centers on BTCUSD perpetual contract, which accounts for nearly 75% of total activity.
Per Ben Zhou, CEO and Co-Founder of Bybit:
“We are delighted to be able to bring these highly demanded coins to our trading platform and offer our customers even more choices. Bybit is well known for our outstanding liquidity. We have done extensive research and preparation to make sure that the markets of these new trading pairs will be no exception.”
The latest move to incorporate Cardano, Polkadot, and Uniswap with 1-25x into the platform’s offerings leverage dovetail an extension of the exchange’s futures contracts following the launch of the BTCUSD0625 futures contract for the desktop trading app on March 11th. The new contract will settle on June 25, 2021, and precedes the introduction of the BTCUSD0924 futures contract slated for March 18, 2021.
These additions also mirror the growing popularity of USDT-margined contracts. USDT perpetual contracts enable investors to fund trades with USDT as collateral instead of cryptocurrencies. This makes it straightforward for investors seeking to quickly fund and settle trades while also easing the calculation of profits and losses along with margin costs.