Bybit expands crypto options offering with ETH and SOL options settled in USDC

Rick Steves

“Our options platform is already a major competitor in the crypto trading helped by Bybit’s deep on-screen liquidity, minimal slippage, and robust >100K TPS trading capacity/matching engine.”

Crypto exchange Bybit has announced the launch of USDC-settled options contracts for Ether (ETH) and Solana (SOL), representing an important step in developing more ways for Bybit users to level up their trading experience.

Bybit had launched USDC-settled Bitcoin (BTC) contracts earlier this year, but last week it forged a stronger partnership with Circle, the issuer of the USDC stablecoin, in order to offer a broader range of USDC options.

The crypto trading platform consulted its community of users to discover how popular ETH and SOL options contracts would be. To celebrate this launch, Bybit is offering up to 66% off trading fees for 30 days if a user registers before Oct. 4, 2022 10AM UTC.

ETH, SOL, and BTC options and perpetuals through portfolio margin

Bybit’s offering now incudes ETH, SOL, and BTC options and perpetuals through portfolio margin. These are European-style cash-settled options, which can only be exercised when the contract expires.

The ability to margin and settle in USDC allows users to trade with more certainty and ease without needing to own the underlying crypto asset.

Ben Zhou, co-founder and CEO of Bybit, commented: “Our users asked, and we answered. After the inauguration of our first-in-market, USDC-settled options earlier this year, adding ETH and SOL contracts was the natural next step. Our options platform is already a major competitor in the crypto trading helped by Bybit’s deep on-screen liquidity, minimal slippage, and robust >100K TPS trading capacity/matching engine.”

Unlike a futures contract where the transaction is mandatory and has to be completed at the settlement date, options contracts are optional and will expire without a transaction if the price on the settlement date is deemed unfavorable.

Instant auto-conversions between USD and USDC (or other Circle-issued stablecoins) will also be enabled by the crypto trading platform in a move that further promotes crypto adoption and utility.

The roll-out of options product came on the heels of a trial period which examined common feedback in order to improve the user experience of optimization of margin and risk control mechanisms.

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