On 8 September, Bybit added three foreign-exchange perpetual contracts to its derivatives trading platform. The contracts offer EUR/USD, GBP/USD and USD/JPY forex trading to eligible traders as perpetual synthetic contracts. The contracts are named EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT and are USDT▲$0.9991-margined with a maximum leverage of 100x.
Unlike most futures contracts, perpetual futures contracts do not have an expiration date, so no rolling over of positions to later expirations is necessary.
According to Bybit, their futures contracts are kept in line with the price of their respective spot currency pairs through funding payments and mechanisms typically used in crypto perpetual futures contracts. Instead of profits and losses or collateral being paid in the currency of the contract, they are paid in USDT.
In contrast to institutional FX markets, where liquidity and price discovery generally occur during specific trading sessions and trading hours, products are available around the clock, including weekends and holidays.
However, accessibility may also come with costs, such as news released while underlying markets are closed, leading to pricing gaps, wider spreads, or weaker tracking until conventional FX liquidity resumes.
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Leverage is another key factor, as the maximum 100x leverage allows traders to open a position many times larger than their collateral, but they are subject to liquidation from small price fluctuations, depending on their entry price, maintenance margin, and fees. Returns on long-held open positions depend on Bybit’s risk parameters and funding costs.
The feature is part of Bybit’s TradFi Perpetuals product suite, launched in April 2026, and expanded to include over 200 instruments linked to traditional financial markets, including synthetic exposures to equities, commodities, ETFs, and pre-IPO firms.
As with the newer FX contracts, these derivatives provide exposure to the pricing of the underlying without transferring ownership.
Bybit is entering one of the world’s largest financial markets. According to the Bank for International Settlements, average daily turnover in the OTC foreign exchange market was $9.6 trillion in April 2025, 28% higher than $7.5 trillion in April 2022. The US dollar was dominant, appearing in 89.2% of transactions during this time.
Settling in USDT means you would not have to hold euros, pounds or yen directly, but it has different risks from trading those currencies through a bank or FX intermediary.
Users also retain exposure to the stablecoin as the settlement asset, and Bybit’s custody, margin, liquidation and settlement infrastructure. Bybit still markets these products to users with prior experience trading leveraged derivatives products.
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The exchange had not published open trading volume, liquidity or open-interest figures for the three FX products at the time of the announcement.
Their performance will therefore depend on liquidity, spreads, funding rates and the ability of contract prices to track reference markets during periods outside of quote-driven FX trading hours. Availability will also depend on account eligibility, regulations in your jurisdiction and applicable local law.
