In addition to the exchange platform’s existing cryptocurrency derivatives, Bybit will now offer spot trading in cryptocurrencies in four pairs, with additional pairs to be introduced in the near future.
Bybit adds spot trading
The recent weakness in crypto prices and transaction volume hasn’t stopped the industry’s exchanges from competing for the flow of orders. Despite the lull, platforms continue to introduce new features and products as innovations abound.
The latest to introduce new offers is Bybit, which has opened spot pairs trading. The derivatives exchange, which regularly ranks in the top ten crypto derivatives exchanges by volume, has now supported four spot trading pairs, including BTC / USDT, ETH / USDT, EOS / USDT and XRP / USDT. Other popular couples are also gradually being added to the platform.
This complements Bybit’s existing offerings, in particular derivatives trading, by offering traders a way to hedge positions in the cash market without having to change trading venues. The recent introduction of spot trading only adds value to the crypto ecosystem in general in terms of additional liquidity and fungibility for miners and derivatives traders.
Volume in view
Crypto derivatives were a hot topic with the total transaction volume of derivatives surpassing cash market values in June. This is in contrast to the first few months of the year when spot trading volume overtook derivatives turnover. Accordingly, exchanges that previously traded exclusively in derivatives are adding spot offers to offer customers more options and benefits.
Bybit’s move mirrors the strategy of other competing derivatives exchanges that recently adopted spot trading, including Bitmex’s decision to add spot pair support as early as April and Bit.com’s similar move in June. While these exchanges haven’t cracked the top 100 exchanges in terms of spot trading volume, they are still expanding their offerings.
Are you excited about the growing range of spot crypto trading? Let us know in the comment section below.
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