Singapore’s Bybit Rolls out Tether Perpetual Contracts

Singapore’s Bybit Rolls out Tether Perpetual Contracts

Bybit, a Singapore-based crypto derivative trading platform, has announced launching Tether (USDT) perpetual contracts, according to Newsbtc website.

By incorporating the stablecoin to its current futures contracts (BTC, ETH, EOS and XRP combined with USD), the exchange seeks to provide traders with greater consistency and stability. Thus, traders can keep their long and short positions at the same time to hedge their positions.

The move gives traders access to spot market prices for currencies such as Bitcoin, with the possibility of adding high leverage when needed.

The expansion of crypto derivatives comes at a good time for Bybit, which has seen a steady rise in trading volume in recent months.

Despite the market volatility caused by coronavirus, the exchange has an average daily volume of $1 billion. Thus, it ranks among the leading players in the derivatives market alongside BitMEX, Huobi, bitFlyer and Binance.

The company seeks to emulate the underlying spot market with the USDT perpetual contracts, but with an improved leverage of up to 100x. There will be no expiry date for the current perpetual contracts, and the price will be pegged to the underlying index to ensure price accuracy.

In addition to incorporating Tether, the exchange made several improvements in its trading system, making it easier for traders to enter and exit positions during volatility times.

Bybit launches trader-friendly features

The company also launched other trader-friendly features, including a Take-Profit / Stop-Loss (TP / SL) which allows traders to set TP / SL limits when placing orders directly.

In January, Binance Futures has officially launched TRX/USDT perpetual contract.

“To prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts,” the firm said.

Like its pairs on the spot market, the TRX/USDT perpetual contract is priced in the same way.

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