Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

 and guides you through the steps to become a VIP trader and unlock exclusive benefits. Let's get started!

 is an exclusive club for the most esteemed traders in the crypto market. It’s designed to provide members an enhanced Bybit experience with numerous VIP-only benefits and perks. The program aims to reward avid traders who have high volumes, account equity levels and borrowing activities.

The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

Requirements to Become a Bybit VIP Trader

You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

. Each successively higher tier offers greater rewards, and also comes with more stringent qualification requirements. For instance, as a 

 trader, you’ll enjoy reduced trading fees, such as 0.03% for makers and 0.045% for takers in the spot market. To qualify for this exclusive tier, you must meet at least one of the following criteria:

Once you become a VIP trader, you must continuously meet the above criteria to maintain your Bybit VIP status and keep enjoying the benefits. 

However, this doesn't mean your account will immediately lose its VIP status and revert to standard after a single day in which you don’t meet the requirements. Bybit offers a 14-day grace during which you can continue enjoying VIP perks and benefits, even if you no longer meet the program's conditions. If the criteria are not met by the end of this period, your VIP status will automatically be revoked. However, if that occurs, you can regain your status by fulfilling the requirements for any VIP tier either during or after the grace period. When this happens, Bybit will grant you a new 14-day grace period.

How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

 and fill out the form with your details. After registering, you’ll need to verify your account to enjoy the platform's full functionality.

Next, fund your Bybit account with crypto or fiat currency.

You can deposit cryptocurrencies by using the 

 menu. On the page, choose your desired coin and the blockchain where you'll be depositing the assets. To avoid any loss of funds, please always ensure that you're transferring crypto from the correct chain.

Next, copy-and-paste the wallet address displayed on the page, or scan the QR code with your smartphone's camera, and initiate the deposit from your wallet. After a few confirmations, your cryptocurrencies will be credited to your Bybit account.

To fund your Bybit account with fiat currency, click on the 

 button and select one of the available services (e.g., 

 service, choose a fiat currency, the deposit amount and one of the available payment methods. After clicking on 

, follow the instructions displayed on the next pages to initiate the transaction. Your funds will be credited to your Bybit account, with processing times varying according to your chosen service and payment method.

After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

 that Bybit only considers 10% of any MT5 forex trading volume.)

 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

To unlock the 20-day VIP trial, head to the 

 menu on Bybit and use one of the available payment methods to fund your account with $50,000 in assets.

With VIP Level-Up Tasks, you can earn generous bonuses as high as 6,000 USDT. You can claim rewards for Level-Up Tasks for five VIP levels (VIP 1, VIP 2, VIP 3, VIP 4 and VIP 5), with higher tiers offering greater bonuses upon completion.

If you're eligible, you’ll see a pop-up window with VIP Level-Up Tasks after you log into your account. To claim your rewards, complete the specified trading volume requirement within 14 days of receiving the task, and click on the 

 page. You can learn more about Bybit VIP Level-Up Tasks

Exclusive Trading Benefits Offered to Bybit VIPs

As a member of the Bybit VIP Program, you can unlock exclusive benefits to supercharge your trading experience. Among these are discounted trading fees (which can significantly boost your trading revenue), profitability and chances of winning trades.

In addition to discounted trading fees, you’ll also enjoy substantially higher API trading and withdrawal limits. While the former is restricted to 10 trades per second for non-VIP users, you can take advantage of up to 120 API trades per second as a VIP trader. Simultaneously, your daily withdrawal limit is increased from the basic 1 million USDT to as high as 12 million USDT.

 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

Are you ready to supercharge your trading experience? 

Intermediate

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

Bybit Learn

Options

Master the top strategies to boost your trading volume to rack up the rankings in the Bybit WSOT Trading Competition with Bybit Options trading.

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It’s that time of the year again! The Bybit 

 has begun — and it’s our biggest annual trading competition yet. With a total prize pool of 10,000,000 USDT (including a luxury yacht, Rolex watch and world-trip tickets up for grabs), Bybit is inviting all beginners and professionals to try their hands at trading crypto. The minimum amount required to participate is 500 USDT in your Bybit Unified Trading Account. 

This year’s WSOT is slightly different, with a focus on leveling the playing field and promoting true trading skill over resource advantage through the use of 

. With a large portion of this year’s WSOT prize pool dedicated to Derivatives trading, you’ll no doubt be wondering about the best way to zip up those rankings and boost your trading volume. To get you started, here are some optimal crypto options strategies to wrap your head around so you can easily dominate the leaderboards.

The PnL (%) will include all USDT and USDC Perpetual contracts, USDC Options, Spot trading and Spot Margin trading, as well as Leveraged Tokens. Please 

 that Copy Trading and MT5 volumes are not included for the 

. Each account's trading volume will be calculated separately, and the main account's trading volume will exclude all subaccount(s)’ trading volume.

Before we delve into a variety of options strategies examples, it’s crucial to first gain a comprehensive understanding of the factors that contribute to the WSOT ranking system. To summarize the core elements and fully understand how your current success and ranking on the WSOT leaderboard are calculated, you can rely on the following profit/loss formula to assess your performance.

 makes up 20% of the total prize pool, and will be distributed to the top 10 squads. 

= [Account Equity (incl. unrealized PnL and/or bonus) − Initial Equity (incl. unrealized PnL and/or bonus) + Withdrawal Amount During Competition − Deposit Amount During Competition]

 = Profit / (Initial Equity + Total Deposits) * 100% * tier weightage points

 = Total PnL (%) points of top 20% members / top 20% members (members who are listed in the top 20% with trading volume of less than $50,000 and/or negative returns will be excluded) + all squad members who meet trading volume threshold. Each member who trades for more than $50,000 will contribute 0.01 points to the squad. If there are fewer than 20 members in the squad who meet the requirements, the total will still be divided by 20.

 makes up 20% of the total prize pool, and the top three squads with the highest PNL (%) points within each region will share the prize. There are a total of nine regions set for WSOT 2024: English, Japanese, Korean, Mandarin, Russian, Ukrainian, Southeast Asian, European and Open Zone divisions.

 makes up 20% of the total prize pool, and will be distributed among the top 100 participants. The system will calculate the trading volumes for eligible contracts, and reward participants based on the higher trading volume. Please 

 that those with a trading volume of less than 50,000 USDT will be excluded.

 that assets exchanged in the UTA will not count as deposits or withdrawals. Additionally, the tokens in your UTA will be converted to their USD equivalent. Your overall PnL (%) may be affected if the prices of the tokens fluctuate. 

 makes up 40% of the total prize pool, and will be distributed among the top 100 participants in each tier. The system will calculate the profits of all eligible contracts based on the snapshot prices at the time of the last update.

 = [Account Equity (incl. unrealized PnL and/or bonus) − Initial Equity (incl. unrealized PnL and/or bonus) + Withdrawal Amount During Competition − Deposit Amount During Competition]

: Refers to accumulated deposits (including transfers, awarded bonus, commissions and asset exchange) during the competition period.

: Refers to accumulated withdrawals (including any withdrawals and asset exchange) during the competition period.

: At the beginning of the competition, if a user’s wallet balance in a specific contract currency is at least 500 USDT for more than five minutes, the system will record that balance as the initial equity for the competition.

: To be calculated every five minutes until the conclusion of the competition.

Armed with this knowledge, let's now dive into an array of intriguing options strategies you can consider to further enhance your performance and overall success.

Examples of Options Strategies to Get You Started

Taking High Risk With Affordable Out-of-the-Money (OTM) Options

Although thought of as a lottery ticket options strategy, buying OTM options grants traders the potential for large returns despite the low odds of success. In buying OTM options as a derivatives trader, you're attempting to hit a home run by purchasing plenty of affordable, low premium options. This can be the result of either the options' strike prices being far OTM, or the options contracts possessing a brief time to expiration. 

Since close-to-expiration OTM options contracts typically cost a fraction of what long-dated ITM options contracts do, this can be a valid strategy for traders ahead of an upcoming catalyst if they expect significant movement because of expected volatility.

On the flip side, instead of buying these short-dated OTM options, you can choose to construct bearish options strategies that let you write these options contracts without requiring you to undertake excessive risk. This might be lucrative during times of stable market prices, since these OTM options will expire worthless because of the lack of volatility. 

By building a portfolio of bearish options strategies, such as bear call and bear put spreads, traders are banking on making a small amount of profit with a high probability of success.

Playing It Safe by Trading Deep In-the-Money (ITM) Options

For more risk-averse derivatives traders, deep ITM options offer traders a low-risk way to profit from the markets. The key to success in this case is to buy options with strike prices significantly lower than the underlying cryptocurrency's current price. By doing this, traders can take advantage of large gains in a relatively short period of time without taking on the full risk of owning the underlying crypto. 

This ultimately gives deep ITM options traders the choice of buying or selling crypto at their desired ITM strike price, without committing the full amount of capital that traders would generally allocate if they didn’t trade ITM options. Additionally, because deep ITM options have more intrinsic value than other types of options, they also tend to be less volatile with less exposure to time decay. Essentially, this means that even if there’s a short-term market correction or volatility spike, trading deep ITM options can still create a benefit from the underlying asset’s price movement, allowing traders to enjoy higher profitability as compared to trading other types of options contracts.

Getting Strategic With Covered Call and Covered Put Options

If you’re confident of the market’s direction, and want to generate additional profits in the form of options premiums from the coins you’re currently holding, then using 

 and covered put options strategies will be your best bet. 

In short, covered calls help reduce downside risk by allowing traders to receive premium payments in exchange for limiting their upside potential, while covered puts allow traders to benefit from price declines without having to short the underlying coin and endure the risk of unlimited losses. 

Should the price exceed the strike price of the written options contract, traders simply have to forego the underlying coin they’re holding at the agreed-upon strike price. 

One way options traders can profit from covered call and put strategies is to write an OTM call or put so that they’ll feel comfortable selling (or buying back) the coin they own (at the specific strike price, and at a profit), while also gaining some profit from the premiums of the written options contracts.

Leveraging On High Volatility Options With Multi-Legged Options Strategies Such as the Iron Condor

By using a multi-legged options strategy, such as an iron condor, traders can benefit from reducing risk while still achieving potential profits. 

Unlike other strategies, which involve buying or selling one option, an 

 involves the purchase and writing of two sets of put and call options at different strike prices, so that the written call and put is more ITM than the purchased 

. This complicated four-legged strategy allows crypto options traders to hedge their positions, as the price of an underlying coin will have to move excessively in either direction significantly before losses are incurred. 

Additionally, with this type of strategy the investor has more control over their investment because they know the maximum profit and loss in the event of a sudden spike in price. Since all four legs of the Iron Condor are bought and sold at different strike prices (in order to create the spread), an investor's total capital requirement is much lower than with other options strategies. 

With these benefits combined, it’s easy to see why many investors choose to use a multi-legged strategy like the iron condor when trading in options markets. The only deterrent (which can be overcome) is the strategy’s complex execution.

After delving into deep ITM options and unraveling the complexities of iron-condor options strategies, we trust that this guide has provided you with valuable insights to improve your ranking in this year’s WSOT. 

When it comes to trading crypto derivatives, it's important to remember that success is subjective, and depends upon your personal trading style and approach to the crypto market. It ultimately boils down to your ability to maximize profit, while mitigating overall risk and downside exposure.

Are you ready to test your mettle? Take the plunge! Sign up for WSOT today to seize your share of the highly coveted 10,000,000 USDT prize pool. Don't miss out on this once-a-year opportunity to showcase your trading prowess!

How to Improve Your WSOT Ranking in Trading Volume Using Bybit Options

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards