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.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

Compliant trading means following platform rules and avoiding manipulative behavior. Learn more about how you can trade responsibly and compliantly on Bybit.

Crypto trading has come a long way from what used to be the domain of institutional players, and is now open to almost anyone with an internet connection. It’s easier than ever to buy and sell digital assets, try new strategies or build a portfolio from scratch all within minutes.

But with that level of access comes responsibility. As more people join the market, the need for fairness and accountability has become even more important. This isn’t just about price charts or profits — it’s about keeping the playing field level for everyone involved.

At Bybit, we take that responsibility seriously. We're here to offer the tools, safeguards and education you need to help you trade responsibly and to protect the platform from misuse.

This article describes what it actually means to trade compliantly, why it matters — and what can happen if things go off course.

Compliant trading means playing fair, following the platform’s rules, staying within the boundaries of what’s allowed and avoiding anything that could unfairly affect the market.

It’s not about avoiding risk: it’s about knowing what you’re doing, using official tools the right way and making sure your trades aren’t causing harm to yourself or others.

In short, compliant traders don’t just focus on their P&L — they understand that how they conduct themselves while trading matters. Responsible trading protects their accounts, keeps the platform stable and builds long-term credibility in the crypto ecosystem.

Why does responsible and compliant trading matter?

It’s easy to assume that compliance is only something platforms or regulators need to worry about. But in reality, every trader plays a part. When someone attempts to exploit the system — for example, by coordinating mass trades through off-platform channels — the consequences can ripple across the entire market.

In extreme cases, irresponsible trading behavior can:

And if the trades in question are linked to coordinated action, use of fake accounts or external bots? That opens the door to account freezes, compliance reviews and, in some cases, permanent suspension.

Bybit has a responsibility to act when the system is being abused — not just for legal reasons, but in order to protect honest traders.

Common examples of noncompliant or risky behavior

Some traders join Telegram groups or online communities in which KOLs (key opinion leaders) give out coordinated trading instructions (for example, “Buy token A now, sell it in an hour”). This practice isn’t just risky: it often involves a small number of insiders benefiting while the majority end up with losses.

When many people follow the same instruction all at once, it can artificially inflate the price of a low-liquidity token. The KOLs then exit at the top —while others are left with falling prices and unexpected liquidations.

Such a textbook case of market manipulation violates our Terms of Service and, depending upon jurisdiction, could violate financial laws.

Using bots or unverified trading strategies

Some Telegram groups may seem convincing, but trades coordinated off-platform are often unverified and may serve someone else’s agenda. 

 programmed to front-run trades, mimic pump-and-dump strategies or follow unverified signals can trigger compliance red flags and may lead to account restrictions.

Bybit does not support trading bots from unverified sources. They can also trigger flags in our monitoring systems, which may result in account suspension.

Using another person’s account or sharing login credentials — even if it’s with a family member — goes against both Bybit’s policies and global 

(AML) rules. It also opens the door to fraud, loss of funds and irreversible penalties.

Tips for responsible and compliant trading on Bybit

The good news is that there’s a better way to trade — responsibly, safely and with confidence, starting with the right tools, mindset and habits.

Use copy trading the way it’s meant to be used

 is one of Bybit’s most trusted features, and for good reason. It gives users access to professional traders’ strategies while maintaining full transparency. However, it only works if you follow verified 

These traders have been vetted and their stats are fully visible. You can view their P&L, risk settings and trade history. Bybit also provides built-in tools, such as 

 and staking products allow you to earn passive yield with minimal effort. These products are fully backed by our infrastructure and undergo regular audits, and are a compliant way to generate returns without chasing risky trades.

No matter how convincing a Telegram group may sound, remember that trades executed outside of regulated channels are unverified and often unaccountable. They may be coordinated for someone else’s gain.

 offers a wide range of articles and tutorials, covering everything from indicators and oscillators to advanced portfolio strategies. Before following any external signal, it’s worth spending 10 minutes to understand the rationale behind it. In trading, knowledge is your best form of compliance. Before you enter any position, ensure that you fully understand the asset you're trading, the current market conditions and the risks involved.

, never share your login credentials, and always enable two-factor (2FA) authentication. In addition, all trading activity should originate from your own account and remain under your own control.

Bybit’s systems are designed to flag irregular behavior. If your account is found to be engaging in prohibited activity, even unintentionally, you may be:

We take these steps in order to protect the broader user base and to uphold market fairness.

