Ben Zhou - Afrikan Heroes

Crypto Derivatives Leader Bybit Tackles Bear Market by Settling Options in USDC

June 30, 2022

Bybit, a cryptocurrency exchange with one of the largest BTC futures open interest, is settling its options trading market in one of the world’s most trusted stablecoins: USDC. Unlike Bitcoin-settled contracts, Bybit’s use of USDC allows for stable prices for the duration of each contract.

Users of Bybit’s European-style, USDC-settled options will also benefit from the newly-launched unified margin account, which offers a completely new derivatives trading structure. Users can use all assets under their account as collateral to trade USDC options contracts as well as perpetuals.

Bybit’s portfolio margin account supports USDT, USDC, BTC and ETH as collateral, with more assets to be added soon. These functions cement Bybit’s reputation as a fully integrated trading powerhouse, with a dedicated dual server system that ensures 99.9% uptime.

Indeed, Bybit experienced a 99.99% up rate throughout the year, with 100k rps trading engine throughput and the track record of processing 30,000 transactions at its peak. Furthermore, Bybit is offering users one month’s trading at their lowest fee tier, usually reserved for VIPs. This equates to a 60% discount compared to industry standard.

As well as having the best on-screen liquidity in the market, Bybit prides itself on open, transparent communication. Its tier-based fee rate has a transparent structure with no hidden fee levels, nor hidden non-liquidation clauses either.

Options Trading in Crypto

Currently, the total crypto options volume is only a small fraction of crypto’s total derivative volume traded, contrary to traditional markets, most crypto options is margined and settled by the same currency — i.e. BTC is used both as collateral and settlement currency for BTC options. For the first time ever in crypto, Bybit offers options that are settled in USDC, which is pegged to the dollar. Bybit options also offer a portfolio margin system similar to that of SPAN.

“We have been very pleased by the roll-out of our options trading product,” said Ben Zhou, co-founder and CEO of Bybit. “We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products. Our derivatives platform has the world’s best liquidity and tightest spread, so traders are ensured the best quote and best execution in the market even during extreme volatility.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Crypto Exchange Bybit Reduces Margin Requirements With Portfolio Margin Mode

June 15, 2022

Bybit, a cryptocurrency exchange with one of the largest BTC futures open interest, has enabled portfolio margin mode for eligible users on June 15, 2022. Bybit users will now be able to fully leverage their portfolio with greater capital efficiency thanks to the new portfolio margin feature. The portfolio margin mode evaluates positions across Bybit’s extensive trading products, and calculates the margin accordingly.

Portfolio margin increases users’ capital efficiency by calculating the overall risk across a user’s hedged portfolio. Doing this reduces margin requirements, and potentially amplifies return on capital.

For example, under the bull market call spread strategy in regular margin mode based on individual positions, the trader needs to pay the premium required for the option bought. At the same time, the trader will also need to pay the margin required for the option sold, while the combination target return is limited. Under this strategy, users may not achieve the optimal return on capital.

With the portfolio margin mode activated, Bybit calculates the combined risk of options bought and sold. Since most of the risk has been hedged, the margin will be significantly reduced. The more comprehensive approach to risk assessment yields safer and more stable trading strategies and, in turn, higher returns in profit scenarios.

“We are excited about the opportunities Bybit’s portfolio margin will open up for Bybit users. As traders ourselves, we understand the importance of having access to the most powerful trading tools and features. To that end, portfolio margin offers one of the best capital efficiency options in the market on one of the most reliable trading platforms out there. This product is another step forward in our growth as a digital asset service provider in our continued effort to meet the needs of the community of 6 million registered users on the Bybit platform,” said Ben Zhou, co-founder and CEO of Bybit.

Portfolio margin takes derivatives trading on Bybit to the next level. Users can start with newly launched USDC perpetual contracts plus USDC options with greater capital efficiency. Portfolio margin will be expanded into USDT products in later stages.

Furthermore, traders can be confident that Bybit’s tested and trusted TP/SL (Take Profit/Stop Loss) feature will help them to trade derivatives easily with advanced exit position methods. As with all our leveraged products, users can manage risks and safeguard themselves against excessive losses with multi-layered liquidation protocols to ensure safety and fairness across all Bybit trades, every step of the way.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit’s World Series of Trading 2022 Entices Top Traders With a Record-Breaking $8M Prize Pool

May 27, 2022

Bybit’s World Series of Trading (WSOT) has been blazing a trail in competitive digital assets trading, and this year is no exception with registrations set to open on May 26, 2022. Players will compete in the world’s largest crypto trading tournament for a share of the record-breaking prize pool consisting of up to 8 million USDT, non-fungible tokens (NFTs) and other perks and giveaways. To champion crypto as a force for empowerment for girls’ education, through the flagship event, Bybit will be donating $400,000 in Bitcoin to UNICEF.

Breaking down the barrier between virtual and physical sports this year, WSOT returns with an exciting arena to pitch participants in an adrenaline-filled race against gaming athletes from some of the world’s most formidable esports organizations. Competing on skills, speed and split-second judgment, the star guests will navigate the crypto sphere with traders from around the world, making WSOT 2022 the platform for crypto lovers to challenge world champions in esports.

“WSOT this year is all about racing to the next level,” said Ben Zhou, co-founder and CEO of Bybit. “We want to encourage gamers, traders, and teams to join us in a spirit of competition and distinguish themselves at the world’s greatest crypto trading tournament. We also want to use this opportunity to amplify the positive impact of crypto: improving financial literacy and financial inclusion, and putting wealth back in the hands of the common people.”

Bybit’s WSOT was pioneered by the cryptocurrency exchange to recognize traders who could achieve the best profit/loss ratio regardless of the investment amount. Last year, WSOT 2021 saw 35,000 participants who unlocked a record $4.09 million of the prize pool and 1,339 NFT awards. Team players from 136 eligible regions formed or joined 196 troops in the main event, with the top team making 20x in earnings. Nearly 20,000 solo players took part in the individual competition, where the winner delivered a profit and loss ratio of 7,265.94%.

Doubling the prize pool to up to 8 million USDT for three tracks — Solo Race, Squad Race and Speed Zone Loot, WSOT 2022 is set to captivate crypto lovers worldwide.

“The global WSOT community has unlocked a total of over $5 million in prizes in the past two years. And we are presenting an $8-million prize pool this year to share our passion for crypto with as many people as possible,” Zhou said. “WSOT embodies what Bybit is all about: providing an honest, fair, level playing field for traders to capitalize on their talent. We built this ultra-fast platform trusted by the world’s most competitive traders and loved by crypto beginners, because we believe that in the new world of the digital economy everyone should have equal opportunities and the ability to capture wealth with the power of technology.”

Public registration for WSOT 2022 is open globally where Bybit services are available on June 10. While the trading contest period is from June 27 to July 17, 2022, participants can expect a series of perks, task-based and bonus rewards, fee waivers and lucky draws throughout the summer.

With Bybit’s significant market depth and best-in-class liquidity, participants can look forward to going further in trades and enjoy maximum profitability to rank higher on the leaderboards. Additionally, Bybit’s 24/7 multilingual customer support is available to ensure participants get the support they need and have a timely solution to their trading challenges along the way.

Through participating in WSOT, participants will be supporting UNICEF’s work to ensure all children have access to quality digital education. Bybit is committed to furthering its partnership with UNICEF Aotearoa New Zealand to empower girls’ education in East Asia and the Pacific with another BTC donation equivalent to $400,000 at WSOT 2022, or 5% of the prize pool plus contributions from Bybit.

The donation is dedicated to the UN’s Sustainable Development Goal No. 4 towards “inclusive and equitable quality education” via UNICEF efforts. It helps fund, among other initiatives, digital education for girls in the region by making science and technology education within reach for marginalized groups with innovative education solutions.

“In order to overcome global challenges and ensure a level playing field for future generations, we must bridge the gender digital divide and support the further education of girls,” Zhou said. “We are grateful for the opportunity to use our platform and resources to support UNICEF’s efforts to ensure all children have access to quality education, especially the most vulnerable groups.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit Announces Completion of Integration of Arbitrum

January 30, 2022

One of the world’s fastest growing cryptocurrency exchanges, Bybit, has completed the integration of the Arbitrum mainnet. With this integration, Bybit users can now deposit and withdraw Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network from Jan. 27 onwards.

Arbitrum is an Ethereum Layer 2 (L2) scaling solution and one of the first optimistic rollups that seek to relieve congestion on the Ethereum mainnet. Arbitrum makes transactions on Ethereum cheaper by performing operations off-chain and posting the results to the mainnet to secure proof.

Bybit users will enjoy trustless security rooted on the Ethereum blockchain where anyone can ensure the correct results of a L2 like Arbitrum. They will also benefit from Arbitrum’s speed, low gas fees and rapid throughput.

Bybit has proven itself to be the most reliable, stable and usable cryptocurrency exchange of the bull run, offering the best liquidity. Unique among major exchanges, Bybit experienced a 99.99% up rate throughout the year with no overload nor downtime throughout.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry