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

Bybit Shark Fin

Looking for ways to earn with Bybit? Why not try earning with Bybit's latest Shark Fin structured products? Here are 10 reasons why you should invest in them!

The crypto market might be highly volatile, but structured products like 

 can give traders the stability they’re craving. With guaranteed principal and yields that depend on the underlying asset’s settlement price, Shark Fin products often represent a sensible investment.

In this article, you’ll learn exactly how this financial product operates. You’ll also read about ten of the main benefits associated with investing in Bybit’s Shark Fin. Even if you decide to hold off on making a purchase for now, learning more about structured products will give you a better general understanding of 

Bybit’s Shark Fin is a structured product with the principal guaranteed. The final yield depends on the underlying asset’s settlement price at the plan’s point of expiration, an arrangement that allows you to capitalize on the asset’s volatility.

For traders, Bybit’s Shark Fin carries the benefit of a minimum yield as long as the settlement price equals or exceeds the preset price range when the subscription ends. The focus is entirely on the settlement price, which frees traders from worrying about daily market fluctuations. This type of financial product is designed to provide stability in an inherently unstable environment.

Bybit offers two types of Shark Fin products. Bullish Shark Fin — as its name suggests — is meant to provide the highest possible yields in a bullish market. If the asset increases in value as expected, the trader receives a high yield rate. Less impressive asset growth will lead to a medium or guaranteed yield rate.

Bearish Shark Fin, meanwhile, is designed to help investors capitalize on a bearish market. If the price of the underlying asset remains within the preset price limits, a high yield can be expected. Even if the asset falls short of expectations, you can still expect a medium yield. The guaranteed yield rate saves an investor if a “knockout” situation occurs. This format essentially functions as a safety net, helping investors protect their funds in a declining crypto market.

Why You Should Invest In Bybit’s Shark Fin Products

Bybit’s Shark Fin products represent an enticing investment opportunity, especially when the crypto market is more volatile. While assets can suddenly change in value, a structured product like Shark Fin provides a bit more stability.

Whatever the outcome, Shark Fin products hold genuine benefits for savvy crypto traders. Here are the ten main reasons to consider making the investment with Shark Fin.

Suitable in Both Bullish & Bearish Markets

As described above, Bybit offers two versions of its Shark Fin products. The Bullish Shark Fin helps maximize yields in a bullish market, while the Bearish Shark Fin can protect a trader’s holdings when the market takes a downward turn. This ability to capitalize on both bullish and bearish markets is a major advantage of Shark Fin products.

With most investments, traders have to worry endlessly about a potential dip in the market. The structure of Bearish Shark Fin alleviates this concern. By protecting your investment against sudden market movements, Bearish Shark Fin provides both peace of mind and higher yields.

Purchasing Bybit’s Shark Fin products represents a relatively low-risk investment. The product’s structure might occasionally limit yields, but it can also prevent investors from suffering significant losses. This makes purchasing Shark Fin safer than investing directly in cryptocurrencies.

To buy Shark Fin products, you must spend at least 100 USDT or 100 USDC. There is no maximum investment size, meaning you can buy as much as you’d like until the available subscriptions are sold out. Risk-averse investors can place a considerable portion of their holdings into Shark Fin products and rest assured that they’re making a sensible choice.

The crypto market is currently in the middle of a severe downturn — meaning that investors are eager to ditch risky investments. As they bail on volatile assets, they’re looking for safer places to park their crypto holdings. Shark Fin products, with their stability-inducing structures, give investors just the safe havens they’re looking for.

This flight to safety will help boost the popularity of Shark Fin products. Higher demand, meanwhile, will give the products staying power. Investing in Shark Fin is a bit like buying bonds, but with a shorter tenor. This safe investment strategy will likely maintain its popularity as long as the crypto winter persists.

All smart investors understand the importance of diversifying their portfolios. When you invest in just a few stocks, assets or cryptocurrencies, you’re potentially setting yourself up for disaster. With an undiversified portfolio, a single unexpected event can bring financial ruin. Spreading your money around is the best way to avoid these sudden calamities.

Shark Fin products are especially useful for diversifying your holdings. They’re relatively low-risk, and they can protect your capital in case of a market downturn. By keeping some of your crypto holdings in a safer location, you’ll have an easier time getting through the rough patches and keeping your finances afloat.

Rather than leaving returns entirely up to the whims of the marketplace, Bybit’s Shark Fin products provide investors with defined returns. The actual returns will depend on how the settlement price relates to a preset price range that’s determined at the time of purchase.

There are a few scenarios which can play out for investors. If the underlying asset's price ends up within the preset price range, you can expect to receive maximum yield. If, on the other hand, the settlement matches or exceeds the preset range, you’ll receive the guaranteed minimum yield.

Investors always appreciate having more knowledge about their investments — and Bybit’s Shark Fin products carry the advantage of predetermined maturity dates. When making your purchase, you can choose between investment periods of seven, 14 and 21 days. The products are released every week, and you can purchase the one that best matches your preferences.

Knowing an investment’s maturity date can make financial planning much simpler. Even if you don’t know what the yield will be, you can at least count on some sort of movement at the end of the subscription.

While some investments require constant attention, passive investments don’t require any attention at all. Bybit’s Shark Fin products are entirely passive. Once you’ve made your purchase, there’s nothing you need to do until the subscription ends. The timing of the investment is determined ahead of time, so all you need to do is wait.

Not only does a passive investment save you from the constant stress associated with monitoring an asset’s price, but it also frees you up to focus on other projects. You can use your time to research other investment opportunities and further diversify your portfolio.

Charges are every investor's worst enemy. They represent an entirely gainless cost, depleting your holdings while offering nothing in return. That’s why Bybit’s complete lack of ongoing charges for Shark Fin trading represents such an important advantage.

With structured products, you pay for everything up front. Once the purchase has been made, all you have to do is wait for the subscription to end and learn the total amount of your final yield. There are no surprise charges tacked on, and you’ll be able to assess the price of an investment in simple terms from the start.

While standard investments rely on a growing market to provide returns, structured products like Bybit’s Shark Fin can prove lucrative even if the market isn’t growing. That’s because these structured products are designed to provide yields even under adverse circumstances.

In a slightly rising market, a Shark Fin product can still provide hefty yields as long as the settlement price falls within the expected range. In a bear market, the guaranteed principal means you’ll at least get your money back. This format makes Shark Fin products safer investments in a period of uncertainty.

Bybit’s Shark Fin products come with special market protection barriers that can keep falling markets from destroying your investment. Imagine, for example, that you buy a product backed by an asset that falls in price. The guaranteed principal and protection barriers ensure that your yields don’t follow the market drop until a certain threshold has been passed.

This defensive posture makes Shark Fin products a much safer investment than unprotected assets. Even if the market collapses, you’ll still be protected from financial devastation. When the crypto markets are volatile, this last line of defense can prove invaluable.

While there’s no such thing as a risk-free investment, Bybit’s Shark Fin products represent a sound investment for cautious crypto traders. They’re perfect for diversifying your portfolio and protecting your holdings during tumultuous periods of market fluctuation. If you’d like to put your cryptocurrency into an investment without the risk of standard crypto investments, Shark Fin products are certainly worth your consideration.

Considering investing in Bybit’s Shark Fin products? Click 

10 Reasons to Invest in Bybit’s Shark Fin Products

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards