Bybit

Bybit is a centralized crypto exchange best known for derivatives, including perpetual futures and options, alongside spot trading and related services. Founded in 2018 and led by CEO Ben Zhou, the platform is used by active traders who seek leverage, hedging tools, and liquid order books across major markets.

Overview

Bybit runs an order-book venue across spot and derivatives and supports a broad set of trading workflows. Its product mix commonly includes spot and margin trading, futures or perpetual contracts, options, over-the-counter (OTC) services, and simplified purchase flows. The exchange also offers copy trading and an earn suite that may include staking or yield products, with features varying by jurisdiction and asset support.

History and Background

Bybit launched in March 2018 and gained early traction in perpetual futures as derivatives liquidity expanded across the industry. As it scaled, the company grew its global footprint and began emphasizing licensing and compliance in multiple regions. CryptoSlate reporting in 2025 described Bybit’s progress toward operating under the EU’s Markets in Crypto-Assets framework, including plans to base parts of its European operations in Vienna.

• Dec. 2023: Bybit expanded proof-of-reserves reporting to cover 32 assets, according to CryptoSlate coverage.
• Oct. 2024: The FTX estate reached a $228 million settlement with Bybit and affiliates tied to pre-collapse withdrawals and token claims.
• Feb. 2025: Bybit disclosed unauthorized activity involving an Ethereum cold wallet, covered in CryptoSlate’s report on the breach.
• 2025: Bybit said it obtained a MiCA authorization and outlined a Vienna hub plan, detailed in CryptoSlate’s MiCA report.

Core Products and Services

• Derivatives: Perpetual futures and options designed for hedging, leverage, and volatility strategies.
• Spot and margin: Spot markets and margin functionality for supported pairs, often paired with advanced order types.
• Copy trading and APIs: Strategy following and programmatic access used for automation and professional execution.
• Earn and staking: Yield products that may include staking and structured programs, subject to local rules.
• Web3 and hybrid initiatives: Wallet and onchain access tools, plus efforts to connect centralized trading with onchain activity.

Technology and Transparency

Bybit has promoted proof-of-reserves disclosures as a transparency measure. CryptoSlate reported that the exchange expanded proof-of-reserves to 32 assets and described collateralization ranges and wallet tiering in its attestation coverage. Proof-of-reserves can improve visibility into onchain holdings, but it does not replace a full audit of liabilities and corporate controls.

Security remains a material consideration for any custodial venue. After the February 2025 exploit, CryptoSlate reported that Bybit restored reserves and introduced a bounty program in subsequent coverage.

Use Cases and Market Position

Bybit is commonly used by traders who prioritize derivatives liquidity and the ability to express directional or hedged views with leverage. It also serves users seeking execution in large markets such as Bitcoin and assets in the Ethereum ecosystem.

In CryptoSlate’s report on Bybit’s TradFi platform, the exchange tripled its user base in 2024 to more than 60 million and averaged $36 billion in daily trading volume over that year. The report also described a plan to blend token trading with select traditional market products and onchain tools.

Funding and Team

Bybit is privately held and does not consistently disclose detailed funding information. Ben Zhou is the most visible executive and frequently communicates during market stress events. Bybit’s affiliated investment arm, Mirana, has appeared in coverage related to counterparties and risk management, including commentary on Genesis exposure and separation between Mirana activity and exchange client funds in CryptoSlate’s Genesis and Mirana report.

Risks and Considerations

• Custodial and counterparty risk: Users depend on the exchange’s solvency, internal controls, and incident response.
• Security incidents: The February 2025 exploit is a material event for assessing platform risk and controls.
• Regulatory variability: Access can change by jurisdiction, as seen in Bybit’s France exit and later updates such as its removal from the AMF blacklist.
• Product changes: Bybit has streamlined parts of its Web3 offering, including a Web3 services pivot and the closure of its NFT marketplace.
• Leverage risk: Futures, options, and margin can amplify losses during volatility and liquidation cascades.