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 

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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 

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You can deposit cryptocurrencies by using the 

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To fund your Bybit account with fiat currency, click on the 

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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 

 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.

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Exclusive Trading Benefits Offered to Bybit VIPs

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 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!

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

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From 100,000 TPS to chunk sharding, investors are excited for NEAR Protocol for good reason. Here's why.

 evolves, Near Protocol emerges as a revolutionary approach, aiming to change the landscape of 

 (DApps) and address common challenges faced by existing platforms. Are you ready to unlock the power of the Near Ecosystem and explore a world where scalability, user experience, and developer accessibility are at the forefront? Let’s dive in and discover “what is Near”!

Near Protocol is a groundbreaking decentralized near crypto platform designed for DApps, providing a highly scalable and user-friendly environment powered by its native NEAR token. At the heart of this innovation is the platform’s focus on solving the scalability challenge, which has been a significant hurdle for existing blockchain platforms. The near collective of developers and users working on the Near Protocol are dedicated to overcoming these challenges.

Achieving transaction finality nearly instantly and processing transactions at an impressive rate of approximately 100,000 transactions per second (tps), Near Protocol presents a unique solution to this challenge, as validators process transactions efficiently.

Near Protocol serves as a foundation for building decentralized applications, providing a secure and performant infrastructure. By leveraging sharding technology, Near Protocol distributes computational load across multiple shards, allowing for parallel transaction processing and enhanced scalability. This results in a fast, secure, and cost-effective platform that attracts both users and developers alike.

Near Protocol’s cloud infrastructure, combining serverless computing and decentralized data storage, equips developers with the essential components for constructing DApps on the platform. The native token, NEAR, plays an integral role in the ecosystem, being used for transaction fees, staking, and on-chain governance. This creates an ideal environment for the development and growth of innovative decentralized applications.

The NEAR token, functioning as the lifeblood of the Near Protocol ecosystem, has numerous uses that ensure the platform’s smooth operation. From transaction fees to staking, and 

 governance, NEAR tokens play a vital role in the ecosystem.

Transaction fees in the NEAR Protocol are determined by the amount of gas consumed by the transaction, ensuring a fair and efficient system for users. Additionally, the NEAR token plays a crucial role in on-chain governance, serving as a key component in storage staking, economic coordination of network participants, and decision-making on the network.

This comprehensive approach ensures that the NEAR token remains an essential part of the platform’s success.

Near Protocol’s innovative approach centers on addressing scalability issues through sharding and securing the network with a proof-of-stake consensus mechanism. By incorporating these cutting-edge technologies, Near Protocol offers a high-performance platform capable of handling a large number of transactions while maintaining a secure and decentralized environment.

Sharding is a key technological innovation that allows Near Protocol to increase its network’s capacity and throughput as more nodes join the network, improving overall scalability and preventing network congestion. As network congestion increases, Near Protocol’s sharding mechanism enables parallel processing of transactions by dividing them among groups of nodes known as ‘shards,’ significantly increasing the overall throughput of the system.

The mechanism boosts the platform’s performance while also equipping Near Protocol to handle an increased number of transactions, meeting the growing demand for decentralized applications. Sharding offers Near Protocol a competitive edge and positions it as a leading platform in the blockchain landscape.

Near Protocol’s proof-of-stake consensus mechanism ensures network security and encourages wide participation from validators and token holders. By utilizing Thresholded Proof of Stake (TPoS), Near Protocol provides a deterministic way to select validators based on their stake in the network, assigning them in turn to produce blocks and validate transactions.

Besides ensuring validators’ stake in the network, this mechanism also motivates them to operate honestly and securely, thus upholding the blockchain’s integrity. As a result, Near Protocol’s proof-of-stake consensus mechanism plays a pivotal role in securing the platform and fostering a thriving ecosystem.

User Experience and Developer-Friendly Features

Prioritizing user experience and developer accessibility is at the core of Near Protocol’s design philosophy. With features like human-readable account names and modular components for easy development, Near Protocol strives to create a platform that caters to the needs of both users and developers.

Near Protocol’s adoption of human-readable account names, aimed at enhancing user experience and facilitating interaction with the platform, stands as one of its most remarkable features. Instead of having to use long and complex public key hashes, users can create and use account names that are easy to remember and understand, such as alice.near or jane.near.

This simplification not only makes it easier for users to manage their digital assets but also streamlines the onboarding process for new users, making the platform more accessible for individuals with limited technical knowledge. By adopting a user-friendly approach, Near Protocol ensures a smooth and enjoyable experience for all participants in the ecosystem.

Near Protocol’s modular components provide developers with a range of pre-built building blocks that can be integrated into their applications with ease, saving time and effort in the development process. These components, while streamlining the development process, empower developers to concentrate on their projects’ unique aspects, resulting in faster application deployment. Additionally, protocol maintenance becomes more manageable with the use of these modular components.

By offering a selection of modular components, Near Protocol makes it easier for developers to build and customize their applications, further enhancing the platform’s appeal to the broader blockchain community. This developer-friendly approach positions Near Protocol as a leading platform for the creation of innovative and scalable decentralized applications.

Notable Projects Building on Near Protocol

Several notable projects building on Near Protocol include:

These projects showcase the potential of Near Protocol for diverse applications and highlight its growing influence in the blockchain space.

These projects illustrate the versatility and adaptability of Near Protocol, as well as its ability to support a wide range of applications and use cases. As the Near ecosystem continues to grow and attract new projects, it solidifies its position as a leading platform in the blockchain space.

Near Protocol Governance and Community Involvement

Near Protocol’s governance model emphasizes community involvement and decision-making, with the NEAR Foundation overseeing the protocol treasury and technical upgrades. This approach ensures that the platform remains responsive to the needs of its users and developers while fostering a sense of ownership and responsibility within the community.

The platform’s governance sees active involvement from token holders, who have the chance to partake in on-chain decision-making or assign their voting rights to validators. This inclusive governance model promotes transparency and accountability, creating a strong foundation for the continued growth and success of the Near Protocol ecosystem.

The process of acquiring and storing NEAR tokens is simple and straightforward for interested parties. Users can buy NEAR tokens on various exchanges, such as:

When it comes to storing data and NEAR tokens, users have several options, including the use of 

 for larger amounts and hot wallets for smaller amounts. The NEAR Wallet, a non-custodial web-based wallet, can also be employed for secure storage of NEAR tokens. With these options available, users can confidently participate in the Near Protocol ecosystem.

The Future of Near Protocol and Its Ecosystem

With ongoing developments striving to further boost its ecosystem and cement its position as a top blockchain platform, the future of Near Protocol appears promising. One such development is the Rainbow Bridge, which enables 

-to-NEAR token bridging, allowing users to connect their Ethereum ERC-20 tokens to the NEAR platform and utilize the NEAR dapp ecosystem.

Another exciting development is the implementation of Ethereum Virtual Machine (EVM) support, which will allow developers to redeploy their Ethereum dapps and smart contracts on NEAR with minimal or no modifications. These initiatives demonstrate Near Protocol’s commitment to continuous improvement and its dedication to providing an ideal environment for decentralized applications and their users.

As we’ve explored throughout this article, Near Protocol is a revolutionary blockchain platform that prioritizes scalability, user experience, and developer accessibility. With its innovative approach to sharding, proof-of-stake consensus, and unique features like human-readable account names, Near Protocol is poised to make a significant impact on the blockchain landscape. As the platform continues to evolve and attract new projects, it’s clear that Near Protocol has a bright future ahead. So, why not dive into the Near Ecosystem and experience the possibilities for yourself?

Near Protocol is a public Proof-of-Stake blockchain designed to bring DeFi and decentralized applications to the masses with low transaction fees, fast transactions and user-friendly features. It offers up to 100,000 transactions per second at a cost of less than $0.001 per transaction.

NEAR Protocol is a decentralized blockchain platform with a proof-of-stake consensus mechanism, allowing for energy-efficient and secure transactions. The native token, NEAR, is used to pay network fees and can be staked to enhance network security.

1 NEAR Protocol is currently valued at $1.52 USD. Trading 5 NEAR would cost $7.61 USD, while $50.00 USD would convert to 32.86 NEAR, excluding platform and gas fees.

Although Ethereum has a greater adoption rate and prioritizes resilience and robustness, NEAR Protocol is faster and cheaper and promises to provide a superior user experience. Ultimately, it depends on what the user needs for their particular use case.

What makes Near Protocol different from other blockchain platforms?

Near Protocol is unique from other blockchain platforms due to its scalability solutions powered by sharding technology and a proof-of-stake consensus mechanism, as well as its native NEAR token and user-friendly environment for DApps.

What Is the NEAR Protocol? Unlocking the Power of the NEAR Ecosystem

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