Bybit Extends Its Reach With Spot Trade Offering
Adding to the exchange platform’s existing cryptocurrency derivatives products, Bybit will now offer spot cryptocurrency trading in four pairs, with additional pairs set to be rolled out in the near future.
Bybit Adds Spot Trading
The recent weakness in crypto prices and transaction volumes hasn’t stopped the industry’s exchanges from competing for order flow. Despite the lull, platforms are continuing to roll out new features and products as innovation abounds.
The latest to introduce new offerings is Bybit, which has opened up trading in spot pairs. The derivatives exchange, which regularly ranks in the top ten crypto derivatives exchanges by volume, has now added support for four spot trading pairs, including BTC/USDT, ETH/USDT, EOS/USDT, and XRP/USDT. Other popular pairs will also be gradually added to the platform.
This complements Bybit’s existing offerings, especially derivatives trading, by offering a method for traders to hedge positions in the spot market without having to change trading venues. The latest introduction of spot trading only adds value to the crypto ecosystem, in general, in terms of added liquidity and fungibility for miners and derivatives traders.
An Eye on Volumes
Crypto derivatives have been a hot topic, with total derivatives transaction volumes exceeding spot market values back in June. This contrasts the first few months of the year when spot trading volumes overtook derivatives turnover. Accordingly, exchanges that formerly dealt strictly in derivatives, are adding spot offerings to bring more opportunities and utility to clients.
The move by Bybit mirrors the strategy of other competing derivatives exchanges that have recently embraced spot trading, including Bitmex’s decision to add support for spot pairs back in April and Bit.com’s similar move in June. Although these exchanges haven’t cracked the top 100 exchanges in terms of spot trading volume, they are nevertheless expanding their offerings.
Are you excited about the expanding offering for spot crypto trading? Let us know in the comments section below.