“Our options platform is already a major competitor in crypto trading with the help of Bybit’s deep on-screen liquidity, minimal slippage, and a powerful match/trading engine of over 100,000 TPS.”
Crypto exchange Bybit has announced the launch of USDC-settled options contracts for both Ether (ETH) and Solana (SOL), marking an important step in developing more ways for Bybit users to elevate their trading experience.
Bybit launched USDC-settled Bitcoin (BTC) contracts earlier this year, but last week forged a stronger partnership with USDC stablecoin issuer Circle, in order to offer a broader range of USDC options.
The cryptocurrency exchange consulted with its user community to discover the popularity of ETH and SOL options contracts. To celebrate this launch, Bybit is offering up to 66% off trading fees for 30 days if the user signs up before October 4, 2022 at 10AM UTC.
ETH, SOL, BTC and permanent options through wallet margin
Bybit’s offering now includes ETH, SOL and BTC options and always through wallet margin. These are European style cash settlement options, which can only be exercised at the expiration of the contract.
The ability to margin and stability in USDC allows users to trade with greater certainty and ease without having to own the underlying crypto asset.
Ben Zhou, co-founder and CEO of Bybit commented, “Our users asked, and we answered. After opening our first options to the market which were settled by USDC earlier this year, adding ETH and SOL contracts was the natural next step. Our options platform is already one of the main competitors in crypto trading with the help of Bybit’s deep on-screen liquidity, minimal slippage, and a powerful match/trading engine of over 100,000 TPS.”
Unlike futures contracts where the transaction is mandatory and must be completed on the settlement date, options contracts are optional and will expire without a transaction if the price on the settlement date is considered unfavorable.
Instant automatic transfers between USD and USD (or other stablecoins issued by the circuit) will also be enabled through the cryptocurrency trading platform in a move that enhances the adoption and utility of the cryptocurrency.
The launch of the Options product followed a beta period that examined popular feedback in order to improve the user experience to improve margin and risk control mechanisms.