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

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

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

Please check out the report’s highlights.

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

Negative funding rates point to bearish sentiment

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

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

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

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

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

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

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

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

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

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

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

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

What’s the source of MUBARAK’s popularity? 

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

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

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

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

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

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

Mubarak's simple token structure and availability on a reputable 

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

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

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

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

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

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

Beginner

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

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

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

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

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

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

Back in September 2024, Bybit introduced 

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

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

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

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

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

Bybit allocates your total staking amount through 

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

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

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

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

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

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

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

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

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

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

. There are three key differences between the two products: 

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

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

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

How to get started with Margin Staked SOL

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

: In your account’s navigation pane, click on 

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

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

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

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

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

 to proceed, depending upon your earlier choice. 

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

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

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

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

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

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Bybit Margin Staked SOL: Unlock higher yields with less effort

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

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

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

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

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

Check out the latest prices, charts, and data of 

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

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

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

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

Bybit Learn

Altcoins

Crypto

Looking to make your first crypto investment, but feeling uncertain about the risks involved? Go for the middle ground that's PAX Gold, a hybrid between the physical and virtual.

 have gained popularity in recent years, physical commodities are still all the rage, with demand for gold reaching over 

 in 2021. Globally, the crypto market capitalization 

last year as well. Many investors now find themselves face-to-face with the question: Which option to choose — crypto or gold?

PAX Gold has found a way to provide a hybrid investment option of cryptocurrency linked directly to physical gold assets, hence appealing even to investors who are used to traditional options. This article will discuss PAX Gold (PAXG) and examine its viability as an investment.

 (PAXG) is an asset-backed token issued by 

. One PAXG token represents one fine troy ounce of a 

 stored in Brink's professional vault facilities.

Users receive PAXG tokens representing legal ownership rights to a part of the gold held by the Paxos Trust Company. Since the PAXG token represents real, physical gold, its value is tied directly to the real-time market value of gold.

The PAXG token gives its owners the benefit of real physical ownership of gold bars, with the mobility and speed of a digital asset. PAXG token holders can have fractional ownership of physical bars and convert their tokens to unallocated gold, allocated gold or fiat currency (and vice versa) on the Paxos platform. This conversion process is quick and efficient, reducing vulnerability to settlement risk.

A PAXG token holder can look up the serial number, value and physical characteristics of their vaulted gold at any time by simply entering their Ethereum wallet address into the 

protocol, and all transactions function according to the 

Every PAXG token represents one fine troy ounce of a gold bar stored in Brink's vaults. For smaller amounts of gold, physical retailers can help investors redeem their tokens. PAXG uses the same consensus protocol and blockchain features as Ethereum, including access to smart contracts.

Paxos checks and surveys each PAXG transaction via third–party analytical tools to investigate potential cases of fraud and money laundering. It also conducts regular smart contract audits, by which developers analyze code to identify bugs and vulnerabilities.

Paxos charges a small fee (around 0.02% of the amount of PAXG sent on the blockchain) for the creation and destruction of PAXG tokens. Users also pay on-chain fees for moving their tokens on Ethereum.

Ethereum is a blockchain platform technology that hosts applications, digital money and global payments. The Ethereum community has created a booming digital 

, with bold ways for creators to earn online and more.

An Ethereum smart contract follows a standard protocol for defining custom tokens on the 

. The contract must specifically declare basic token characteristics (name, symbol, decimal precision), track the total number of tokens, monitor the token balance for each Ethereum address, and allow address owners to transfer parts of their balances to other addresses.

Since PAX Gold follows the standard ERC20 protocol, many Ethereum-supported exchanges and wallet applications already have built-in support for viewing and transferring PAX Gold.

PAXG, built as an ERC20 token on Ethereum, can be moved or traded 24/7 from anywhere in the world. The low investment minimums enable anyone to own a part of an LBMA-accredited gold bar under 

Paxos is a custodian and trust company regulated by the New York state Department of Financial Services (

). The PAX Gold token is also fully backed by allocated gold held in the world's most secure vaults. Every month, a nationally ranking auditor ensures there is a matching supply of PAXG and underlying gold.

PAX Gold is the first and only gold token that can be redeemed for 

-accredited Good Delivery gold bullion bars. Smaller amounts can also be conveniently redeemed through a network of physical gold retailers. Paxos customers can always redeem PAXG for USD at current gold market prices. Institutional customers can also redeem their PAXG tokens for unallocated 

PAXG holders can easily redeem or convert PAXG to fiat, physical or unallocated gold through the Paxos platform. PAXG can be used wherever ERC20 tokens are supported. PAX Gold tokens can also be traded for other digital assets on popular cryptocurrency exchanges.

