Bybit is a exchange that aims to provide a professional platform, fast matching engine, and comprehensive customer support. It provides a platform for trading over 1,000 and has gained popularity among 20 million users worldwide as the third-largest crypto exchange. [1][2]


Founded by in March 2018 and launched in December of the same year, Bybit serves over 10 million users and institutions, intending to provide access to various assets and contracts, including Spot, Futures, and Options, along with launchpad projects, earn products, and an Marketplace.

With a vision to foster the growth of the crypto and ecosystem, Bybit aims to function as #TheCryptoArk, facilitating a seamless and equitable trading experience. The exchange prioritizes professionalism, innovation, transparency, and customer-centric values, aspiring to establish a fair and efficient trading environment with round-the-clock multi-language support.

Since its inception, Bybit has aimed to differentiate itself by offering a fair, transparent, and robust crypto derivatives exchange accessible to users worldwide. The platform seeks to provide liquidity, transparency, and reliability amidst a rapidly evolving market landscape. While initially focused on derivatives trading for crypto-savvy individuals, Bybit has broadened its offerings to cater to a wider audience while remaining dedicated to its mission of democratizing finance through technology.[1][2][3]



Founded in 2018, Bybit aimed to revolutionize finance and support the and ecosystem. Within two months, it launched its first BTCUSD Inverse Perpetual Contract. Bybit's mission was to establish a transparent and reliable derivatives exchange accessible to all, evolving over time to cater to a wider audience while prioritizing financial democratization through technology.[3][4]


In 2019, Bybit achieved a significant milestone of breaking even in May, driven by the support of 5,000 early adopters. During this period, the company established its guiding ethos centered around listening to users' feedback, caring about their needs, and continuously striving for improvement. Bybit also processed a notable 10% of the global trading volume, cementing its position in the trading landscape.[4]


In 2020, Bybit experienced significant growth, surpassing $4 billion in daily trading volume and overtaking in market share. The company also expanded its team, welcoming 2,000 new members. Additionally, Bybit launched a trading contest, "World Series of Trading," with a mega prize pool of 200 , aiming to attract a global audience of traders. This contest marked the first in a bi-annual series.[4][5]


In 2021, Bybit achieved several milestones, including surpassing a daily trading volume of $70 billion and expanding into the crypto spot trading market. By extending its partnership with UNICEF Aotearoa New Zealand, Bybit pledged $800,000 in over two years to support children's digital learning and STEAM education programs in Vietnam and East Asia.

To enhance security compliance, Bybit announced plans to implement procedures, aiming to ensure better protection for user accounts and funds. The exchange also climbed industry rankings, becoming the second world's largest bitcoin futures trading platform by open interest.

Additionally, Bybit introduced the ByFi Center in May, offering users opportunities to grow their crypto holdings through products such as Bybit Launchpool, dual asset mining, and flexible staking. Bybit also launched the Bybit Launchpad, providing users with access to innovative crypto projects like BitDAO's native governance token, BIT.[4][6][7][8][9][10][13]


In 2022, Bybit reached significant milestones despite challenges. It swiftly introduced the Unified Trading Account, pioneered USDC-settled Options contracts, and formed a partnership with Oracle Red Bull Racing. Bybit also prioritized transparency by implementing a real-time proof-of-reserves system.

Expanding its services, Bybit launched a platform for direct crypto trading and ventured into with the Bybit Marketplace introduction. It received approval for virtual assets business in the UAE, prompting the relocation of its global headquarters to Dubai.

Bybit also introduced , offering various liquidity pools for trading, and launched Copy Trading for replicating top traders' positions hassle-free. For institutional trading teams, Bybit introduced the Custodial Trading Subaccount, allowing investors to entrust their funds for professional asset management while safeguarding trading strategies.[4][11][12][13][14][15][16][17]


In 2023, ByBit entered a new phase by establishing its headquarters in Dubai and obtaining the MVP license. During this period, the platform surpassed 20 million users and gained recognition as one of reputable exchanges. By consistently ranking among the top three exchanges by trading volume, ByBit aimed to solidify its position in the industry. Moreover, ByBit formed a global partnership with Mastercard, leading to the launch of the exclusive ByBit Card.

March 2023 saw a significant increase in web traffic, with the website recording 20.71 million visits, marking a 34.5% rise from February 2023. ByBit also aimed to increase engagement across social media platforms, striving to become one of the most engaged brands across Facebook, Twitter, and Instagram.[4][41]


In 2024, Bybit aims to focus on enhancing platform stability and institutional offerings. Bybit outlined its vision for 2024, aiming to improve services for institutional clients and enhance accessibility with Bybit Card.

A pivotal discussion with representatives from five innovative projects marked a significant moment for Bybit Pro's evolution on January 11, 2024.[42][43]


P2P Platform

Bybit's trading platform aims to facilitate direct transactions between users at agreed-upon prices, offering customized orders and zero trading fees. It requires no deposit for participation and supports over 80 payment methods along with major currencies.

To ensure security, transactions above specified thresholds undergo verification. Transfers from the platform to users' Spot accounts are instant, enabling seamless integration with Bybit's trading platforms.

With a community of over five million traders, the platform provides access to a dynamic marketplace where users can connect with buyers and sellers tailored to their individual needs and preferences.[11][18][19][20]

ByBit Earn

Bybit Earn aims to provide competitive yields and security, with various products tailored to different risk preferences and yield expectations. Bybit Savings offers flexible- and fixed-term products with competitive APRs, while and Dual Asset cater to those seeking long-term yields and short-term trading opportunities, respectively.

ETH2.0 enables participation in validation process with minimal holdings, while Bybit Double-Win and Discount Buy provide opportunities for short-term gains in various market conditions. Bybit Wealth Management aims to offer professionally managed investment strategies for diversification and growth, and Bybit Launchpool allows users to stake specific tokens and earn new tokens without cost.[24][15][25]

Copy Trading Platform

Bybit's Copy Trading platform provides a user-friendly experience for both Principal Traders and Followers, aiming to offer a seamless environment for trade replication. Followers can select from a pool of vetted Principal Traders, ensuring access to diverse trading strategies.

Meanwhile, Principal Traders have the opportunity to demonstrate their expertise and earn a share of profits from their followers. The platform prioritizes automation to streamline trade replication while maintaining real-time monitoring and vetting processes.

Additionally, Copy Trading extends across perpetual trading and futures grid bot, offering users flexibility in replicating trades based on their preferences and risk appetite. Aspiring traders can apply to become Master Traders, enhancing their earning potential through profit-sharing with their followers.[26][27][28]

Unified Trading Account

The Bybit Unified Trading Account (UTA) provides traders access to diverse trading products, including Spot Trading, Spot Margin Trading, Perpetual, Perpetual, Futures, and Options, all within a single account. It integrates cross-collateral margin functionalities, aiming to facilitate efficient position management without the need to switch between accounts.

UTA supports different margin modes like Cross Margin, Portfolio Margin, and Isolated Margin, aiming to enable traders to implement various trading strategies and risk management techniques. With features like auto borrowing and collateral value ratio calculation, traders can optimize their trading activities and assess risks effectively.

Compared to a Standard Account, UTA offers enhanced flexibility by allowing the use of multiple margin assets as collateral, aiming to streamline trading operations. This versatility, combined with comprehensive trading benefits, positions UTA as a preferred choice for traders seeking a seamless trading experience. [29][30][31]

Trading Bot

Bybit offers Trading Bot, a platform designed to automate trading processes. It provides various types of bots, including Grid Bot, DCA Bot, and Martingale Bot, which aim to streamline trading activities and potentially enhance investment returns based on different strategies and market conditions.

Trading Bot presents both advantages and risks. While it aims to simplify trading tasks and mitigate emotional involvement, users should be aware of potential limitations and uncertainties, such as temporary interruptions in operations and the unpredictable nature of market outcomes. Traders are encouraged to thoroughly comprehend the functionalities and associated risks of each bot before engaging in automated trading activities.[32][33]

ByBit Card

Bybit Card serves as a Mastercard debit card, providing convenient access to funds for everyday transactions. It aims to seamlessly integrate assets into daily life, enabling users to spend their earnings from Bybit's trading products instantly. Accepted by over 90 million Mastercard merchants worldwide, Bybit Card supports multiple assets as payment options and employs EMV 3-D Secure for enhanced security. Additionally, users can benefit from a Loyalty Rewards Program and access 24/7 multilingual customer support.

The functionality of Bybit Card depends on the user's country of Identity Verification Lv. 2, with the card denominated in the corresponding currency. Supported for transactions include , , , , , , MNT, and . During transactions, currency in the Funding Account is deducted first, with assets used as a payment option when is insufficient, subject to a conversion fee.

Bybit offers both virtual and physical card options, with the Virtual Card Lite providing streamlined entry into the Bybit Card ecosystem without the need for Proof-of-Address verification, albeit with a lifetime spending limit of 150 EUR. Users can upgrade to the Standard Virtual Card or Physical Card upon completing the address verification process.[34][35][36][37]

Web3 Wallet

Bybit's wallet aims to provide easy access to the world while ensuring the security of digital assets without requiring users to manage private keys. It offers a user-friendly interface and round-the-clock customer support, making it convenient for newcomers to explore .

The Bybit wallet allows seamless access to like , GameFi, and . It supports cross-chain compatibility, private key management, automatic airdrop collection, and access to marketplaces and products. Bybit aims to become the preferred gateway to the ecosystem.

Differentiating from, a crypto trading platform, Bybit focuses on services, storing private keys securely in Bybit's cloud service for enhanced security.[38][39][40]

NFT Marketplace

Bybit's expansion into the space includes the launch of the Bybit Marketplace in January 2022. This platform serves as a central hub for listing and trading , with a focus on collaborating with high-quality projects from creators worldwide.

To encourage participation, Bybit offered a 20,000 Prize Pool to users who purchased at least one during a specified period. Trading on the marketplace is seamless for registered users, with zero transaction fees for buyers.

owners can resell their assets and soon withdraw them to personal wallets. Additionally, some are sold as Mystery Boxes, each containing a randomized item from a collection.[12][21][22][23]

Spot X

Token SplashSpotX comprises:

  1. LaunchPad: Bybit Launchpad facilitates token launches for projects. Eligible users must complete Identity Verification Lv. 1 or Business Verification and maintain a minimum daily average balance of $100 across accounts during the Subscription Period.[44][45]
  2. Launchpool: Bybit Launchpool allows users to stake currencies and earn project tokens. Eligible users must complete Individual Lv. 1 and stake tokens on the Launchpool homepage. Daily yields are deposited into users' Funding Accounts.[46]
  3. ByStarter: ByStarter provides a token sale platform for early adopters, without guaranteed listing. Users must complete Individual Lv. 2. It features early-stage projects reviewed but not yet listed on exchanges.[47]
  4. ByVotes: ByVotes enables users to vote for projects to be listed on Bybit's platforms. ByVotes (Spot) and ByVotes (Derivatives) are open to users with Individual Lv. 1 or Business .[48][49]
  5. TokenSplash: Token Splash showcases new token listings, rewarding participants. Eligibility requires completion of Individual Identity Verification () Lv.1. Users earn rewards by accumulating token deposits, trading volumes, or purchasing tokens with during events.[50]


The V5 API aims to streamline trading activities on Bybit's exchange, providing functionality for order placement, accessing market data, and managing accounts programmatically. Institutional traders can benefit from the collaboration with Paradigm, facilitating efficient execution of block trades across different products. To engage in Paradigm API trading, users must meet specific requirements, including Business KYC verification and enabling Google 2FA authentication.

Unified API V5 aims to bring significant enhancements, consolidating APIs for Spot, Derivatives, and Options to ensure uniformity and ease of use. Upgrading to V5 aims to be seamless and aims to improve capital efficiency by enabling shared fund utilization across products. Additionally, it aims to support borrowing across various products and integrates with Paradigm for block trading. Clearer path definitions in API V5 aim to enhance user experience during API interaction, aiming for improved clarity.[51][52][53][54]


ByBit x BVB

in 2020, Bybit and Borussia Dortmund (BVB) partnered to blend innovative technologies with sports, aiming to expand BVB's international presence and Bybit's European foothold. This multi-year collaboration signifies a mutual embrace of digital advancements and shared values in talent development and seizing opportunities.

Carsten Cramer, Managing Director of Borussia Dortmund, expressed excitement about penetrating deeper into Asian markets and strengthening the club's brand internationally through this innovative partnership.

Bybit's CEO, Ben Zhou, highlighted the synergy between the two entities and their shared commitment to authenticity and excellence. The partnership aims to deepen Bybit's European foothold while enhancing Borussia Dortmund's global brand recognition.[59][60]

ByBit x Argentine Football Association

In 2021, Bybit partnered with the Argentine Football Association (AFA) as the Global Main Sponsor for all National Teams. This collaboration aims to strengthen Bybit's presence in the Latin American market while supporting AFA's initiatives. AFA President Claudio Tapia emphasized the significance of the agreement, highlighting its role in advancing the association's objectives.

Bybit's CEO, Ben Zhou, expressed enthusiasm for the partnership, citing the Albiceleste's passion and creativity as qualities that align with Bybit's values. [61]

ByBit x Virtus.Pro

In 2021, Bybit entered a three-year sponsorship agreement with Russian esports organization, facilitating participation in the WSOT 2021 trading tournament with a $7.5 million prize pool. This aligns with Bybit's engagement in esports, reflected in agreements with other major teams.

The partnership includes branding on jerseys, app banners, and social media channels, alongside community initiatives.'s CEO Sergey Glamazda highlights the goal of simplifying understanding in esports and , in line with Bybit's objectives.

Additionally, the partnership designates Bybit as's official platform and partner for three years, with involvement in the WOST trading tournament.[62][63]

ByBit x Astralis

In 2021, the Danish esports organization Astralis entered a three-year partnership with Bybit, which includes featuring Bybit's logo on Astralis' CS:GO jerseys and digital platforms. The collaboration also involves planning player engagements, carbon neutrality initiatives, and financial education campaigns.

Astralis players will take part in Bybit's annual WSOT trading competition, which offers a $7.5 million prize pool, with a portion donated to UNICEF. Astralis co-founder and CRO Jakob Lund Kristensen highlighted the partnership's significance financially and in terms of brand exposure. Alongside Natus Vincere, Astralis joins other organizations partnering with Bybit.[64][65]

ByBit x RedBull

In 2022, Bybit partnered with Oracle Red Bull Racing, marking a significant venture in sports. Bybit assumes key roles as Principal Team, Exchange, and Tech Incubator Partner, aiming to drive innovation and fan engagement. In 2023, they introduced GloBull, a revamped competition, offering fans interactive experiences and exciting prizes.[66][67]

World Series of Trading

The World Series of Trading (WSOT), organized by Bybit, is a major annual crypto trading competition with a prize pool of 8 million . Traders worldwide can participate individually or in teams, competing in categories like Derivatives Squad Showdown and Copy Trading Fest. WSOT emphasizes derivatives trading, with additional side events like lucky draws.

"WSOT was conceptualized to bring cryptocurrency trading enthusiasts together to experience the exhilaration of crypto trading competition on a global stage. Those of us who worked to make WSOT happen, believe in the importance of empowering traders who embody the passion and vigor for crypto trading." - Ben Zhou[55]

Bybit pledges to allocate a portion of WSOT winnings to support education and charitable causes, such as donating $400,000 worth of to UNICEF in 2022. In WSOT 2023, contributions supported the growth of the crypto industry, including the Dubai Multi Commodities Centre and other organizations.[56][57][58]

Team Restructure

On May 31, 2024, several executives from Bybit were reported to have changed positions after a flawed resulted in over $26 million in compensation to users. A Bybit spokesperson told the company updates its business structure “regularly”:

“Together with the team, we made a joint commitment to placing the right people in the right roles. [...] This improvement led to some leadership role changes, which we believe are essential. [...] The affected team members are not leaving the company but moved to take up other internal roles.” [68]

The changes follow the botched airdrop of (NOT), a play-to-earn game and token integrated as a Telegram Mini App. In a statement, Bybit explained that the airdrop was delayed due to system maintenance and an unusually high transaction volume:

“Airdrops were distributed to users whose transactions occurred during the scheduled system maintenance. Hence, it took longer to reconcile all balances and reflect them accurately.”

The delayed distribution of tokens led to a lower trading price for those who received their tokens later. The balance issue affected 320,000 users, according to the exchange. In response to the incident, Bybit disclosed a $26 million compensation plan on May 17, 2024.

"100% of NOTcoin airdrop is credited. We will issue a public statement and compensation plan for all affected 320k users. We have managed to credit 70% of you before NOTcoin market opens, we should've done it better. Sorry to let you all down. We will make sure to never let it happen again." - CEO tweeted[69]

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Commit Info

Edited By

Edited On

June 3, 2024

Reason for edit:

update on team restructure following flawed airdrop


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