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

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Learn about Mubarak (MUBARAK), the BNB Chain meme coin fueled by community hype and speculation over potential listings.

Mubarak (MUBARAK) is a community-driven meme coin on 

 that’s quickly gaining popularity, due to strategic community engagement and cultural branding targeted toward Middle Eastern investors. This guide explores Mubarak’s unique features, tokenomics, recent market performance and trading options.

Mubarak (MUBARAK) is a community-driven meme cryptocurrency built on BNB Chain. It was launched on the 

 Inspired by an Abu Dhabi company’s $2 billion investment in Binance, MUBARAK — which means “blessed” in Arabic — carries a unique appeal for Middle Eastern crypto markets. This targeted cultural approach distinguishes MUBARAK from other 

, giving it particular appeal in regions with growing crypto enthusiasm.

Shortly after the coin’s launch, its community quickly took control over it, guided prominently by the influential persona 

 on social media platform X. Users can also create Mubarak-themed avatars on the website, giving influential figures a dash of Middle-Eastern charm — from CZ and Portuguese soccer star Cristiano Ronaldo to beloved meme coin mascots 

. The meme coin quickly attracted attention, due to its engaging branding and strategic community management, amassing a total of 12,400 followers in just two weeks. 

What’s the source of MUBARAK’s popularity? 

MUBARAK stands out from typical meme coins, thanks to several major Binance-related events accelerating its market visibility. 

On Mar 12, 2025, Abu Dhabi investment company MGX made history by investing $2 billion in Binance. This represented the largest single investment in the whole of cryptocurrency history, signaling strong confidence in the industry. It was also a pivotal moment that firmly established the Middle East as a key player in the crypto space. Right after MGX’s mind-blowing investment, CZ tweeted several Mubarak-related posts, leading to the eventual birth of MUBARAK the very next day.

Binance Alpha, a dedicated platform for emerging and promising BNB Chain tokens, promptly listed MUBARAK on Mar 15, 2025, further validating the meme coin's potential. This integration enhanced MUBARAK's credibility, trust and market exposure, attracting a broader investor base beyond that of typical meme coin enthusiasts.

The second significant event that led to the greatest boost in its price and market cap took place when CZ personally bought 1 BNB worth of MUBARAK (around $600 at the time of purchase) on Mar 17, 2025. Both its listing and CZ’s purchase of the coin within a matter of two days pushed the coin to an all-time high (ATH) of $0.21 by Mar 18, 2025. While MUBARAK rapidly declined from its ATH to $0.13 just one day later, CZ’s cryptic endorsement for the coin briefly ignited more community excitement. 

On Mar 19, 2025, CZ sparked speculation in the Mubarak community by changing his X profile picture to feature himself wearing traditional Arab attire. The crypto community widely interpreted CZ’s subtle gesture as a potential endorsement or “hint” toward future Binance involvement. This led to a rapid increase in Mubarak's price (over 30%) within the same day as it reached $0.165 and briefly touched a $166 million market cap.

Mubarak’s straightforward and transparent tokenomics (below) are designed to foster investor confidence and community engagement.

Mubarak's simple token structure and availability on a reputable 

 (DEX) enhance accessibility, providing investors easy entry and liquidity options without relying solely on 

As of Mar 28, 2025, MUBARAK is priced at $0.096, reflecting a 55.3% decrease from its ATH of $0.21 on Mar 18, 2025, and a 237% increase from its all-time low (ATL) of $0.028 on Mar 16, 2025. It has a current market cap of $95 million and a 24-hour trading volume of $306 million.

MUBARAK’s price surged over 480% from the time of its launch, primarily due to strategic visibility from its Binance Alpha integration, speculative interest following CZ’s interactions and growing enthusiasm for meme coins in the crypto market. At its peak, MUBARAK achieved a market cap of approximately $166 million, reflecting significant investor confidence and demand.

Mubarak (MUBARAK) has quickly established itself as an influential meme coin in the crypto market, boosted significantly by strategic integrations like Binance Alpha, and speculative attention fueled by former Binance CEO Changpeng Zhao’s interactions. Its unique cultural branding, particularly appealing to Middle Eastern crypto circles, has further amplified its market visibility and adoption. However, investors must approach meme coins with caution due to these assets’ speculative nature, which often leads to considerable volatility and potential risks.

If you're interested in participating in MUBARAK’s growth story, you can trade 

, where you can participate in high-risk/high-reward Perpetual contract trading with up to 12.5x leverage.

Beginner

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Mubarak (MUBARAK): Arabic-themed BNB Chain meme coin

Margin Staked SOL is a Bybit product that allows you to earn SOL staking rewards and utilize leverage of up to 2x to amplify your earnings.

 can be a great way to earn yield in crypto, and 

 (SOL) is one of the most popular blockchain platforms for doing so. However, setting up and running a Solana validator node is technically complex. Additionally, financial requirements for Solana validators are high. While the official minimum stake is just 0.01 SOL (around $1.33), in reality, a typical Solana validator needs 

 staked just to break even — an investment of about $6.66 million (as of Mar 28, 2025).

Most crypto users who would like to benefit from staking rewards on Solana simply don’t have that kind of capital. And many don’t want the hassle of setting up a full validator node.

Back in September 2024, Bybit introduced 

 (LST) that lets you earn Solana staking rewards with minimal investment, and no need to manage a validator node.

bbSOL has been a major success, allowing Bybit users to earn staking rewards without technical or financial barriers. Now, Bybit is taking it a step further with Margin Staked SOL — a new Solana staking product that utilizes bbSOL and offers leveraged borrowing to amplify the rewards.

 is a Bybit leveraged liquid staking product that’s designed to help you earn Solana staking rewards with minimal hassle.

 Using it, you can invest your SOL and Bybit will allocate the funds to Solana blockchain validators, allowing you to earn staking rewards. When you stake through Margin Staked SOL, you receive bbSOL, an LST that serves as a deposit certificate and accrues staking rewards. Unlike standard bbSOL staking, Margin Staked SOL allows you to use 

For example, if you have 100 SOL and opt for 2x leverage, the total amount committed to Solana staking will be 300 SOL — your 100 SOL principal plus the borrowed 200 SOL. You’ll pay interest (which is variable and calculated hourly) on the borrowed amount.

Bybit allocates your total staking amount through 

 (CLOUD), Solana's leading liquid staking solution. Sanctum's 

 distributes staked funds across multiple validators to optimize the total yield.

The key advantage of Margin Staked SOL is its capacity to amplify staking rewards through leverage. In addition, you don't need to handle the technical complexities of running a Solana validator. The minimum investment required is just 0.5 SOL (around $70), drastically lower than the millions of dollars needed to run a profitable validator node in Solana's highly competitive staking ecosystem.

Upon committing your funds to Margin Staked SOL, you’ll receive the bbSOL LST. All staking rewards accrue in this asset, and you can redeem your investment at any time by exchanging bbSOL for your original SOL. After deducting interest on the borrowed funds, you’ll receive your SOL, along with all the accrued rewards. bbSOL accumulates rewards every time a Solana epoch is completed, typically taking 2–3 days.

As an LST, bbSOL normally allows you to keep your original SOL locked while using the liquid token across the Solana 

 (DeFi) ecosystem, and within Bybit products like On-Chain Earn, Bybit Savings and Crypto Loans. However, when bbSOL is issued via Margin Staked SOL, it must remain locked, and cannot be used in other Bybit or DeFi products. It acts solely as your deposit confirmation, and continues accruing rewards until you withdraw from Solana staking via Margin Staked SOL.

Interest on the borrowed funds within Margin Staked SOL is calculated hourly, with any duration under one hour rounded up to a full hour. The interest rate is variable, and updates every hour. You can check the current rate in your account under 

Rewards in Margin Staked SOL aren’t distributed immediately. Instead, they accumulate in your bbSOL, and can be redeemed at any time alongside your SOL principal investment. Bybit provides two redemption options for bbSOL:

If your PnL position declines beyond a certain level during staking, Bybit will send you a margin call notification via email, prompting you to either redeem your investment or contribute more SOL. If your PnL drops even further, an automatic stop-loss transaction will be triggered to redeem your funds and cover the loan and accrued interest. These measures are designed to protect you from unexpected losses.

Besides Margin Staked SOL, Bybit also offers another product for those who would like to earn yields from hassle-free decentralized staking: 

. There are three key differences between the two products: 

1) Unlike On-Chain Earn, Margin Staked SOL allows you to use leverage, amplifying your potential returns and risks. 

2) On-Chain Earn creates opportunities for staking on several blockchains, while Margin Staked SOL is a solution that’s designed exclusively for Solana staking.

3) Staked assets in On-Chain Earn can be withdrawn and utilized in their respective blockchain ecosystems, whereas the bbSOL from Margin Staked SOL is locked solely for yield generation, and cannot be used elsewhere. 

How to get started with Margin Staked SOL

Here’s how to get started with staking your SOL.

: In your account’s navigation pane, click on 

: On the left side, you’ll see the APR chart for the product, containing information on the Net APR; the trend over the past 1,7 or 30 days; and the highest and lowest Net APRs over a selected time period.

: On the right side, you can set options for your Margin Staked SOL (the leverage ratio and the SOL amount to transfer from your main account). You’ll see the amount of automatically calculated bbSOL you’ll receive, total borrowed amount and estimated daily yield.

to view a detailed breakdown of your bbSOL holdings. Then, click on either

: On the confirmation pop-up window, enter the amount of bbSOL you wish to redeem, or click on 

to redeem your full balance. Review the details, then click on

 to proceed, depending upon your earlier choice. 

to finalize your redemption on the redemption confirmation pop-up. Your redeemed SOL will be sent to your 

Until Apr 4, 2025, 10AM UTC, you can also take advantage of Bybit’s 

 campaign that’s dedicated to the Margin Staked SOL product. This campaign lets you earn up to 10 Lucky Draw tickets, each guaranteeing at least a 1 USDT 

, with a chance to win up to 100 USDT. In order to participate in the campaign, you must register for the event and complete a series of tasks as follows:

Bybit’s Margin Staked SOL allows you to earn Solana staking rewards without the hassle of setting up and running a validator node — all via your account’s easy-to-use interface. The leverage option is also a great way to multiply your rewards. Moreover, the minimum investment is minuscule, especially compared to running a Solana validator, and there are two easy redemption options — and all of these benefits without needing to interact with the underlying Solana blockchain!

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Bybit Margin Staked SOL: Unlock higher yields with less effort

Animoca Brands has partnered with Soneium, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium.

The S&P 500 fell 0.33% as tariffs and inflation concerns weighed on markets, with energy, tech, and communication sectors leading losses. Gold hit a record $3,059 as Trump’s tariffs fueled trade war fears, boosting safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, are down by 1.01%, with Bitcoin up by 0.55% and Ether down by 0.18% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CARV, up 9.2%, as it expands globally and redefines data ownership.

CARV (CARV), founded in 2022, is a modular data layer empowering users to control their data, enhancing privacy for gaming and AI systems through its CARV Protocol and ecosystem platforms. 

, advancing AI, gaming, and data ownership with its SVM Chain, which ensures privacy, scalability, and interoperability between Ethereum and Solana. With listings on Tokocrypto and Mercado Bitcoin, CARV is targeting Southeast Asia and Latin America, where users can better control and monetize their data. The $CARV token powers governance, gas fees, and incentives, fostering a user-owned data economy. Strategic partnerships with Kite AI and ARPA enhance AI intelligence, verifiable randomness, and blockchain security.

Check out the latest prices, charts, and data of 

, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium. Moca Network’s AIR SDK will integrate into Soneium, enabling decentralized identity (DID) and reputation features, starting with San FranTokyo’s Anime ID. This collaboration aims to onboard anime fans to blockchain-powered experiences and enhance engagement across anime, gaming, and Web3. Sony’s Soneium, developed by Sony Block Solutions Labs and Startale Group, seeks to merge creativity and technology, while Animoca Brands’ partnership strengthens the digital identity infrastructure for an interconnected Web3 ecosystem.

Yesterday, BTC spot ETFs saw $85M in inflows, all from non-GBTC funds.

, allowing users to earn Fragments through Galxe and Zealy quests, potentially qualifying for an airdrop. Participants must complete quests, connect wallets, and use a referral code. Points update weekly, and the program may be limited in duration.

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Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Altcoins

EOS is often referred to as an 'Ethereum killer', but how does this cryptocurrency really hold up against its competition? Read all about that and more in this article.

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EOS, which is often referred to as an “

EOS is the cryptocurrency that powers the EOS 

. One billion EOS tokens were minted in a year-long ICO before the public launch of the EOS 

 back in June 2017. Backers raised more than $4billion, making it the most successful ICO campaign ever. 

This guide will discuss everything from the EOS network to the EOS token and the technology that powers the EOS ecosystem. 

EOS is a high-performance blockchain infrastructure that provides a fast, cost-effective and secure environment for commercial-scale DApps. EOS blockchain is Ethereum’s competitor, built for both public and private use cases. 

The EOS ecosystem has three main components: 

 The underlying software, more like an operating system that runs and manages the EOS blockchain network. It provides a tool kit for developers to simplify DApp development. 

 The main EOS blockchain, governed by the Delegated Proof-of-Stake (DPoS) consensus algorithm that hosts and runs DApps. 

 EOS blockchain has an underlying currency, EOS tokens, which are responsible for on-chain staking, governance and other economic activities on the network.

The architecture of EOS allows for fast and cheap transactions, with the ability to host and run smart contracts in a robust execution environment. EOS has a half-second block time that is ultrafast compared to some other blockchain platforms, where the average block times range between 2–10 minutes. 

EOS has introduced the EOS VM WASM (web assembly) engine as part of the EOSIO 1.0 version, which increased the transaction speeds by a factor of 12x. It also stores the state of the network in multi-index tables, which makes it much more responsive than other blockchains where users are confronted with frustrating delays while performing everyday activities on DApps. 

The EOS blockchain is not only robust but is designed to be highly flexible. Unlike some other blockchain platforms, developers can easily upgrade their EOS-deployed smart contracts and add extensions to enhance their scope and functionality. The network behavior on the EOS platform is defined by system contracts that are highly configurable, which makes it easy to perform system upgrades without making changes to the core consensus. 

Smart contracts on the EOS blockchain are written in industry-standard C++, with a wide range of software development its (SDKs) and a plethora of various development tools provided by the EOSIO library. These tools and SDKs facilitate developers in building and launching their DApps on the EOS blockchain in a frictionless manner.

EOS blockchain brings a paradigm shift in the programmable blockchain space with its unique approach toward solving one of the most fundamental problems in the crypto ecosystem: 

To help achieve the required scalability, it uses a customized variant of a 

 consensus algorithm called Delegated Proof-of-Stake (DPoS). The DPoS consensus algorithm was a brainchild 

 Dan Larimer, CTO of the EOS project and the founder of Bitshares (an early crypto exchange) and Steem (a crypto-based publishing platform). DPoS was first tested in Bitshares and Steem before becoming a part of the EOS blockchain. 

Before getting into the mechanism of the DPoS consensus algorithm, we first need to understand the concept of ‘Block Producers.” In any PoS-based network, there are stakers (or validators) responsible for block production and overall network security. 

In the EOS blockchain, there are block producers who are the custodians of the network and are chosen by the community voting process. The top 21 selected block producers are called the Delegates. They verify all the transactions on the network, construct blocks, run different processes for smart contracts and secure the network. 

Block producers stake their EOS tokens on the network to ensure the security and proper functioning of the ecosystem. If they act maliciously, they’ll lose their stake and an alternative block producer will take over. Community voting also selects alternative block producers, and a total of 84 alternative block producers are chosen to be on standby mode. If  delegates can’t handle the processes due to a machine failure, alternative block producers take their place.

Block producers use an algorithm known as Asynchronous Byzantine Fault Tolerance (ABFT). It functions as a secondary construction for the EOS consensus algorithm for block creation to achieve finality and a single source of truth. Block producers in the DPoS and the second layer of the ABFT consensus mechanism allow for much faster block confirmation times and transaction throughput.

The EOS mainnet has achieved an all-time high throughput of 4,000 TPS (

) to date. However, the network can handle up to 10,000 TPS with EOSIO 1.0, and with more updates in the development road map, the transaction throughput and system efficiency will increase.

Another exciting and innovative aspect of the EOS blockchain is feeless transactions. Unlike other smart contract platforms such as Ethereum, there are no fees when using a DApp or interacting with a smart contract. These feeless transactions are possible because of prepaid network resources that the developers pay for with their stake when they deploy a smart contract on the EOS blockchain. 

In the traditional Web 2.0 world, developers pay for resources required for their application, such as servers, network bandwidth and domain,  to deploy and run their application. The users can access these applications free of cost using their browser. 

The same model is being applied here on the EOS blockchain, where the developers stake their EOS tokens in order to secure an equivalent amount of resources for their DApp. There are three resources that the developers can use on EOS: 

Based on the size of the stake, the developers can secure an equivalent amount of resources from the EOS network to host and run their DApps. Users can use the DApp without any transaction fees. Since the developers can unstake their tokens from the network, the EOS protocol substitutes inflation for transaction fees. 

EOS blockchain is known to be the ultimate “Ethereum Killer,” but is it true? 

 DApp development and end-user experience has a host of different problems, mainly due to the limitations of the underlying platform. These limitations include lack of scalability and proper tool set, with high transaction costs associated with everyday activities like user onboarding. Although it is hoped Ethereum 2.0 will address these issues, it remains to be seen if the network upgrade will do so. 

If we look at the numbers, the Ethereum network transaction fee has snowballed in recent years, affecting DApps on the network. People using DApps from the Ethereum ecosystem frequently complain about the high transaction costs on the network. 

 (PoW) consensus algorithm, which is secure but at the same time highly inefficient. The average block time of Ethereum as of writing is 13.23 seconds, and the network can handle up to 15 transactions per second. 

Now, let’s compare Ethereum to the EOS blockchain, which has a DPoS consensus algorithm that is very efficient and robust for an institutional-grade smart contract platform. The 21 delegated block producers validate all the transactions and secure the network. Unlike Ethereum, the EOS blockchain has a subsecond block time and can handle up to 10,000 transactions per second. 

EOS blockchain has the level of scale required for an ideal smart contract platform. Another significant distinction between EOS blockchain and Ethereum’s is the design approach which the EOS team has taken to improve the end-user experience of DApps. Unlike Ethereum, end-users don’t have to pay any transaction fees (feeless model). These fees are already paid for with the stake that the developers have pledged to acquire EOS network resources. 

Due to this feeless design approach, we can already see the results. There are 2,782 DApps on Ethereum, while EOS has only 328 DApps — which seems like a small number at first. But if you look at the daily transaction volume, Ethereum DApps handle s190.33K transactions in 24 hours, while EOS DApps accommodates 538.44K transactions within the same period. 

This significantly high transaction volume bodes well for EOS. EOS blockchain also has a developer-focused approach, with EOSIO and various SDKs and libraries to get started. More developers means more DApps, and more users using the EOS blockchain platform. 

EOS blockchain was developed by Block.one, a company registered in the Cayman Islands. The white paper for the project was released in May 2017. Block.one distributed 1 billion EOS tokens in a unique year-long ICO campaign that started in June 2017, right after the release of the original white paper. 

The ICO campaign was wildly successful, with the company raising over $4 billion from the ICO backers. The EOS tokens were launched as ERC-20 tokens because the EOS mainnet wasn’t live at the time. The EOS mainnet, Dawn 1.0, was released in June 2018 and is currently operating under version 2.0.8.

Daniel Larimer served as the CTO of Block.one, andHe resigned on January 10, 2021. Larimer was the founder of Bitshares and Steem. He also developed the DPoS algorithm for the EOS blockchain, which was already a part of Bitshares and Steem, and was refined further for the EOS blockchain. 

Since its inception, the EOS token has yielded phenomenal returns of over 398.29%. At the time of launch, one EOS token was priced at $2.29, achieving its all-time high value of $22.89 within one year.

The EOS token price did suffer in the previous bearish markets, but it’s slowly getting back on track and we can see some significant upward spikes. We can also expect some corrections during the current bearish market, but EOS will undoubtedly rebound due to its strong fundamentals. 

The EOS ecosystem is slowly taking off. In the current 

 boom, we see many Defi projects deployed on EOS instead of Ethereum. This section will discuss some of the most promising EOS ecosystems projects as of this writing. 

EOS had a successful launch, but over the years it has had a bumpy ride. Part of the reason is the lack of institutional interest in building decentralized applications, and the lack of a robust developer community. For this reason, Proof-of-Work (PoW)-based blockchains that are not well-suited to building large-scale DApps, such as Ethereum, have been the mainstay computing platforms and operating systems. 

However, networks such as Ethereum currently maintain a slow TPS rate and may not be able to handle enough transactions in the future... especially given the increasing number of users in the crypto industry. Ethereum’s 2.0 upgrade is on its way, but nothing is yet finalized in the race toward becoming the most preferred blockchain platform. 

EOSIO is expected to handle millions of transactions per second at a low cost. The core of EOSIO lies in its limitless scalability. Also, the EOS network is based on DPoS, making transactions on the network free, fast and secure. Overall, it’s definitely a network to keep your eye on.

What Is EOS Crypto?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards