Bybit, which was the first cryptocurrency exchange to offer USDC-settled crypto options trading, announced the expansion of its crypto options offerings with the addition of Ethereum options contracts (ETH ) and Solana (SOL).
The move comes after Bybit launched its first USDC-settled Bitcoin (BTC) options contracts earlier this year.
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Bybit’s new SOL and ETH options trading
According to Bybit, the decision to add ETH and SOL options trading was driven by popular demand and represents a huge step in developing additional ways for users to enhance their trading experience on the exchange.
To celebrate the new options contracts, Bybit is offering a discount of up to 66% on trading fees for 30 days for users who sign up before October 4, 2022, 10:00 a.m. (UTC).
After launch, Bybit users will be able to trade SOL and ETH options and perpetual contracts through Portfolio Margin, which uses a risk-based model for market makers and institutional clients.
USDC Settled Margin Crypto Options
The USDC-settled margin crypto options contracts that are offered on Bybit allow users to settle and trade with greater certainty and ease without the need to own the underlying crypto assets. The options are cash-settled European-style options, which are not executed until the contract expires.
Additionally, users do not have to hedge exposure to underlying collateral when trading USDC-settled options on Bybit, as USDC is pegged to the value of USD, making it makes it not subject to market volatility, which affects the majority of cryptocurrencies.
All profits are also calculated in USDC, making it easier for users to speculate on the future USD price of an underlying asset and settle their trades in USDC.
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