Bybit launches 24/7 Forex perpetual contract, supporting up to 100 times leverage

Bybit launches three pairs of perpetual contracts in major currencies to tap into global FX derivatives market

On September 8, Bybit launched three pairs of perpetual FX contracts to expand its derivatives business into major global currency markets. The exchange introduced USDT settlement contracts tracking EUR/USD, GBP/USD and USD/JPY.

Product Core Mechanism and Trading Rules

The three pairs of contracts launched this time provide up to 100 times leverage and support round-the-clock trading. Traders do not need to directly hold deposits in base currencies such as EUR, GBP, USD or JPY to gain price exposure through USDT collateral.

These products use USDT as collateral, have unlimited maturity dates, and apply a funding rate mechanism. At the same time, they have been integrated into Bybit's unified trading account system, leveraging mechanisms common in the crypto market to ensure that contract prices closely track the reference exchange rate.

Differences between synthetic exposure and traditional foreign exchange markets

According to information released by Bybit, these three products track their respective spot exchange rates, and their codes are EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT. The contract provides synthetic exposure to currency fluctuations, and the buyer does not actually own the base currency. All profits and losses and collateral are denominated in USDT.

A key advantage of perpetual contracts compared to traditional over-the-counter foreign exchange markets is their continuous trading characteristics. Since traditional institutional foreign exchange markets tend to restrict activity or close on weekends and holidays, Bybit's contracts can still be continuously traded during this period. However, this also brings additional pricing risks: weekend news events could cause contract prices to fluctuate before deeper foreign exchange markets reopen. Weak liquidity or lack of active price discovery mechanisms may widen bid-ask spreads, causing temporary differences between the perpetual contract and its underlying reference exchange rate.

Liquidation risk caused by high leverage

Bybit allows new contracts to use up to 100 times leverage. High leverage allows traders to control positions well in excess of the value of their collateral, but also reduces the amount of price volatility needed to trigger liquidation. The specific level of clearing depends on the entry price, maintenance margin, fees and the exchange's risk control rules. In addition, if the position is held for a long time, the payment of capital fees may also erode profits or increase losses.

While USDT clearing eliminates the need to hold each base currency, it introduces risk to the stablecoins themselves and reliance on Bybit custody, clearing and settlement systems. These risks are very different from holding currency through banks or regulated forex brokers.

Compliance and Market Access

Bybit said the products are designed to serve traders who understand the risks of leveraged derivatives. Access rights may vary based on jurisdiction, account qualifications, and local regulations. The announcement did not indicate that these contracts would be open to all Bybit customers.

Expansion of TradFi's Perpetual Contract Series

This listing further expands Bybit's Traditional Finance (TradFi) Perpetual Contract Series launched in April 2026. Currently, this series of products covers more than 200 products linked to stocks, commodities, exchange-traded funds (ETFs) and Pre-IPO companies.

Cryptocurrency exchanges are increasingly adding derivatives linked to traditional assets. Previous data showed that from late May to July 2025, the value of open interest in TradFi perpetual contracts exceeded US$2 billion. In the report, Binance, Bybit and Gate accounted for approximately 70% of the sector.

Previously, Bybit made its TradFi lineup exceed 200 contracts by adding Unitree Robotics and Moonshot AI-related synthetic products into its product line. These instruments also provide price exposure without having to own a stake in the underlying company. The launch of foreign exchange products marks the further expansion of its strategy from stocks and commodities to foreign exchange trading. However, Bybit did not release opening volume, liquidity or open interest data for these three new pairs of contracts, so as of press time, there is no verified market response data.

Targeting the US$9.6 trillion foreign exchange market

Foreign exchange remains the world's largest over-the-counter financial market. According to official data from the Bank for International Settlements (BIS), the average daily transaction volume in April 2025 averaged US$9.6 trillion, an increase of 28% from US$7.5 trillion in 2022.

Bybit is entering a market that has been targeted by other cryptocurrency exchanges. According to its product announcement, Kraken launched five pairs of FX perpetual futures in April 2025 with a leverage ratio of up to 50 times;BitMEX followed up in April 2026 and launched six pairs of currency pairs, providing up to 100 times leverage.

The future test will be whether Bybit can maintain deep liquidity and close tracking performance during weekends, holidays and currency fluctuations. Funding rates, bid-ask spreads, and index methodology will determine the accuracy of tracking contracts and underlying foreign exchange markets. Traders also need to pay close attention to regional restrictions and contract specifications. As of now, Bybit has not announced a timetable for adding new currency pairs or expanding its foreign exchange range.