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 

 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

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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

Bybit Learn

Blockchain

Sei is a Layer 1 blockchain ecosystem on Ethereum that focuses on creating a system allowing countless users to trade at lightning-fast speeds. Learn more here.

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The Sei network introduces a revolutionary new solution to the issue of scaling in the hope that their infrastructure will allow effortless trading of digital assets, no matter how big the blockchain gets. Sei's claims to being

 have certainly gotten them a lot of attention. Does the new project live up to all the hype and actually trump existing centralized exchanges (

), though? Here are some essential details to know.

Sei aims to improve speed and scalability while maintaining decentralization and capital efficiency. Sei believes that trading is one of the primary functions of any blockchain, and that blockchain systems are about to rapidly expand. Therefore, they’ve set out to establish a Layer 1 solution that would accommodate massive amounts of trading. In addition to creating the next generation of scalable, centralized trading, the team also hopes to provide users with helpful infrastructure in the form of a system that streamlines all types of trading, including crypto tokens, 

So far, Sei has managed to generate some impressive runtimes and attracted a lot of investor attention in its funding round. There are several different

 to achieve these exciting processing times.

Order matching engine allows the system to identify compatible orders and rapidly build 

 protocols for these matching orders. For example, if User A sells 1 ETH on exchange 1, and User B buys 1 ETH on exchange 2, Sei's order matching machine will bring together these two orders. Thanks to a deep pool of liquidity, the order-matching machine can resolve trades without major 

This mechanism relies on the fact that validators automatically share a lot of transaction info and store it in their 

. Sei allows validators to use this info to reconstruct a block quickly during block proposal, so they only need to wait for the block's entire contents to arrive if they can't already find the transaction details in their mempool. This results in a

Sei has added parallel order execution that lets its chain process multiple transactions simultaneously. The system checks to see whether transactions are related to each other. If they're not, the system runs them side by side instead of sequentially.

For large numbers of trades, the network allows users to place all their orders within a single block. This speeds things up because the network doesn't need to run multi-block transactions. Instead, users can efficiently combine all relevant orders in one block and place the entire order at a single time.

 and accepts them over a discrete period of time. Nothing is published until the entire auction interval is reached, so people don't have to worry about 

. Essentially, this ensures that traders who publish an order a few milliseconds after another don't end up paying artificially inflated or deflated prices.

 checks and displays asset prices. As a native oracle, it works seamlessly with Sei's systems. This allows users to get accurate pricing data as quickly as possible. The oracle is just one of many ways Sei hopes to streamline the trading process.

Sei hopes to become the most popular trading system for 

 development, so it offers a wide range of features. Users who trade on Sei benefit from these advantages.

Sei offers a lot of convenient technology in 

. Instead of only offering a basic blockchain for a single crypto, its platform supports multiple types of transactions. Following are some features of the Sei ecosystem.

Of course, one of Sei's biggest perks is its decentralized finance (

) options. The ecosystem contains trading apps and multiple exchanges through which users can buy and sell crypto. Sei also supports a variety of financial organizations that offer users lending, real estate, investments and other financial services.

If you're interested in buying, trading or creating 

, check out the Sei NFT offerings. Under the 

 page, you’ll see several Sei-supported NFT projects, exchange apps and marketplaces.

Sei also offers a variety of user-friendly services that make it easier to use its systems. You can pick from multiple wallets that let you store crypto securely and use it in the Sei ecosystem, as well as on other platforms.

Sei's unique mechanisms make it the fastest blockchain around. The ecosystem theoretically can process 20,000 transactions per second. Furthermore, it can finalize these transactions very quickly. Sei's time to finality is 500 ms, so it's theoretically one of the fastest blockchain networks in the market right now.

Sei is built on Layer 1 of the Ethereum chain, so it's an incredibly secure system. Not only is Sei backed by one of the world’s most reliable blockchains, but it features several additional components of decentralization that improve security. By avoiding centralization, the network ensures that malicious actors can’t manipulate their ecosystem.

, Sei can read and write data between other blockchains. This essential tool ensures the network can fully take part in web3 development, instead of remaining its own isolated ecosystem.

In order to celebrate the recent launch of Sei’s mainnet, Sei has decided on an 

 to recognize and reward early blockchain adopters from various platforms. 

To participate, users must transfer eligible digital assets into Sei. The Sei Foundation has identified active users from blockchains such as 

, as these platforms account for most of today's blockchain activity. 

To get started, create a Sei Wallet, such as 

, and ensure that it's updated. Then, link your off-chain wallet to a Sei address and transfer the tokens listed on Sei's bridging interface. Remember that while the Sei Foundation provides a consistent user interface, the actual bridging is managed by separate protocols like 

Sei Labs has come a long way since founder and former Robinhood Software Engineer Lead Jayendra Jog started the project with Jeff Feng in early 2022. The ecosystem was originally designed to be a decentralized exchange, but it gradually expanded to include more features. In the two years that Sei has been in active development, it's raised millions through a funding round and already designed and launched its essential features.

 its mainnet (Pacific-1) on Aug 16, 2023. Interested users can work with the developers to create projects on Sei and see how the ecosystem functions. When the testnet was first launched, 

The SEI token is integral to Sei’s decentralized proof of stake blockchain, fulfilling multiple roles:

There is a total supply of 10 billion SEI tokens, with a significant portion dedicated to the Sei community and Sei-based projects. The tokens are allocated as such:

The price of SEI is currently $0.152553 (as of Aug 22, 2023). It has a market cap of $271.3 million and a 24-hour trading volume of $82.1 million. SEI reached an all-time high of $0.455153 on Aug 16, 2023 and an all-time low of $0.144527 on Aug 21, 2023. 

Interested in acquiring this brand-new, fairly unknown token? Bybit is happy to announce that it will be offering the SEI/USDT Spot trading pair. To get started, simply sign up for a Bybit account, fund it with cryptocurrency and navigate to the 

In celebration of this listing, Bybit will also be holding 

 for users to share a 90,000 USDT prize pool!

From now through Aug 28, 2023, the first 1,750 new users to complete the following steps will be able to receive 20 USDT:

However, if you’re an existing user who created an account before Aug 14, 2023, 3AM UTC, you can still earn 10 USDT by accumulating a deposit volume of at least 100 USDT worth of SEI during the event period, or deposit 100 USDT and buy at least 100 USDT worth of SEI using your Bybit account.

The second event is open to all users, from now through Aug 29, 2023, 11:59PM UTC. Simply accumulate a Spot trading volume of at least 200 USDT worth of SEI to equally split the 40,000 USDT prize pool!

Since the Sei ecosystem has been created by a former Robinhood employee, and already has such fast transaction speeds, many crypto traders are looking forward to the project. People seeking to invest in a fast, reliable trading ecosystem can definitely consider investing in Sei.

However, cautious traders may want to wait a little bit before investing large amounts. Despite Sei’s claims to being the fastest blockchain, users still haven't been able to see how its technology will function in the real world as the project is still in its early stages.

Sei hopes to provide users with the best infrastructure for the next generation of crypto trading. The ecosystem combines multiple high-tech features to create a blockchain that can process transactions with incredible speed. And thanks to the inclusion of several user-friendly features, the platform is simple and convenient to use. Sei has already become the home to many crypto and DeFi projects, and now that its mainnet has launched, you can expect to see even more exciting progress.

Sei (SEI): Optimizing Trading With the Fastest Layer 1 Blockchain

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards