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.

Advanced

block-scholes-x-bybit-report.jpeg

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

bybit vip.png

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.

letstop, stop crypto.png

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

4.png

FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

Altcoins

Crypto

Originated from South Korea, let's take a look at Klaytn (KLAY) and find out what makes the blockchain project valuable.

Klaytn_blockchain_fundamentals.png

Klaytn_governance_council.jpg

The_KLAY_USDT_Pair.png

Blockchain technology has never been bigger. Every cryptocurrency has an infrastructure that’s based on its blockchain protocol. Currently, there are four types of protocols: public, private, hybrid and consortium. Typically, the use cases of a cryptocurrency are determined by the type of blockchain upon which it’s built.

In this article, we’ll discuss Klaytn (KLAY), a hybrid emerging blockchain project that combines the strengths of public and private protocols. Here’s everything you need to know.

, the blockchain subsidiary of South Korean tech giant 

. With a market cap of over $40 billion, Kakao is one of the largest publicly traded tech companies in Korea. Over 93% of South Korea’s population uses Kakao’s instant messaging app, 

 (usually shortened to “KaTalk” in South Korea). Having recently launched South Korea’s first-ever internet-only bank, 

, the company is also a pioneer in the fintech industry. Currently, Kakao manages around 30 services in various sectors: 

Fueled by 2017’s crypto bull run, Kakao made its venture into the crypto space in 2018. After launching the KLAY token in a successful ICO, Kakao went on to build blockchain network 

, which they hope will become the technological backbone for all South Korean businesses. 

Klaytn’s hybrid infrastructure helps it to deliver a seamless blockchain experience for businesses both within and outside South Korea. Using Klaytn’s modular network, enterprises can create and operate their own customized blockchains.

The blockchains built on Klaytn’s architecture are service-oriented and typically referred to as “service chains,” running independently and autonomously as sub-networks contributing to Klaytn’s enterprise-friendly ecosystem. Klaytn’s USP is that these service chains are customizable, flexible, and can accommodate any web service. 

So far, Klaytn has managed to attract the attention of several global enterprises, with 40 initial service partners (ISPs) on board with the project less than a year after its launch. Like Kakao, these companies offer a diverse range of products and services.

As the native utility token of the Klaytn blockchain, KLAY has various use cases across the Klaytn ecosystem. All transactions occurring on the platform can be paid in KLAY, which also has great utility among the other blockchain applications that run within the Klaytn network. One such use case is discussed below.

As mentioned, the Klaytn blockchain is now available on KakaoTalk. 

, a crypto wallet, is integrated into the app. With it, users can store over a dozen Klaytn-based cryptocurrencies, including KLAY. This wallet also supports the storage of many fungible and 

 (NFTs). Apart from enhancing customer experience, the Klip wallet also provides a staking facility for KakaoTalk users to earn rewards via KLAY 

Other than the Klip wallet, the Klaytn blockchain also hosts over 60 successful 

 (decentralized applications) — or rather, 

 browser extension, and KLAYstation dashboard. The functionality of KLAY is spread across these applications, making the token very valuable.

How Does the Klaytn Blockchain Work? (Klaytn Architecture)

As the Klaytn blockchain caters primarily to enterprises with large data transaction volumes, a typical consensus mechanism such as 

 (PoS) would likely not suffice. Klaytn is deployed instead via an advanced consensus mechanism known as IBFT (

Although Klaytn’s current infrastructure can’t be achieved through PoS or PoW consensus, it allows the 

 to support a limited number of beginning validators while keeping IBFT as its primary consensus mechanism. It’s evident that the Klaytn blockchain is inspired by the 

. In fact, this project has deployed a virtual machine that is not only similar to Ethereum’s, but also functions in a comparable manner.

However, everything on this blockchain network is about speed and convenience. To put things into perspective, Ethereum can process about 10 

 (TPS), whereas Klaytn can process up to 4,000 

. Also, transaction fees on Klaytn are over 10 times cheaper than those on Ethereum. This has allowed Klaytn to initiate the mainstream adoption of blockchain among institutions as scalability ceases to become a problem.

The values upon which the Klaytn blockchain was built. Source: Official Klaytn media kit

Klaytn’s digital and enterprise experience foster interoperability among existing services, while providing a unified environment for blockchain developers to build their protocols. Klaytn also focuses on fixed transactions and ensures that 

With Klaytn’s UX (user experience), EX (enterprise experience) and DX (digital experience), enterprises are able to deploy their blockchains easily or to join other chains without having any experience in the field. To launch their tokens on the Klaytn blockchain, companies don’t need to hire external professional help — e.g., blockchain specialists and technical experts.

Apart from what we’ve discussed regarding Klaytn’s parent company, this project also has the backing of conglomerates such as LG Electronics, Union Bank and FSN. This support encourages enterprise blockchains to trust Klaytn’s ecosystem and to invest in the project. On the institutional front, current investors of the Klaytn Network include 

Typically, the use cases of any utility token are constrained within its native blockchain. KLAY, however, is different. As we said, this token has utility both within Klaytn’s ecosystem, and even among applications built on Klaytn’s blockchain.

Of all the features discussed, there are two key aspects which differentiate Klaytn from other enterprise-centric blockchains. 

By deploying the IBFT consensus, Klaytn solves the problems of 

. Also, its low transaction fees makes it ideal for enterprise use.

Klaytn’s ecosystem currently consists of more than 60 DApps. Therefore, enterprises have plenty of options when it comes to identifying and developing the type of app they want. Thanks to the versatile nature of Klaytn’s blockchain, developers can create DApps for different industries, such as game development, 

The total supply of KLAY is capped at 10.7 billion tokens. With a 

 of 2.5 billion KLAY, the token recorded an impressive $39 million in trading volume in the past 24 hours from time or writing, and the total 

 of KLAY stands at $3.2 billion is (valued at $1.30 per KLAY). Currently, KLAY is ranked 32nd with the reputable 

. This council is responsible for approving or rejecting any proposed changes made to the Klaytn blockchain. After the council has given its approval, the council’s chairperson needs to approve the proposal as well before any changes can be made. This aspect of Klaytn seems a bit centralized.

From an investment perspective, KLAY is a token with high potential, having recorded an 

 above $4. After an ensuing correction, its price action was fairly stable with no extreme lows. According to 

, the KLAY token is poised for exponential growth, with the token’s value predicted to reach $5.40 by 2026. This is an increase of approximately 300% on its current price of $1.30.

The KLAY token can be bought on reliable crypto exchanges such as Bybit. To purchase KLAY on Bybit, follow the steps outlined below. 

To buy any crypto on Bybit, you need to first have a verified trading account. Creating a Bybit account is a straightforward process that should take only a few minutes. Visit the 

 in the top right corner. Fill in the details requested, create a strong password, confirm it, and then click 

. To start making transactions on the exchange, make sure you’ve first completed the KYC verification process.

The KLAY token is paired only with USDT on the Bybit exchange. Therefore, you need to have USDT in your wallet to purchase KLAY. If you already have USDT, you can transfer it to your Bybit wallet. Otherwise, first purchase your USDT, which will only take a couple of minutes. 

 section and search for the KLAY token by clicking the drop-down menu above the price chart. In the screenshot below, you can see the 

 area on the right. Here you can enter the quantity of KLAY you want to purchase. Click 

 after confirming the USDT amount. Once your order is filled, the KLAY tokens will be reflected in your wallet. 

. You can transfer your KLAY tokens to a wallet by clicking 

pasting the corresponding withdrawal destination wallet address. 

 options are ideal, as they can better safeguard your crypto tokens from online con artists. 

The Klaytn project was designed to revolutionize the enterprise blockchain space, and it seems on track to do so. Blockchain solutions like Klaytn are essential to driving adoption at the institutional level. 

Looking at Klaytn’s complex yet robust architecture, Kakao has clearly put a lot of effort into it. With powerful backing from Kakao and its subsidiaries, KLAY could eventually become the most prominent cryptocurrency in South Korea. That being said, KLAY could potentially struggle to find its footing globally as the crypto market is dominated by heavyweights such as Bitcoin and Ethereum. In particular, 

 has been partially rolled out — and their reign isn’t looking to end anytime soon.

Klaytn (KLAY): How It Works

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards