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.

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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 

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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: 

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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 

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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 

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 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.

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Exclusive Trading Benefits Offered to Bybit VIPs

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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

Altcoins

Crypto

GameFi

Metaverse

web3

A fun and increasingly popular way of creating virtual worlds, find out how you can cash out using The Sandbox crypto.

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Launched in 2011, The Sandbox is a virtual world where gamers can build, own and monetize their gaming experiences on the Ethereum blockchain. Pixowl co-founder/CEO Arthur Madrid and COO Sebastien Borget are the main driving forces behind The Sandbox, which is best known for its mobile games 

 (2016). To date, the games have racked up a total of over 

A virtual world that’s driven by its community, The Sandbox allows creators to design, share and sell virtual world assets. 

The Sandbox is a gaming platform built on the Ethereum network, the leading blockchain platform for decentralized projects.

 The Sandbox metaverse attempts to change the dynamics of the gaming market by rewarding creators of user-generated content for the value they produce. 

Players in The Sandbox can purchase and trade resources as plots of land and create custom game experiences, making them available for others to use. A free-to-play online game, The Sandbox offers a system of special tokens that runs the entire ecosystem. These tokens can be earned while playing the game.

The Sandbox features a circular economy between different types of users, including players, creators, curators and landowners. SAND is the token used for interactions/transactions, whereas LAND represents digital real estate. Each unit of LAND is a 

 (NFT) registered on the public Ethereum blockchain (ERC721). Players can buy LAND to purchase other assets in the game.

, which are tokens created by players who build and assemble user-generated content (UGC). These virtual tokens can be traded on a 

 with SAND and incorporated into LAND. ASSETs use the ERC1155 standard and serve as creative elements in The Sandbox Game Maker. 

The Sandbox draws its key features from the 

: immutability, true ownership, interoperability and ease of monetization. Once artists’ creations are uploaded, they’re registered on the blockchain and cannot be altered by anyone, including members of The Sandbox team. Creators have full ownership of the assets through their blockchain wallets. 

Ethereum also helps with new monetization mechanisms by rewarding creators without using a middleman. In terms of interoperability, Ethereum gives tokens from The Sandbox compatibility with other Ethereum-based platforms. By facilitating communication between different decentralized networks without any intermediaries, The Sandbox achieves true decentralization.

Voxel Editor is a type of software used to build 3D voxel models, allowing users to create and animate models of animals, tools, humans and more. Square 3D pixels called 

 form building blocks that can be manipulated using 

 to produce beautiful works. Once completed, these works can be exported from VoxEdit into The Sandbox marketplace as NFT game ASSETs.

 allows users to build 3D games for free. Thanks to built-in visual scripting tools, no coding experience or knowledge is required, so you’ll be able to create your own game even if you’re a beginner.

 lets users upload, publish and sell NFT creations made on VoxEdit. These creations are first uploaded into an 

 network with decentralized storage, then registered onto the blockchain as proof of ownership. Once registration has been completed, the creations become ASSETs that can be traded by making an initial sale offer on The Sandbox marketplace, where potential buyers can purchase them.

SAND is The Sandbox ecosystem’s native token. It follows the ERC20 standard. Publishers, gamers and developers in The Sandbox ecosystem use SAND as the main currency of transactions. This Ethereum-powered utility can be transferred an unlimited number of times between users for P2P transactions, such as purchasing or selling LAND and ASSETs.

Apart from the SAND coin, The Sandbox also provides a LAND token which proves players’ ownership of digital land. Assets also include items created by members of the community. 

As SAND is relatively scarce, with its supply limited to 

Listed below are some of the uses of SAND crypto:

SAND contains the power required to drive all of The Sandbox’s transactions and interactions. Once The Sandbox 

 (decentralized autonomous organization) has been established, SAND will also begin serving as a governance token, allowing its holders to make changes to The Sandbox’s ecosystem. 

ASSETs and LAND can be bought with SAND. Players can use their LAND to build houses and ASSETs. Each LAND parcel is a digital plot measuring 96 × 96 meters, with a total of 166,464 such plots 

SAND tokens can be staked to get more SAND coins, as well as 

. Different types of tokens used for creating ASSETs, these can be purchased from other players. CATALYSTs are ERC20 tokens used to determine the tier of an ASSET. Tiers range from common ASSETs (the least scarce) to legendary ASSETs (the most scarce). 

For a smooth and seamless user experience, Ethereum GAS fees generated while mining are paid by The Sandbox on behalf of players. 50% of the SAND token transaction volume is devoted to the Sandbox Foundation, helping to support the ecosystem by funding grants and promoting the platform. 

 of more than 890 million out of its maximum supply of three billion. About 25.82% of the total token supply has been set aside in a company reserve, while 17.18% has been allocated toward the seed sale of the token. The Sandbox’s team members and founders have secured 31% of the total supply distributed.

At the time of this writing, the price of one SAND is 

, with a 24-hour trading volume of more than $166 million. 

At the time of this writing, SAND has a 

 of more than $697 million. Currently, over 890 million SAND tokens are in circulation, representing 30% of the total supply available.

SAND can be purchased from major cryptocurrency exchanges using a credit or debit card. It can also be traded with Ether on Uniswap, earned from games in The Sandbox ecosystem, or obtained through various contests and reward programs in The Sandbox — for example, 

The Sandbox entered the blockchain industry with a bang and has continued gaining momentum ever since. So far, it’s obtained investments from various large brands in the gaming industry, including 

. The price of SAND is expected to increase from 

 within the next year and has a maximum gain potential of +70.82%.

The Sandbox aims to revolutionize the digital gaming market by creating a universe where gamers can create and collect blockchain-based assets. Its metaverse has garnered plenty of involvement from players who contribute to the platform’s development: not only can users share their views and ideas, but they can also participate firsthand in this exciting project. Overall, The Sandbox’s product offerings, ease of use, and level of control make it easy to see why it’s getting so much hype.

The Sandbox Crypto (SAND): Monetizing Virtual Gaming

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards