Bybit launches its USDC options for ETH and SOL

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Cryptocurrency exchange Bybit has announced the launch of its first-in-market USDC options for Ether and Solana.

Bybit, one of the leading crypto exchanges in the world, announced on Monday, September 5 that it had launched USDC options for Ether (ETH) and Solana (SOL) contracts.

The exchange said this latest development comes after it launched its first-in-market, USDC-settled Bitcoin (BTC) contracts earlier this year.

Bybit said its new ETH and SOL options contracts are an important step in developing more ways for its users to enhance their trading experience. To celebrate the launch of the futures, Bybit said it will offer up to 66% off trading fees for 30 days if a user registers before October 4, 2022 10:00 AM UTC.

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Once the options are launched, Bybit users will be able to trade ETH, SOL and BTC options and perpetuals via portfolio margin. The portfolio margin uses a risk-based model for experienced traders, including market makers and institutional clients, for optimal capital efficiency.

Bybit said the launch of options contracts in USDC means users can checkout and trade with greater certainty and ease without having to own the underlying crypto assets.

In addition, users do not need to hedge the underlying collateral exposure as USDC is pegged to the value of USD. USDC is not subject to the volatility associated with other cryptocurrencies, the team added.

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While commenting on this latest development, Bybit co-founder and CEO Ben Zhou said;

“Our users asked and we answered. After the inauguration of our first-in-market, USDC-settled options earlier this year, adding ETH and SOL contracts was the natural next step. Our options platform is already a major competitor in crypto trading, aided by Bybit’s deep on-screen liquidity, minimal slippage and robust >100K TPS trading capacity/matching engine.”

Bybit said all gains would also be calculated in USDC, making it easier for users to benchmark and calculate returns.

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Option contracts allow Bybit users to speculate on the future USD price of an underlying asset and settle their trades in USDC. This is different from a futures contract where the trade is mandatory and must be completed on the settlement date.

With the newly launched products, option contracts are optional and will expire without a transaction if the price is deemed unfavorable on the settlement date.

Bybit has been around since 2018 and is one of the fastest growing cryptocurrency exchanges in the world.