It has been announced that cryptocurrency derivatives exchange is about to launch USDT linear perpetual contracts, alongside a plethora of features.
During an “ask me anything” session, Bybit revealed that hedging will be a core offering for its new USDT perpetual contract — allowing traders to hold long and short positions in USDT simultaneously.
Traders will also have the freedom to assign different levels of leverage for their long and short positions — switching between cross and isolated margins with ease. Bybit says it is capitalizing on the growing trend for option products, all while delivering a straightforward solution that eliminates unnecessary complexities for retail traders.
During the live broadcast, Bybit CEO Ben Zhou noted the USDT linear perpetual contracts are going to be launched very soon.
What else is in store
Other plans recently unveiled by Bybit include the launch of contract insurance for BTC/USD perpetual contracts. This offering will be launched in the second quarter of the second quarter of this year.
Zhou described this as “liquidation insurance” — and cited increasing demand for a broader range of new options products. This means traders will have protection should the market go against their positions. Once a set fee and a premium have been paid, insurance is provided in the event long or short positions suffer price declines — prompting a rise in Bitcoin’s value.
Trading is increasingly moving from PC to mobile, but Bybit argues that many of the apps that exist in the marketplace today are designed for simple transactions, leaving users who are constantly on the move unable to execute advanced strategies at will. To this end, enhancements are going to be rolled out for Bybit’s mobile app — including strategy alerts and a new order system.
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Upon launch, traders are going to be able to set a range of indicators at will, including Fibonacci retracement, using Bybit’s specially designed price chart.
They will then receive notifications directly to their device whenever the indicator is triggered by a price movement.
Zhou dedicated time to discussing the all-new user interface and user experience that Bybit has developed in recent months — a fresh design that’s already live on the exchange’s website.
The CEO said that many existing users loved using dark mode. As a result, enhancements have been made to make it “smoother, more refreshing and more reasonable.”
He added: “My designer team spent hours looking at a dark mode and trying to design the color contrasting and the layout to help traders focus on the price movement on the chart.”
Zhou also revealed that, since Bybit launched in December 2018, more than 333,000 users have registered on the platform — with a lot 0f people using it on a daily basis.
The vast majority of its users — 68.6%, to be exact — are based in Europe, with 23.3% in Asia.
The CEO added that Bybit firmly believes the client should always come first — and this is a continual focus when new products are being developed. The company is also focusing on creating retail-friendly products that are appealing to individuals rather than sharks or institutions.
“Bybit is a dedicated derivatives exchange, and we would like to focus on that,” Zhou added. “Most of our team’s background is in traditional finance.”
He also noted that his platform is product-driven —
and the company has a keen awareness that it will attract greater numbers of traders if it develops good products.