Bybit launches new USDT pairs and cuts trading fees by 30%

On October 26, the cryptocurrency derivatives Bybit launched trading pairs with USDT. Users of Bybit can trade the ETHUSDT futures with up to 50x leverage, as well as the LINKUSDT, LTCUSDT and XTZUSDT futures with up to 25x leverage.

To mark the launch of the new trading pairs, Bybit reduced trading commissions for USDT futures by 30%. The promotion will run until November 25, 2020.

According to Bybit CEO Ben Zhou, the reason for adding new trading pairs was the popularity of futures contracts among the exchange’s users.

“From May to September 2020, the open interest in the BTCUSD contract on Bybit rose fourfold. We decided to expand the set of trading instruments to give traders more opportunities to earn,” he notes.

Previously Bybit supported inverse futures BTCUSD, ETHUSD, EOSUSD and XRPUSD, as well as the BTCUSDT contract.

“The new pairs were not chosen at random. We conducted market and analytical research and determined that the best liquidity under current conditions would come from ETH, LINK, LTC and XTZ. The second determining factor was the support of our institutional partners, thanks to which we were able to increase market depth,” comments Ben Zhou.

Bybit — a Singapore-based cryptocurrency derivatives exchange. The platform supports nine trading pairs, and Bybit’s average daily trading volume reaches $500 million.

ForkLog previously reported on the features of trading the BTCUSDT contract on Bybit.

Subscribe to ForkLog’s channel on YouTube!