Bybit Lists 24/7 FX Perps on EUR/USD, GBP/USD and USD/JPY With Up to 100x
The USDT-settled contracts extend Bybit’s TradFi Perpetuals suite into currencies alongside equities, commodities, ETFs and pre-IPO names.
Bybit has listed USDT-settled perpetual contracts tracking EUR/USD, GBP/USD and USD/JPY with 24/7 trading and leverage up to 100x. The products turn major FX exposure into a crypto-style perp where P&L is paid in USDT and the contracts have no expiry.
Bybit has added USDT-settled perpetual contracts that track EUR/USD, GBP/USD, and USD/JPY, with trading available 24/7 and leverage of up to 100x.
The contracts are structured as perpetuals with no expiration date. They track the underlying currency pairs’ price movements without giving traders ownership of the currencies themselves.
Settlement is the point. Profits and losses are paid in USDT, and the venue is keeping the market open even when the underlying FX market is closed.
Bybit framed the listings as an extension of its “TradFi Perpetuals” suite, which it said launched in April and now includes more than 200 assets spanning equities, commodities, exchange-traded funds, and pre-IPO companies. The exchange did not specify the year of that April launch.
Why USDT-Settled FX Perps Matter for Crypto Derivatives Desks
FX is already the deepest macro market. The Bank for International Settlements put average global over-the-counter FX turnover at $9.6 trillion per day in April 2025. Bybit is trying to package that liquidity story into a crypto-native wrapper: USDT collateral, perpetual structure, and exchange-style leverage.
The differentiator is the clock. Spot FX liquidity is concentrated in the traditional week and in specific session overlaps. A 24/7 perp keeps price discovery running through weekends and off-hours, then forces the reconciliation when traditional venues reopen. At 100x max leverage, that gap risk does not stay theoretical. It concentrates into liquidations and forced de-risking when the market snaps back to the underlying.
This is not the same exposure as holding currencies or running spot FX. A USDT-settled perp is a synthetic position with exchange margin rules and liquidation mechanics. The counterparty is the exchange risk engine and the liquidity providers quoting the book, not a prime broker line.
Bybit is also not creating a new category. Kraken launched five forex perpetual futures with up to 50x leverage in April 2025. BitMEX introduced six forex pairs with up to 100x leverage in April 2026. The race is shifting to who can list more underlyings, quote tighter, and manage leverage without turning every weekend headline into a cascade.
What to Monitor Next: Liquidity, Leverage Appetite, and the TradFi-Perps Race
The first read will come from liquidity. Open interest and any visible funding or fee dynamics on EUR/USD, GBP/USD, and USD/JPY will tell traders whether this is incremental macro flow or just a rotation out of existing crypto perps.
Risk controls are the second signal. Bybit is advertising up to 100x leverage. Any post-launch changes to leverage caps or margin requirements will be a direct admission about how the product behaves in real volatility.
Product breadth is the third. If Bybit adds more major or minor pairs beyond the initial three, it strengthens the message that USDT is the collateral rail for non-crypto exposures, not just a settlement convenience.
Competition is the fourth. Kraken and BitMEX already sit in the forex-perps niche. The next moves to watch are pair count expansion, leverage ceilings, and trading conditions that pull flow from one venue to another.
My Take: FX Is Coming On-Chain in Form, Not in Venue
The threshold that matters is whether these books can carry size when the underlying market is shut. 24/7 trading is the feature, but it is also the stress test. If liquidity thins on weekends and leverage stays high, the product becomes a gap-and-liquidation machine that only looks like FX.
If open interest builds and Bybit does not have to walk back leverage or margin, the setup starts to look structural rather than narrative-driven. In practical terms, this matters if USDT margining becomes the default collateral layer for macro perps, pulling FX positioning into the same risk stack as crypto.
