By Darren Parkin
Crypto exchange Bybit has announced a five-fold growth in futures trading volume from $2.8 billion to $13.8 billion year to date.
The surge has cemented Bybit’s position in the crypto derivatives arena having captured the second-highest market share for perpetual and futures contract trading volume.
The exchange has credited the numbers to the release of several new trading products, including trading bots that thrive in the 24/7 crypto markets where they can scalp opportunities and ride the waves of high volatility.
While Bybit shared in an industry-wide downturn in Q4 2022, the exchange still managed to increase
its share of trading volume by more than 50%, according to a recent report from digital asset data
experts CryptoCompare.
The report also noted that Bybit grew its overall market share in each quarter last year, despite the bear market.
ByBit CEO Ben Zhou explained to Crypto AM that he believed the current growth formula was about building resilience and setting a long-term pace.
“We’re in an interesting phase of the market cycle where we are seeing a sense of calm among investors and builders,” Zhou said.
“For Bybit, not only are we confident in our ability to weather future downturns, but we have also proven that we can use the opportunities offered in a bear market to come out even stronger.
“New ideas often come with misconceptions. Bull markets are not the only avenue for gainful opportunities. Rational traders take profit from price movements – volatility. And derivatives give traders the tools to realise profits beyond simple spot price differences over time and to mitigate risks.
“Whatever the market and no matter the noise, we believe in quietly laying the foundation for growth by finessing our tech stack and mass adoption-ready infrastructure. We strive to be the gateway to Web3 and the bridge connecting retail investors to crypto opportunities.”
Meanwhile, Zhou is also backing his own long-term pacing plan by betting on the public buy-in of crypto in the long run.
“The core of this technology is that it’s decentralised, immutable, and uncontrollable, which will revolutionise financial systems,” he added.
“That’s why we’re working hard to create user-friendly products for our clients so they can easily benefit from the world of decentralised finance.”
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