SKN | Bybit Expands Into Forex With 24/7 Perpetuals for EUR/USD, GBP/USD and USD/JPY

Key Takeaways

• Bybit has launched USDT-settled perpetual contracts tracking EUR/USD, GBP/USD and USD/JPY, with trading available 24 hours a day, seven days a week.
• The contracts offer leverage of up to 100x, eight-hour funding intervals and a capped funding rate of 0.5%, extending crypto-native derivatives mechanics into the $9.6 trillion-a-day global FX market.
• The launch strengthens the convergence between crypto and traditional markets while introducing additional leverage, pricing and liquidity risks for traders operating when conventional FX markets are closed.

Bybit has expanded its derivatives platform into the foreign-exchange market with perpetual contracts tied to three major currency pairs: EUR/USD, GBP/USD and USD/JPY. The move comes as crypto exchanges increasingly compete to provide continuous access to traditional financial assets, while macroeconomic volatility around interest rates, inflation, oil prices and central-bank policy is becoming increasingly important for digital-asset markets.

Bybit Brings Major FX Pairs Into Crypto Derivatives

The new contracts are USDT-settled synthetic derivatives that track the underlying currency pairs without requiring traders to own the currencies themselves. Each contract has no expiration date and can be traded around the clock, including during periods when conventional spot FX markets are closed.

Bybit has set maximum leverage at 100x, while funding fees are settled every eight hours and the funding rate is capped at 0.5%. The contract specifications also allow trading through the exchange’s Unified Trading Account, bringing FX exposure into the same margin environment used for crypto derivatives.

The scale of the underlying market is substantial. Global over-the-counter foreign-exchange turnover averaged approximately $9.6 trillion per day in April 2025, according to the Bank for International Settlements.

Macro Volatility Makes 24/7 FX Access More Relevant

The timing is notable as currency markets face significant policy and geopolitical uncertainty. On September 8, the euro traded at approximately $1.1614, while the European Central Bank reference rate placed sterling at £0.8574 per euro and the yen at ¥179.20 per euro.

The Japanese yen has been particularly volatile, strengthening roughly 4% in September as expectations of tighter Bank of Japan policy and the unwinding of carry trades altered global currency positioning. At the same time, rising Middle East tensions have pushed Brent crude toward $100 a barrel, adding another variable to inflation and central-bank expectations.

For crypto traders, the ability to trade FX perpetuals during weekends or outside conventional market hours creates a mechanism for responding to macro developments without waiting for the underlying market to reopen.

Crypto-FX Convergence Brings New Risk Variables

Bybit’s launch also illustrates the broader expansion of crypto-native derivatives beyond Bitcoin and Ethereum. The exchange’s TradFi perpetuals platform now covers more than 200 assets across equities, commodities, ETFs and other traditional financial instruments.

However, continuous trading introduces structural considerations. When the underlying FX market is closed, price discovery depends on the derivative’s reference mechanism and available liquidity. Funding costs can also accumulate over time, while 100x leverage means relatively small currency movements can generate substantial changes in margin requirements.

Strategic Outlook for Cross-Market Trading

Bybit’s FX perpetuals mark another step toward a trading environment in which crypto and traditional assets operate within the same collateral and derivatives infrastructure. The immediate test will be whether these contracts develop sufficient liquidity and reliable pricing during off-market periods. As central-bank decisions, geopolitical shocks and currency volatility increasingly influence crypto markets, demand for instruments that connect FX exposure with crypto-native trading infrastructure is likely to remain an important area to monitor.