In February 2025, Bybit lost approximately $1.5 billion in ETH through a compromised Safe multisig interface — the largest exchange hack in crypto history. Within 72 hours, Bybit had covered all losses from its own reserves, resumed full withdrawals, and published a detailed post-incident report. The fact that it survived that event intact, without a single user losing funds, tells you more about the exchange's financial depth than any balance sheet would.

Bybit launched in 2018 as a derivatives-first platform out of Dubai, and that original design intent still shows. The interface was built around futures from day one, not retrofitted onto a spot exchange. It now supports over 400 perpetual pairs — USDT-margined, USDC-margined, and inverse (coin-margined) — covering more contracts than Binance. Leverage reaches 100x on BTC/USDT and ETH/USDT. The copy trading module lets users filter master traders by ROI, maximum drawdown, PnL, and follower count, then allocate capital with a single click. Grid bots and DCA bots run natively. The TradingView-integrated charting and one-click order entry are consistently rated as among the cleaner implementations at this tier.

Fees: 0.02% maker, 0.055% taker. The taker fee is half a basis point above Binance and OKX. Nine VIP tiers based on 30-day volume bring rates down substantially for active traders. Holding MNT (Mantle) tokens shaves fees further. For traders running moderate volume who don't qualify for VIP tiers, the 0.5bp premium is essentially noise compared to the wider pair selection and interface quality.

Bybit holds a VARA license from Dubai, a CySEC registration in Cyprus, and a Digital Assets Exchange registration in Kazakhstan. It does not serve US residents. Proof of Reserves is verified by Hacken across BTC, ETH, USDT, and other major assets. The post-hack security overhaul included an independent audit and new multi-signature controls, with findings published publicly.

Today Bybit competes directly with Binance for the number-two position in global derivatives open interest. Its 400-plus pair count and derivatives-native interface make it the more natural choice for active futures traders who find Binance's platform sprawl distracting. The 2025 hack is now a demonstrated stress test that most exchanges have never faced — and Bybit passed it.

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Frederick Cormack — VC & Crypto Derivatives Analyst

Frederick has spent 8+ years in venture capital and crypto derivatives, personally testing every protocol listed on PerpFinder. His analysis combines on-chain data verification with direct trading experience across both centralized and decentralized perpetual futures platforms.

Last reviewed: 2026-04-04

Frequently Asked Questions

What are Bybit futures trading fees?▾

Bybit charges a 0.02% maker fee and 0.055% taker fee on USDT-margined perpetuals. Volume-based VIP tiers reduce fees for high-frequency traders, and holding Bybit's MNT token can provide additional discounts.

What is the maximum leverage on Bybit?▾

Bybit supports up to 100x leverage on major pairs like BTC/USDT and ETH/USDT. Leverage limits are lower for mid and small-cap assets and can be adjusted per position in the trading interface.

Is Bybit regulated?▾

Bybit holds registrations in Dubai (VARA), Cyprus, and Kazakhstan. It does not hold licenses in the US, UK, or other tier-one jurisdictions, and US residents are not permitted to use the platform.

Does Bybit support copy trading?▾

Yes. Bybit has a dedicated copy trading module for futures. Users can browse master traders by return rate, maximum drawdown, and follower count, then allocate capital to automatically mirror their positions.

How does Bybit compare to Binance?▾

Bybit has a larger futures pair count (400+ vs 350+) and a cleaner derivatives interface. Binance has deeper liquidity and broader regulatory presence. Bybit's taker fee (0.055%) is slightly higher than Binance's (0.05%).