Paxos offers an extremely competitive fee structure (0.03–1% based on volume tiers) for the creation and redemption of PAXG tokens in the Paxos wallet. It also offers low on-chain Ethereum transaction fees (0.02%) and zero storage fees. As with other ERC20 tokens, nominal Ethereum gas fees are applicable for on-chain transactions.

As of this writing, the price of one PAXG is over 

, with a 24-hour trading volume of nearly 

, PAXG has a circulating supply of more than 300,000 PAXG and a market cap of approximately $611 million.

The Paxos Trust Company has a track record for successfully developing and maintaining 

 like Paxos Standard (PAX) and the U.S. dollar-backed Huobi stablecoin (

The Paxos Trust Company ensures that the circulating supply of PAXG is backed at a 1:1 ratio by physical gold bars held in secure Brink's vaults.

The low minimum order requirement of PAXG allows individuals to gain fractional ownership of LBMA-accredited London Good Delivery gold bars at retail investor-friendly prices.

PAXG holders can earn interest through crypto asset interest accounts offered by 

. Users can also access short– and medium–term loans secured against their PAXG tokens through Nexo's platform.

For most investors, physical gold bars are not quite affordable. As an alternative, PAXG offers access to fractional gold ownership at a minimum purchase of 0.01 PAXG (currently equivalent to $19).

, is fully regulated and licensed by NYDFS. The company maintains regular, publicly-available audits, so customer balances are cumulatively pegged 1:1 by the circulating supply of PAXG tokens.

PAXG tokens can only be purchased directly by verified users. Those who value their privacy might find PAXG's 

In compliance with regulatory responsibilities, the issuer should adhere to legal requirements when asked to freeze, unfreeze or wipe a user's account. However, since PAX Gold is fully decentralized, there is no real way to enforce legal requirements on its transactions.

PAX Gold is a valuable asset for investors and active traders (institutional or retail), as well as market participants both outside and inside the crypto asset ecosystem.

 enthusiasts are also attracted to PAX Gold investments for many of their shared properties. Both Bitcoin and PAX Gold are decentralized "outside" assets that are no one else's liability, and are not tied to any particular government. Both assets are also scarce and transcend universally recognized borders. Therefore, many investors who hold and trade Bitcoin are also likely to be interested in holding and trading gold, which is where PAX Gold comes in.

PAX Gold's similarities to Bitcoin also ensure an easy introduction to new asset classes within a familiar ecosystem. PAX Gold is listed globally on crypto asset exchanges, and trades directly against Bitcoin and other crypto assets.

PAX Gold is an attractive option for many people worldwide who are interested in physical gold investment, as it’s allocated to high-quality gold, doesn’t require any storage fees and is highly accessible. In addition, people who already hold physical gold may be interested in moving their holdings to PAX Gold.

Even though the price of gold may be volatile in the short term, it has historically maintained its value over the long term. For this reason, many investors use gold as a hedge against inflation.

The price of gold often increases in response to events that cause a decline in the value of traditional paper investments, such as bonds and stocks. Therefore, it’s important to consider a gold investment as a major part of a diversified investment portfolio. This strategy is effective in offsetting losses from more volatile assets during a downturn in the market.

PAXG offers investors the same value proposition of physical gold, in addition to the liquidity, security and divisibility of digital assets powered by blockchain technology.

Following are some ways in which users can purchase PAXG.

PAXG can be bought directly using USD or unallocated gold from the Paxos user interface.

On the main dashboard of the Paxos account page, click on the 

 tab on the top navigation bar. From there, you can convert USD into PAX Gold. PAXG tokens bought through Paxos' gold retailer are subject to 

If you have a Loco London unallocated gold account, you can transfer your holdings to Paxos. Paxos will convert the unallocated gold into physical allocated gold bars that are tokenized as PAXG. The resultant PAXG will then be credited to your Paxos account the next day. Any unallocated gold balance left in your account after the daily cut-off time (4:30 PM in the U.K.) will be converted to PAXG.

 and then placing a limit order to obtain PAX Gold tokens. Enter the targeted order price in USDT and select the amount of PAXG you want to acquire. If the PAXG price reaches the amount you’ve specified, your order will execute, and the tokens will be reflected in your account.

You can also purchase PAXG tokens from popular cryptocurrency exchanges using USD, EUR, BTC or ETH.

PAX Gold’s unique value proposition ensures that both traditional and modern investors can keep up with today’s trends without compromising on their personal goals and preferences. With real gold assets represented by crypto tokens, you can have physical and crypto assets in a single investment — the best of both worlds.

What Is PAX Gold (PAXG)?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards