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.

Advanced

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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 Card

Bybit Guide

The Bybit Card is a virtual Mastercard crypto debit card that lets you access your crypto funds quickly and easily, allowing you to spend your crypto wherever and whenever.

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 and how to use them? Enter a whole new world of spending your crypto on the go with the Bybit Card. Not only is using this crypto debit card convenient and reliable, but it’s also a secure and fast way to make the most use of your crypto assets.

Let’s explore more on the Bybit Card and the limitless opportunities that it unlocks.

The Bybit Card is a Mastercard crypto debit card that lets you access your crypto funds quickly and easily, allowing you to spend your crypto wherever and whenever.

 It comes in both virtual and physical versions, and is currently available to users in EEA and CH regions, AIFC, Australia, Brazil and Argentina. 

Brought to you by Bybit and Mastercard, two of the leading innovators in fintech, a Bybit Card is the perfect way to ensure that you’re always digital-ready for everything crypto.

As a reliable and convenient way to off-ramp your crypto and spend on the go, the Bybit Card helps you to maximize and fully integrate crypto into your daily life. With it, you can utilize your earnings from Bybit's full suite of trading products and pay for your shopping — instantly.

As you make purchases, you can enjoy between 2–10% cashback, depending on your Bybit VIP level, with an for New Bybit Cardholders who sign up between Jan 1, 2025, 6 AM UTC, to Mar 31, 2025, 11:59 PM UTC, with an 

 — including on Tomorrowland Brasil presale ticket purchases from Apr 4–6, 2025.

Unlock a world of exclusive perks with the Bybit Card Rewards Program — including rewards from partners, such as unique offers and special experiences. Plus, you can automatically earn interest on your idle crypto assets—even without making purchases, along with other 

Additionally, the Bybit Card is easy and affordable to maintain. It’s valid for three years and its virtual version comes with auto-renewal after expiration. There are no annual or dormancy fees

, although there may be a minimal 5 EUR/USDT issuance fee for the physical card based on your region. 

For the virtual version of the card, you won’t be charged any issuance or account closure fees. 

The only chargeable fees are the foreign exchange and crypto conversion fees for certain countries, as well as 2% ATM withdrawal fees after the first free monthly limit: 100 EUR in EEA and CH, 100 USD in Australia in AIFC, 95K ARS in Argentina and 550 BRL in Brazil.

Transacting using your crypto assets shouldn’t be complicated. As such, Bybit has created a way to make life easier for its users through this crypto debit card. The following are some of the unique selling points of the Bybit Card:

Over 90 million merchants accept the Bybit crypto debit card. All you need is to shop and pay at stores that display the Mastercard logo. As one of the leading global electronic payment providers, Mastercard has an expansive merchant network around the world. 

Bybit’s strategic partnership with Mastercard provides a secure platform for its users to conveniently pay for goods and services using cryptocurrencies.  

Currently, you can select and pay anytime, with one of the following six cryptocurrencies using your Bybit Card 

The transaction process is fast and straightforward since it is done directly from your Bybit account through an intuitive and user-friendly dashboard. We're also adding more crypto options and allowing multi-asset spending in a single transaction in the future, so stay tuned for the upcoming developments!

At Bybit, keeping our customers' funds safe is a priority. For that reason, we saw Mastercard as a perfect fit, since their platform observes strict security standards to prevent loss of funds and customer information. 

-enabled which is a cutting-edge fraud prevention technology that allows for consumer authentication when making online payments. When using your Bybit Card, you can comfortably shop knowing that there’s an additional layer of security present to keep fraudsters at bay.

As a customer-centric platform, Bybit provides 24/7 multilingual customer support for all its products, including the Bybit Card. We have a team of dedicated live agents to address any questions, concerns or inquiries related to your Bybit Card.

Bybit Card’s exciting Loyalty Rewards Program lets you earn Bybit Card Loyalty points every time you pay using our crypto debit card. Depending upon the Loyalty points accumulated, you can redeem them for different rewards. You can also activate the 

 function to automatically receive cashback on all purchases conducted with fiat and crypto in USDT, to be credited to your 

Bybit has over 20 trading products available on its exchange, including 

. With the Bybit Card, you can easily and quickly off-ramp your earnings and spend them to make online payments.

You can use the Bybit Card with online retailers and merchants all across the globe. With a Virtual Bybit Card, you can 

 once you’ve applied successfully, while a physical Bybit Card allows you to make online payments, as well as contactless payments in retail stores using point-of-sale (POS) terminals that support contactless payments. You can add Bybit Card to Google Pay (available for EEA and CH, Argentina, Brazil and Australia), Apple Pay (EEA, Argentina and Brazil) and Samsung Pay (EEA & CH and AIFC). 

Your virtual Bybit Card is activated automatically and is available for immediate use once your application is successful. In addition, you don’t need to activate foreign transactions separately. Your Bybit Card tier follows your Bybit account's VIP level. Please refer to 

 for more information on Bybit Card benefits for different VIP levels.

Managing funds on your Bybit Card is straightforward. It is, however, important to understand how your funds are deducted during payments, especially during times when you have insufficient fiat in your account. 

The Bybit Card doesn’t have a separate wallet. As such, it uses the balance in your Bybit Funding Account. To add funds to your Funding Account, you can use the 

 option or deposit crypto from other platforms/wallets.

When making a transaction using the Bybit Card, the fiat currency is automatically denominated based on the 

Once you pay using your crypto debit card and the transaction is authorized, the amount you’ve spent will be frozen in your Funding Account, and then it will be deducted once the merchant completes the transaction.

Should the merchant cancel (i.e., reverse) prior authorization or refund the transaction, the frozen amount will be returned to your Funding Account’s 

In a situation where there’s not enough fiat in your Funding Account to complete a transaction, your chosen crypto in your account will be converted to fiat to cover the deficit. 

Note that there’s a minimum crypto conversion fee of 1 EUR/USD, 5,000 ARS or 10 BRL.

Payments will automatically be denominated in the currency on your card, even if you’re making foreign transactions. 

If you purchase a product that’s charged in foreign currency, your funds will be deducted according to Mastercard's foreign exchange rate, 

 the Bybit Card foreign exchange fee of 0.5% for EEA, 1% for Australia, 7% for Argentina, 1.5% for Brazil and 2% for AIFC. 

For more information on exchange rate, refer 

When there are insufficient crypto and fiat funds in your Funding Account, the transaction will be declined. You can top off your Funding Account either through the 

 feature, or the direct deposit of crypto from external platforms or wallets via the Bybit dashboard.

Follow these five simple steps to pay using your Bybit Virtual Card:

You can use the Bybit Physical Card for both online and offline transactions. To make payment for online purchases, you can obtain your physical card details (i.e. card number, CVV and expiration date) either from the 

 in your Bybit Account, or the physical card itself. The Bybit Physical Card can be used for any in-store payments that support contactless chip and PIN purchases. 

 that there are contactless usage limits in Europe. A single transaction has a maximum limit of 50 EUR, and the cumulative amount of contactless payments is 150 EUR. Additionally, the maximum number of consecutive contactless payments is six. 

Your card will be declined if you make contactless transactions exceeding these limits.

In case of a dispute regarding a transaction you’ve made, we highly recommend that you reach out directly to the merchant involved if you wish to request a refund.

don’t recognize any particular transaction, or you otherwise suspect that your card credentials may have been compromised, you can choose either to freeze your crypto debit card immediately or replace it, and then contact our Customer Support within 45 days of the transaction for further assistance

Ways To Protect Yourself From Debit Card Frauds

As cybersecurity crimes continue to become more sophisticated, it’s important to learn how to detect them — and how to protect yourself from debit card fraud. It’s easy to detect suspicious activity on your Bybit Card, since you’ll notice funds missing in your Funding Account balance. 

Because your Bybit Card is available virtually, you need to stay alert for any fraudulent activities. Here are some ways to help you prevent fraudulent activities on your Bybit Card:

Using a crypto debit card increases the liquidity of your digital assets and provides you the convenience of spending cryptocurrency in your daily life. 

Whether you’re paying bills or buying goods online, the Bybit Card helps you maximize your crypto usage while keeping your funds safe. 

It’s issued in partnership with Mastercard, so you can spend your preferred cryptocurrencies anywhere a merchant displays the Mastercard logo. E

asy to use with its intuitive mobile app, the Bybit Card gives you an efficient way to manage your digital assets on the go!

What Is Bybit Card and How to Use It

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards