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

block-scholes-x-bybit-report.jpeg

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

mubarak.png

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!

Margin Staked SOL.png

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.

2.png

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

Crypto

From the technology that powers it to its use cases, here's everything you need to know about the directed acyclic graph (DAG).

The more time you spend in the cryptocurrency space, the more names and terminologies you’re likely to come across. The decentralized world is rapidly evolving, giving rise to blocks of immutable ledgers and solutions which are faster and more efficient than ever.

Despite the progress made, however, issues such as slow transaction speeds, high 

 and low scalability hold back the widespread adoption of 

. One potential solution is to create the perfect architecture, or a combination of architectures, to drive the cryptocurrency adoption rate.

Blockchain, distributed ledger technology (DLT) and directed acyclic graphs (DAGs) are three distinct architectures that have been tried with various tokens. Each of them is key to the advent of decentralization. In this article, we’ll zone in on DAGs and their significance in crypto.

Certain tokens are called “Ethereum killers” because of the way they solve the cost and scalability challenges facing 

 called directed acyclic architecture (DAG) has been dubbed the “Blockchain Killer.” 

 built on circles and lines. Each circle, also called a vertex, shows an activity that needs to be added to the network, while lines (also called “edges”) represent the order in which transactions are approved. The lines, or edges, lead in one direction only — hence the term “directional.” In DAGs, there is no path back to a given vertex, which is why these mathematical structures are called acyclic (since there are no “loops”).

As with blockchain, new transactions cannot stand alone, and need to be built on existing transactions. Unlike the blockchain, however, 

 a DAG, so transaction fees and environmental impact are minimal. Scalability is increased because a DAG enables simultaneous validation of numerous transactions.

DAG architecture requires vertices and edges to extend the database. Vertices represent transactions, while edges show the direction of flow. Transactions aren’t gathered into blocks; rather, each transaction is built on top of the previous one.

 (PoW) still needs to be done to deter spammers from having a field day with the distinct architecture. As mentioned earlier, in order to add a new transaction to a node, it has to be added on to a previous transaction, creating a chain-like structure. 

A DAG is a distributed and decentralized system that can be used within distributed ledger technology. It has a different data storage method than other distributed ledger technologies. Its use is intended to improve speed, security and efficiency and to reduce cost. It’s also an 

 alternative to the blockchain because it consumes less energy.

Let’s say you want to add a new transaction on a DAG’s architecture. Before your transaction is approved, it has to reference the transaction before it — like 

 transaction approvals, but split across multiple transactions. 

If another user builds on your transaction, which was previously unconfirmed because nothing referenced it, then your transaction will now be confirmed. Accordingly, the other user will need someone to build on 

 to be confirmed. This cycle continues in an infinite loop. 

Sometimes, an algorithm will choose which transaction to build a new one upon, based on criteria such as accumulated weight, or how many confirmations preceded the current one. 

You may wonder, “How is the problem of 

 solved in the DAG system?” The blockchain process of avoiding it is simple enough: 

 detect and stop any block that has conflicting transactions. The cost of having to build another block ensures that miners play fair at all times.

With a DAG, the process is quite different. Since its architecture doesn’t include miners, every new confirmation is traced back to the sender’s first transaction. The goal here is to ensure that the sender has enough of a balance to carry out the transaction. 

What Is Distributed Ledger Technology (DLT)? 

Distributed ledger technology is a digital data storage system defined by the features below.

Data on a distributed ledger isn’t centralized, as with a bank or a corporation. Everyone on the system has a copy of the ledger and can see any additions or changes. Although some other systems, such as 

 have a different way of storing data, the data is still distributed. 

Data stored on a distributed ledger cannot be changed or edited. DLT uses 

 because the technology provides a complete transaction history. This is in stark contrast to traditional databases, where data can be edited or tampered with to ensure functionality. The advantage here  is that trust is ensured with DLT.

On a distributed ledger, no single entity has a claim to the data it contains because the data is shared among nodes. While some nodes have full copies of the data, others only have access to the information they need. The system functions efficiently and securely — thanks to its shared nature.

 is essentially a decentralized public ledger. Transactions made on the blockchain are stored as blocks of data, and processed through cryptography. It’s a type of distributed ledger technology with transactions that cannot be edited or modified, because they hold a cryptographic signature, popularly referred to as a 

A blockchain doesn’t need a third party to foster trust between all of the parties in the system because each user has access to every transaction receipt. 

As applied to cryptocurrency, a blockchain and a DAG both store data in a distributed ledger, but do so using very different methods. Let’s look at some key differences between the two technologies. 

1. A blockchain is an immutable string of verified blocks of data, and those still awaiting verification. Verified blocks are added to a list of previously verified blocks in a chronological manner. A DAG, on the other hand, comprises a chain of individually verified transactions that are offshoots of many previous transactions. 

A DAG can be looked at as a tree with stems, branches and leaves. Each leaf can be traced down to the roots of the tree, but the leaf won’t exist without its stem, and smaller branches sprout from bigger ones.

2. Consensus is achieved on a blockchain by validating transactions in blocks. One method for achieving this consensus is proof of work, which requires miners to solve a complex mathematical question with the fastest user validating the block and earning rewards.

With a DAG, users act as both miners and validators. Each user needs to validate two other transactions apart from their own before it can be considered for validation by another user. Therefore, the need for fees is eradicated. 

, an acronym that stands for “internet of things application,” was launched in 2016, and is among the first projects to use DAG technology. It uses nodes and 

 (a combination of many nodes) to validate transactions.

All users on IOTA need to verify two transactions before their own transactions are approved. Every user is involved in the consensus mechanism, based on their votes and a share of the total power, which results in a network that’s both decentralized and scalable. Furthermore, IOTA provides quick transactions at a cheap cost for its users, so it’s ideal for both micropayments and multiple payments. 

 has combined DAG and blockchain technologies to launch its system. Data is sent and received through nodes. Every user in the Nano project with an individual wallet has access to a blockchain that is exclusive to them. When a transaction is performed on the blockchain, both sender and receiver act on the blockchain to verify it. Nano is known for its high transaction speeds and zero transaction fees.

The world of decentralization goes beyond blockchain technology. The surface has only been scratched when it comes to technologies like DLT and DAG, and it’s evident that there are endless, exciting possibilities ahead.

What Is a Directed Acyclic Graph (DAG)?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards