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

Siacoin offers something quite unique - data storage. Check out this article for all you need to know about this emerging altcoin.

LearnBybit-SiaCoin-1600x900-1.jpg

pasted_image_0.png

. But Bitcoin only offers decentralized transactions. 

’s network was the first to provide various decentralized services. One of these services is data storage.

Data storage is one of the necessities of the 21st century, as smart devices become an inseparable part of society. Some cryptocurrencies offer decentralized data storage, changing the approach behind it once and for all. One of the biggest cryptocurrencies to provide such a service is Siacoin. 

Siacoin is, in fact, a utility token and the native token of the Sia network. Like every cryptocurrency, Siacoin has had its ups and downs in terms of price. Recently, Sia has been growing at a consistent rate. But its price is not the only pretext for traders to consider before engaging with this coin. It is perhaps its utility that makes it unique and worthwhile. As such, let’s look at the key components of Siacoin so that you have a better understanding of this cryptocurrency’s background.

Siacoin (SC) is the native token of the Sia network and serves as a utility token. It is one of the first cryptocurrencies built on the Ethereum network that offer decentralized cloud storage.

 by computer scientists David Vorick and Luke Champine. It was initially announced in 2014, then revised and announced again in 2015. The funding for the Sia project came from Jim Pallotta, a billionaire investor. The name Sia is a reference to the ancient Egyptian god of perception.

The fact that it is decentralized gives Sia a chance to potentially compete with the likes of Google or Amazon, which provide centralized cloud storage. As such, the main goal of Sia is dethroning these centralized data storage options and putting decentralized ones on the pedestal.

In the same way that decentralized projects are built on top of the Ethereum network, SiaStream and Skynet work on the Sia network. SiaStream is the application that allows streaming media in a decentralized manner. Skynet delivers the pillar content of the network.

As of now, Siacoins do not have a limited supply, so their price might be prone to inflation. The reason for a limitless supply is that Siacoin is a utility token intended to benefit anyone who wants to join the network and use cloud storage. If Siacoin were to be limited, this would also limit storing data on the Sia network by its users. As of May 2021, the 

, Siacoin debuted at $0.00004 in 2015. The price reached its all-time high in January 2018, at $0.09. In 2021, the price of Siacoin started increasing again.

As suggested, the Sia network allows people to store data in a decentralized manner. In order for users to store files, they need to pay the network by using Siacoins. The fees are relatively low, and are considerably lower than the fees which traditional cloud storages requires.

Additionally, users can store many files at once without causing any trouble to the functionality of the network. Recently, the storage used has been increasing by terabytes.

Used storage over the last 90 days as of April 2021. Source: 

. Smart contracts are sets of codes that enable a blockchain to be decentralized. The smart contracts which enable the functionality of the Sia network are known as 

. These file contracts usually last 90 days.

After 90 days, the host needs to prove that the data is being stored, which is done by sharing a small percentage of the host’s data. This proof mechanism is known as Proof-of-Storage (PoS). After the host proves the information, which is added to the Sia blockchain, the host is rewarded with Siacoin.

What makes the data storing process of Sia much more efficient than traditional cloud storage is the decomposition of the files. Before a file is shared, the Sia network breaks down and encrypts the file into 30 parts so that uploading it is much easier. This also maintains the stability of the network, and makes sure that the data storing process does not fail.

Storage proofs and the breaking down of the data are 

 by Merkle tree technology. A Merkle tree is also known as a hash tree, whereby the information of each block is linked with that of another in the form of a “tree” to ensure efficiency and security in the blockchain.

But what if the host is offline? Does that mean that the user storing the files cannot recover and download his/her files?

process. Erasure coding enables the Sia network to store the file redundantly. Because of this, any 10 out of 30 segments of the broken-down file are able to recover all the files that a user stores. Judging by this process, even if 20 out of 30 hosts are unavailable and offline, you can still access all your files.

File contracts that last only 90 days are renewed after a certain period. If the host goes offline after 90 days, and does not prove the stored files, all the data is moved to another host to ensure the continuity of storing the files. This process is known as 

Moreover, even if the Sia network cannot find a new host automatically after the 90 days of the file contract, the user is refunded for any unused Siacoin.

 (PoW) as a consensus mechanism. Hence, the Siacoins can be mined by users. The mining process requires the nodes to verify a transaction in order for them to be rewarded with Siacoins by the network. Since the network’s supply is not limited, mining might not become as difficult in the future as it does in cryptocurrencies with a limited supply. It is also worth noting that Sia is open source, meaning that anyone can access the information and suggest modifications.

But Siacoin is not the only token in the Sia network. Another token that plays a vital role in the development of the Sia network is Siafunds. Siafunds (SF) are considered security tokens. Their purpose is to serve as an incentive for more people to join the Sia network and begin to store data in cloud storage.

The owners of such tokens earn a revenue of 3.9% from every transaction conducted in the Sia storing process. This 3.9% comes from fees that users pay, whether they are renter storage fees, bandwidth costs, or simply host collateral. The downside of this feature is that only 10,000 SF are in circulation, which was deployed when the Sia network itself was launched. 8,000 out of these 10,000 available SF are owned by 

Siacoins converted to Siafunds. Source: 

So what do all these processes achieve? There are benefits that come with every one of Sia’s features. Here are the main ones:

Data storing costs of Sia compared to traditional options. Source: 

So where does this information put Sia in relation to Bitcoin?

Interestingly enough, the Sia blockchain and the Bitcoin blockchain are very similar. In terms of their transaction processes, they have the same functions. In terms of consensus mechanisms, they both use 

 (PoW). Both blockchains are very secure and decentralized. Even though the supply of Siacoins is not limited, and the supply of Bitcoins is limited to 21 million BTC, the mining process is still similar for both of these blockchains.

However, there are some distinct features of the Sia blockchain that make it unique. Besides the obvious fact that the Sia network offers data storage and Bitcoin’s does not, they also differ in terms of the algorithms they use.

Bitcoin uses Secure Hash Algorithm (SHA-256). This algorithm generates a 256-bit hash, one of the strongest hash functions that exist so far.

Sia, on the other hand, uses the Blake2b algorithm, which is based on BLAKE2. It generates a 64-bit hash, and its priority is to increase the security of hash functions. 

Now that we’ve covered what’s needed to understand the main idea of Siacoin and the network it resides in, let’s look at the main platforms that Siacoin can be used for besides transactions.

Filebase is one of the biggest storage platforms for which Siacoins can be used. It stores data in a secure, private and decentralized way. Filebase is the first platform to simultaneously support Sia, Storj and Skynet as underlying storage layers. Filebase ensures a 3x redundancy for each segment of the files, making the files easily accessible to users even if hosts are offline. 

While Siacoins are necessary for storing files in the network, Filebase does not explicitly ask you to purchase and use cryptocurrency.

 decentralized storage platform. Every file uploaded to Skynet has a unique ID, which is known as a Skylink.

Skylink serves as the file information’s hash, and it can be used any time to access or retrieve files in a Skynet Portal. All this is done in a decentralized manner, even though specific vantage points connect the user with the files. 

Nextcloud is another external storage application developed on the Sia network. It also offers redundancy of file segments, as well as a secure data storage service. Sia is constantly updating Nextcloud, and it is currently trying to make the Sia Nextcloud one of the best platforms to offer a user-host interface.

Ultimately, Siacoin is one of the most underrated cryptocurrencies in terms of utility. Its price may not experience rocketing highs due to its large, unlimited supply, but it has revolutionized how data is stored online.

Exploiting decentralized storage offered by the Sia network could reduce the need for centralized storage options such as Google, Amazon or Microsoft. This is because it is much more expensive to use these centralized options. Additionally, they do not offer the security and privacy that the Sia network provides.

One thing is for sure: decentralized cloud storage may become one of the most critical features of decentralization in the near future.

So, with the new found knowledge in crypto, why not sign up to Bybit?

In-depth Explanation: What Is Siacoin (SC)?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards