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Bybit has launched Forex (FX) Perpetual Contracts, a new derivatives product category, introducing three USDT-settled pairs: EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT. Bybit describes itself as the world's second-largest cryptocurrency exchange by trading volume.
The contracts track their respective spot exchange rates and carry no expiry date, giving traders continuous exposure to major currency pairs using crypto assets as collateral.
FX remains a core pillar of global finance, underpinning international trade, cross-border commerce and currency risk management for businesses and institutions. Turnover in OTC FX markets averaged $9.6 trillion per day in April 2025, up 28% from $7.5 trillion in 2022, while interest rate derivatives turnover rose to $7.9 trillion per day, according to the latest BIS Triennial Central Bank Survey.
The new contracts can also serve as a currency hedging mechanism for Bybit traders seeking to protect portfolio gains against FX volatility. With traders anticipating potential interest rate hike cycles in late 2026 and 2027, the ability to manage FX exposure using crypto collateral adds flexibility to how positions can be managed.
The listings extend Bybit's TradFi Perpetuals suite, which launched in April 2026 and has since grown to more than 200 assets spanning global equities, commodities, ETFs and pre-IPO names. The FX Perpetuals apply the same crypto-native mechanics, including funding rates, dynamic leverage and full integration with Bybit's Unified Trading Account, to the foreign exchange market.
Bybit's FX Perpetuals are tradable around the clock, allowing users to respond to weekend macro developments, central bank statements and geopolitical events without waiting for the underlying market to reopen.
EUR/USD and USD/JPY are the two most traded currency pairs globally, together accounting for a significant share of daily FX turnover, while GBP/USD is closely watched around the Bank of England's policy decisions.
The launch places Bybit among a small number of crypto-native platforms that have introduced crypto-collateralised FX perpetual products in recent months, as exchanges increasingly compete to bridge traditional and digital asset markets on a single account.
FX Perpetual Contracts are available now on Bybit, alongside its existing TradFi Perpetuals and other TradFi and RWA offerings. As with all leveraged derivatives products, FX Perpetuals carry liquidation risk and are intended for traders who understand margin trading. Bybit has encouraged users to review contract specifications and risk disclosures before trading.
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