Being compliant doesn’t mean missing out on opportunity. In fact, it’s the opposite. It means you’re using the platform the way it was designed, with safeguards, transparency and trust. Shortcuts might look appealing in the short term, but they rarely end well. The most successful traders on Bybit are the ones who understand risk, stay informed and trade with integrity.

Take the time to learn and use the tools available to you. And remember: protecting your account starts with choosing how you’ll trade.

Beginner

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How to trade compliantly and responsibly on Bybit

Discover how DAI evolved into USDS under the Sky protocol—unlocking passive rewards, scalability, and a new era of DeFi with Sky Token Rewards.

In September 2024, MakerDAO, a pioneering 

 (DeFi) protocol, underwent a significant transformation by rebranding itself as 

 (SKY). This rebranding was part of the project's comprehensive strategy to enhance scalability, user engagement and regulatory compliance. The major changes that came with the rebranding include token upgrades, whereby the platform’s stablecoin, Dai, was upgraded to USDS (Sky Dollar) while the 

Let’s take a deeper look at USDS and its role on the Sky platform.

USDS (United States Dollar Sky) is the upgraded version of the Dai stablecoin, launched under the newly rebranded Sky protocol (formerly MakerDAO).

 Like DAI, USDS is a decentralized, overcollateralized stablecoin designed to maintain a 1:1 peg with the US dollar.

However, USDS significantly improves scalability, user incentives and regulatory positioning, making it a next-generation solution for DeFi.

One of the standout features of USDS as a stablecoin is that it creates 

 opportunities for its investors. With USDS, you can access the Sky Savings Rate (SSR) feature, which allows you to participate in the Sky ecosystem's governance by accumulating Sky Token Rewards (STR) (presented in the form of SKY tokens).

SSR also features a variable automated token accumulation feature, whereby you receive 

 to the SSR program. This passive earning potential offers a major advantage for users seeking yield without complicated 

Sky uses a dynamic model that adds USDS to the SSR pool every few seconds. Over time, the value of sUSDS in the particular pool increases. You can then opt to redeem your sUSDS for USDS, and receive the USDS you initially supplied in addition to the USDS equivalent you’ve accumulated.

These rewards serve as an incentive mechanism, enabling users to passively grow their holdings while supporting the health and stability of the Sky ecosystem.

Upgrading from DAI to USDS is straightforward. Users can visit Sky.money and initiate the upgrade directly through a noncustodial, user-controlled process.

The platform provides a simple interface on which users connect their wallets, exchange their existing DAI for an equal amount of USDS and instantly become eligible for yield accumulation and other Sky ecosystem benefits. There are no fees for the upgrade, and users retain full control of their assets at all times.

USDS isn’t just a stablecoin; it’s an evolution of DeFi money. With passive earning through Sky Token Rewards and a smooth, secure upgrade path, USDS sets a new standard for the way decentralized stablecoins can deliver value and financial empowerment to users worldwide.

USDS and DAI are both decentralized stablecoins originally developed under the MakerDAO ecosystem (now Sky). While they share the same core principle — overcollateralization and the maintenance of a 1:1 peg with the US dollar — USDS represents a major evolution of DAI, introducing additional incentives designed to enhance user experience, scalability and regulatory alignment.

DAI has long been a favorite in the DeFi ecosystem, allowing users to generate stablecoins by locking up crypto collateral such as 

. DAI features a savings program, the DAI Savings Rate (DSR), from which people can earn 

 (sDAI). While the DSR program is still running, upgrading to USDS lets you earn two types of rewards through the SSR program: sUSDS tokens and Sky Token Rewards (STRs).

In addition, USDS is well positioned to meet regulatory requirements, aiming for broader mainstream adoption while maintaining decentralization.

Below is a comparison table between DAI and USDS:

USDS is backed by collateral that’s deposited in Sky vaults by borrowers. In return, the reserves for these vaults are backed by three main assets: 

With a market cap of over $8 billion, USDS is the currently third-largest stablecoin after 

 is more complex than that of typical stablecoins, as it includes liquidation mechanisms and a peg-stability module. However, an audit of USDS’s smart contract in September 2024 didn’t report any significant risks with the stablecoin. Notably, S&P Global Ratings 

 of 4 out of 5, indicating constrained ability to maintain its peg under certain conditions. 

​Additionally, the proposal to include a freeze function for USDS, which bestows upon the Sky protocol the power to halt USDS transfers between wallets, has sparked heated discussions within the community, highlighting the ongoing conundrum of balancing security measures with principles of decentralization.

The evolution of DAI to USDS marks a major leap forward for DeFi. By combining DAI's trusted and overcollateralized model with additional passive earning opportunities through Sky Token Rewards, USDS empowers users to enjoy greater financial benefits with less complexity.

The streamlined upgrade process and stronger regulatory positioning set the stage for broader adoption and a more resilient future. As Sky continues to build, USDS represents more than just a stablecoin — it’s the foundation of an open, accessible and more rewarding financial ecosystem for everyone.

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From DAI to USDS: Unlocking an open Sky for a more rewarding future

Bybit Learn

Blockchain

TomTom Coin is a cryptocurrency token created by Tom N Toms, the popular South Korean coffee company. Find out more about this crypto project here.

Interested in staying up to date on all the latest cryptocurrency news? TomTom Coin is an up-and-coming crypto project that promises to bring blockchain technology to the food industry. In this article, we’ll look at how TomTom works, and take a closer look at this exciting crypto project to see whether or not it’s a good idea to buy it.

To understand the purpose of TomTom Coin, let’s first learn about the company backing the TomTom token. Tom N Toms Coffee, a

 founded in 2001, is a popular coffee shop 

 that serves coffee, tea, smoothies, pretzels and other baked goods.

TomTom Coin was created as part of a move to increase international recognition of the Tom N Toms brand. The company, already the third most popular coffee shop in South Korea, has hopes to expand further. In order to position itself as an exciting, modern company, Tom N Toms made the decision to invest heavily in the technological side of store operations and their business.

, Tom N Toms created an app that can be used to find store locations and place orders. To further streamline the order process, TomTom Coin was also created. Also known as TOMS, this cryptocurrency allows customers to buy food and collect rewards without needing to connect credit cards and bank accounts to the app. 

TomTom Coin is also used as a form of marketing for the company. Since it’s become a publicly traded cryptocurrency, more and more people outside of South Korea have become aware of Tom N Toms..

TomTom Coin aims to combine blockchain technology with food and marketing. Unlike some other crypto companies, Tom N Toms’ main goal is practical instead of theoretical. The TomTom token itself is fairly straightforward, but it has a lot of real-world applications missing from other blockchain products. At first, TomTom Coin was just a way for customers to order food and beverages more conveniently.

Over time, the company has evolved the purpose of TomTom Coin to include many other aspects. After 

, Tom N Toms Coffee started exploring more innovative ways to incorporate crypto into their company. They hope that TomTom Coin can help to increase transparency and create more secure data storage for customers. There are also plans to create unique advertising campaigns that use TomTom Coin as an incentive to order from Tom N Toms Coffee.

Tom N Toms Coffee hasn’t shared a lot of details about how its blockchain works, beyond the fact that it's an 

 token built on Ethereum. As a proprietary cryptocurrency ecosystem, they haven’t divulged information such as token generation or inflation prevention. However, they have shared some information on how the TomTom Coin ecosystem works.

This blockchain protocol consists of two halves, one online and one offline. Through the offline ecosystem, TomTom Coin can be used to pay for food and beverages. Even in locations without WiFi, the offline mechanics allow customers to seamlessly use the company’s app to make purchases. Meanwhile, the online half of the ecosystem handles the marketing activities and investment side of the coin. Through the online TOMS ecosystem, customers can participate in marketing campaigns and web3 programs as well as purchase artists' art pieces.

TomTom Coin is part of an entire ecosystem chain that contains multiple features. Holders of this crypto can use it for all sorts of applications inspired by other major blockchains.

Tom N Toms Coffee uses its blockchain to mint a variety of NFTs. Via the NFT marketplace, customers can browse NFTs and purchase them. You can also place NFTs you own back on the marketplace to resell them to others. This creates a robust marketplace economy where users can invest in all sorts of exciting NFTs.

The TOMS NFT program converts a variety of Tom N Toms' brand assets into NFTs. The ecosystem has different grades of NFTs that come with different levels of rarity. Some NFTs are released as fine art, and are rare and valuable. Others are characters, digital identities and other more common NFTs built for the metaverse that typically only have personal value for individual users.

Gallery TOMs are a type of NFT found within the company’s NFT marketplace. These are limited-quantity NFTs that have certain conditions associated with owning and purchasing them. Some Gallery TOMs generate rewards for users who own them for certain periods of time. The intention is to treat Gallery TOMs as artworks that are purchased for their quality and collectibility.

As part of their move to take TomTom Coin into the web3 era, Tom N Toms has also launched a metaverse component, implementing games within their ecosystem. Within the TomTom metaverse, users can create characters and explore imaginary environments. Tom N Toms has already released various AR/VR content, such as camera filters, built for the metaverse. In this virtual world, people can play games, interact with other Tom N Toms customers and take part in various events.

MyTOM offers a convenient interface for people who enjoy shopping at Tom N Toms. It allows customers to add TomTom Coin to their accounts and place orders. Ultimately, it functions as both an online ordering app and a wallet for TOMS tokens.

The online Tom N Toms platform provides an alternative to those who don't have the MyTOM app, allowing you to order food and beverages from the store. People can place an order for pickup and, in certain locations, schedule a delivery as well. The online platform also sells a variety of Tom N Toms products including gift cards, instant coffee and merchandise.

The MyTOM app helps users keep track of their rewards. Customers can receive various perks associated with parameters such as how long they hold TOMS tokens, or how often they purchase at the shop. The reward and benefit program mostly provides discounted purchases, coupons and the occasional free menu item.

Most crypto payment systems are hampered by the fact that they require an internet connection to function. The TomTom Coin ecosystem offers an offline payment system that solves this problem. TomTom contracts can be accepted directly by the store, so if you're in a location with poor service, you can still purchase food and beverages with ease.

Since first releasing TOMS tokens, the TomTom ecosystem has undergone a lot of changes. The company's road map began with a TomTom contracts system to let their customers pay with TOMS. They then moved on to releasing the TomTom metaverse, creating content, launching an NFT collection and listing TOMS on several cryptocurrency exchanges.

For 2023, the TomTom road map mostly consists of expanding branding applications and generating profits. Tom N Toms plans on finding new ways to use the company’s trademarks in order to promote the brand via their web3 system. In addition, there are plans to expand their crypto to new markets and to develop more NFTs.

Tom N Toms uses TOMS tokens for everything from buying coffee to distributing rewards. It has a total supply of 5 billion TOMS tokens and a fully diluted valuation of $9.6 million.

TOMS tokens are distributed in the following manner:

As of Jul 31, 2023, the current price of the TOMS tokens is $0.00192970. This is a 97.47% decline from the coin's ATH price of $0.076065. However, it's still significantly higher than the price it was selling for in May 2023. 

Most crypto analyst sites predict that TOMS’ price will experience positive growth in the following years. For example, PricePrediction 

 the price of TOMS could reach $0.003 at the end of 2023, $0.006 in 2025, $0.012 in 2027 and $0.039 in 2030. 

Although the token’s price recently experienced declines, it could increase in the long run if Tom N Toms is able to capitalize on this project and expand their brand. The coin may have the potential to reach $0.039 by around 2030, but it's unlikely to reach its ATH again anytime soon.

Tom N Toms has released TOMS on several major cryptocurrency exchanges, including Bybit. If you’re looking to trade TOMS tokens, you can get started by first 

 and funding it with cryptocurrency before navigating to the 

. However, keep in mind that this token is only available to trade on Bybit in the South Korea and India regions right now. 

TOMS is certainly an exciting project. Few other food companies are so enthusiastically getting involved in the crypto space, so the Tom N Toms ecosystem is certainly unique — and when the coins were first released, this novelty was enough to send prices skyrocketing. 

The TomTom Coin is more than just a cryptocurrency token; it's a symbol of the brand's commitment to embracing digital transformation and staying ahead of the curve. By integrating blockchain technology into their business model, Tom N Toms has demonstrated a forward-thinking approach that aligns with the evolving needs and preferences of their customers.

Moreover, the introduction of the TomTom Coin has added a new dimension to the customer experience at Tom N Toms. It has made transactions more seamless and efficient, while also offering customers the opportunity to engage with the brand in a more interactive and rewarding way.

This token is certainly something to look out for, and an investment in TOMS might help to diversify your portfolio, but definitely 

 before putting a significant portion of your funds into the project.

Tom N Toms has created an innovative crypto ecosystem that allows people to use blockchain technology at their local coffee shop. This groundbreaking initiative, embodied in the TomTom Coin, has not only revolutionized the way customers interact with the brand, but it has also set a precedent for other businesses to follow. The creation of the TomTom Coin is a testament to Tom N Toms' innovative spirit and its dedication to providing exceptional service to its customers. It's a bold step toward the future of retail and a shining example of how businesses can leverage technology to enhance their operations and customer engagement. As we move forward, it will be interesting to see how this initiative evolves and continues to shape the landscape of the coffee industry and beyond.

TomTom Coin (TOMS): Bringing Blockchain Technology to Coffee

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