Overview

Bybit launched in 2018 as a pure derivatives exchange and grew rapidly to become the second largest crypto derivatives platform. After the FTX collapse in 2022, Bybit expanded its spot trading and product offerings, attracting users looking for a trustworthy alternative.

Based in Dubai with licenses in multiple jurisdictions, Bybit has positioned itself as the sophisticated trader's exchange — with a focus on UI quality, API capabilities and institutional services.

Derivatives Trading

Bybit's derivatives product is best-in-class. Inverse perpetuals (settled in the underlying asset — e.g., BTC perpetuals settled in BTC), USDT perpetuals, USDC perpetuals and quarterly contracts are all available.

The trading interface is clean and feature-rich: TradingView charts, advanced order types (conditional orders, TP/SL, trailing stops), and a professional order book display. Funding rates are competitive and the liquidation engine is well-regarded.

Bybit Pro is the institutional-grade platform with enhanced APIs, portfolio margin and dedicated account management.

Bybit Earn

Bybit Earn offers flexible savings (no lock-up), fixed-term deposits, dual asset investments and liquidity mining. Yields on USDT flexible savings typically run 3–8% APR. Structured products offer higher yields with defined downside risk.

Bybit also offers Launchpad participation for new token allocations, similar to Binance's model.

Security

Bybit suffered a significant hack in February 2022 when the Lazarus Group (North Korean state hackers) compromised an $150M cold wallet via a supply chain attack on Safe{Wallet}. Bybit compensated all affected users in full.

Since the hack, Bybit has upgraded security protocols significantly. Proof of Reserves is published regularly and assets are held in multi-sig cold wallets. The incident was a stress test that Bybit passed — maintaining operations and covering losses without pausing withdrawals.