Bybit has introduced perpetual contracts linked to three major foreign exchange pairs, marking a further expansion of its traditional finance derivatives offerings. The products, which went live on September 8, 2026, track EUR/USD, GBP/USD and USD/JPY and settle exclusively in USDT.

The contracts carry the tickers EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT. They provide synthetic price exposure without requiring traders to hold the underlying currencies. Positions have no fixed expiry date, allowing traders to maintain exposure indefinitely subject to periodic funding payments.

Key Product Features

Trading is available around the clock, including weekends and public holidays when conventional foreign exchange markets are typically closed or operate with reduced liquidity. Maximum leverage reaches 100x, enabling larger position sizes relative to posted collateral while increasing the sensitivity of accounts to adverse price moves.

The contracts integrate with Bybit’s Unified Trading Account system and employ funding rates along with dynamic leverage mechanisms designed to keep prices aligned with the respective spot exchange rates. Collateral, profits and losses are denominated solely in USDT.

These instruments form part of the exchange’s TradFi Perpetuals suite, which debuted in April 2026 and has since grown to encompass more than 200 products spanning global equities, commodities, exchange-traded funds and pre-IPO companies. The addition of currency pairs extends that range into the foreign exchange market.

Market Context and Competitive Landscape

Foreign exchange remains the largest over-the-counter financial market globally. Average daily turnover reached $9.6 trillion in April 2025, according to Bank for International Settlements data, representing a 28 percent increase from $7.5 trillion recorded in 2022.

Bybit is not the first cryptocurrency platform to offer such products. Kraken introduced five FX perpetual futures with leverage of up to 50x in April 2025. BitMEX followed in April 2026 with six currency pairs offering leverage of up to 100x.

EUR/USD and USD/JPY rank among the most actively traded pairs worldwide, while GBP/USD attracts particular attention around UK monetary policy decisions. The contracts may also serve as a hedging tool for traders seeking to manage currency risk against crypto portfolio holdings, especially amid expectations of potential interest-rate adjustments in late 2026 and 2027.

Risk Considerations

High leverage amplifies both gains and losses. Liquidation can occur after relatively small adverse moves depending on entry price, maintenance margin requirements, fees and funding payments. Continuous trading during periods of thinner liquidity may produce temporary divergences between contract prices and underlying reference rates, particularly over weekends when major economic news or geopolitical events emerge.

USDT settlement introduces exposure to the stablecoin itself as well as to the exchange’s custody, liquidation and settlement processes. Availability is subject to jurisdictional rules and account eligibility. Bybit has stated that the products are intended for traders familiar with leveraged derivatives and has advised users to review full contract specifications and risk disclosures before participating.

No initial trading volume, open interest or liquidity metrics for the three contracts were released at launch. The exchange has not announced plans for additional currency pairs or a timetable for further expansion of the FX range.