World’s largest derivatives-only crypto exchange Bybit, after sitting comfortably at the top of the derivatives lane has announced that it is set to enters the spot trading market.
According to Ben Zhou, CEO of Bybit, the move also includes intentions to start offering options trading later this year. The Singapore-based cryptocurrency exchange will introduce a new spot trading platform to complement its primary crypto derivatives business.
Bybit sees spot trading as a “complementary vector” to its existing derivatives business, which is aimed at hedging traders.
“Now that we are comfortably at the top of the derivatives-only lane, and managed to stay operational throughout the bull run as virtually all our peers experienced overload and downtime, we feel it is time that we brought the same level of reliability Bybit has embodied in derivatives to spot,” shares Zhou.
BTCUSDT, ETHUSDT, XRPUSDT, and EOSUSDT were the four major trading pairs mentioned when the platform first launched at 6:00 UTC today.
Bybit has picked XRP and EOS to trade with the Tether-issued stablecoin, in addition to other cryptocurrencies like BTC and ETH.
As the platform develops traction, the crypto exchange firm has vowed to introduce more trading pairs.
Bybit promises that consumers will not be charged maker fees for spot trading, instead of focusing on providing liquidity to the market without the typical fees on buy and sell limit orders.
Binance, the world’s largest crypto exchange, charges 0.1 percent of every transaction with a trading volume smaller than the equivalent of 50 BTC.
Taker fees of 0.1% of trading volume are charged by Bybit. However, given how taker orders are promptly matched against already existing orders on a book, thereby reducing liquidity, taker fees on trading platforms often fetch bigger sums than maker costs.
Bybit went on to say that a market maker incentive program is in place to assure liquidity for the spot trading platform.
The $0 maker costs feature, according to Bybit, is not a limited-time offer. Instead, the feature is pre-installed and will remain so as long as the platform is up and running.
Based on both open interest and trading volume, Bybit is now the second-largest bitcoin futures exchange. Residents of the United States, mainland China, Singapore, Quebec (Canada), Iran, Syria, and North Korea will not be able to participate in the spot trading offering, which will be subject to the same restrictions as the derivatives offering.
