Bybit Spread Trading allows traders to simultaneously buy and sell two related instruments in order to hedge risk or profit from price discrepancies. Read more.

Whether markets are flying high or wobbling unpredictably, one thing remains true: traders are always looking for smarter ways to 

 and find profit opportunities. That’s where Bybit Spread Trading comes in. This feature is tailor-made for those who want to go beyond basic buy/sell plays and start taking advantage of price discrepancies between related instruments. In this guide, we’ll walk through exactly how Bybit Spread Trading works, why it matters and how you can start using it today, whether you’re 

is a newly launched Bybit feature that allows users to simultaneously buy and sell two related instruments — such as Spot, Perpetual or Expiry contracts with different settlement dates — in order to hedge risk or profit from price discrepancies.

This type of trading strategy is popular among institutional and professional traders because it enables more precise, controlled market exposure. However, with Bybit’s interface, the barrier to entry is significantly lowered, opening the door for individual traders to tap with just a few clicks into a powerful set of tools.

At its core, Spread Trading on Bybit is about executing what’s called a combo trade. This means entering two positions at once: one long, one short. These positions are taken on related instruments, such as a BTC Spot trade and a BTC Perpetual contract, with the idea that their prices will either converge or diverge in a way that benefits your position.

When you place a buy combo, you’re buying the instrument with the longer expiration (the “far leg”) and selling the one that expires sooner (the “near leg”). 

A sell combo is the reverse: selling the far leg and buying the near leg. The profit (or loss) comes from how the spread between these two instruments shifts over time.

For example, if you believe the spread between a Perpetual and a Quarterly Futures contract will widen, you can buy the combo. If the spread increases after your entry, that movement becomes your profit. Bybit calculates your 

 prices automatically, based on the mark prices and your defined “order price,” so there’s no need to manually crunch the numbers.

Perhaps the most important feature here is atomic execution. This ensures both sides of your combo trade are filled together, in equal quantities, or the trade doesn’t go through at all. It removes “leg risk,” which is the danger of getting filled on one side of the trade, but not the other. In volatile markets, that alone can save you from an unwanted mess.

Spread Trading on Bybit currently supports combinations such as Spot and Perpetual, Spot and Expiry, Perpetual and Expiry, or even two Expiry contracts with different dates. This flexibility lets you build strategies that align with different market outlooks — bullish, bearish or neutral.

There’s a strong reason why Spread Trading is a go-to for many experienced traders: it allows for strategic plays that are more sophisticated than just guessing price direction. On Bybit, it’s not only powerful, but also convenient.

First, you get price certainty. Your spread is locked in at the price you specify. There’s no 

 between legs because the entry prices are automatically calculated and matched. You’re trading the spread, not the individual legs.

Secondly, the trading experience is smoother. Instead of placing two separate orders and manually trying to sync them, Bybit handles everything as a single transaction. You don’t have to worry about whether one leg gets filled and the other doesn’t — that risk is eliminated through atomic execution.

Third, this setup is a great hedge against volatility. By taking opposing positions on two related contracts, you reduce exposure to sharp price movements. Your P&L becomes more about the relative performance between contracts, rather than the market direction itself.

There’s also a strong cost advantage. Trading spreads on Bybit is significantly cheaper than doing it manually. You pay only half the trading fees you’d incur if you placed two individual trades on the order book. For high-volume or 

, that translates to meaningful savings over time.

Finally, it unlocks strategy flexibility. Whether you're 

 funding rates between Spot and Perpetual, doing 

 with different Futures contracts or taking advantage of price convergence before expiry, this platform gives you the tools to execute those ideas efficiently.

How to get started with Bybit Spread Trading 

Now that you have a better understanding of how Bybit Spread Trading works, let’s look into how to get started. Please note that you’ll need to have a Bybit account in order to proceed. If you don’t already have one, please check out our 

 for more information on how to create a Bybit account.

: Log in to your Bybit account and hover your cursor over the 

: The available spreads are organized in a grid, with each tile representing a unique combo. Choose your preferred combo to trade.

Tiles with a border around them signify that Spread Trading offers a better price. Hover over a tile for more details, or use the bar at the bottom of the grid to explore more options.

On the order placement page, set up your order with the following parameters:

to place your order. A pop-up window will appear for you to confirm your order details. Then, click on 

Congratulations — you’ve successfully placed an order!

You can view your Spread Trading orders from any trading page (Spread Trading, Spot and Futures), as they all share the same order data.

 to view your active orders. You’ll be able to view the combo, underlying asset, order price and more. 

If you would like to adjust your order parameters, you may click on the pencil icon under 

. To cancel your order, simply click on the order’s corresponding 

to view your completed orders. To view each order’s information on each leg, click on the order’s corresponding 

button. For additional insights, click on 

Spread trading isn’t for everyone — but if you’re someone who enjoys strategic trading, hedging or arbitrage, it’s a tool worth adding to your arsenal. It appeals to traders who are less interested in taking a directional bet, and more focused on capitalizing on inefficiencies in the market.

You don’t have to be a pro trader to benefit, either. The simplified execution and intuitive UI mean even intermediate users can explore advanced strategies without being overwhelmed. As long as you understand how spreads work, and how your P&L is affected by their movement, you’re already halfway there.

More importantly, in times of market uncertainty or low volatility — when price action feels sluggish — spread trading gives you an alternative way to profit. It keeps you in the game — even when momentum plays aren’t cutting it.

Bybit Spread Trading is a powerful tool that combines simplicity with sophistication. Whether you're looking to hedge, save on fees or experiment with 

 strategies, it offers a clean and user-friendly way to do so. With lower risk, lower costs and plenty of flexibility, Bybit Spread Trading is a smart move for any trader looking to level up their game — especially when markets get messy.

Intermediate

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Bybit Spread Trading: Smart strategies for market swings

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.

Positive sentiment around potential US trade deals has fueled a sixth straight day of gains in risk-on assets. Bitcoin, boosted by this sentiment and its own drivers, such as strong ETF inflows and regulatory progress, has outperformed gold and equities, rising 14% over the past month and consolidating at $94K. Bitcoin’s implied volatility has decreased significantly, while realized volatility has stabilized above 30%, a level that’s been its floor for the past 18 months.

Please check out the report’s highlights.

Perp at months’ high; traders not yet all-in

After rallying from $75,000 to over $95,000 in early April, Bitcoin has traded sideways at around $94,000 this week. Open interest remains stable for April, near all-time highs at $8B, while trade volumes have decreased to $10B per day. Lower trade volumes correlate with lower realized volatility, and perp positioning suggests that traders are waiting for another rally before committing to major positions, mindful of recent sell-offs.

Bitcoin volatility declines to 18-month low

Bitcoin’s volatility has declined, nearing a previously held floor of 35–40%, a level from which it has consistently rebounded over the past 18 months. Implied volatility has followed a 10-point drop in realized volatility to just above 30%, the floor of its 18-month range. Options activity shows a preference for puts, as BTC’s spot price is remaining stable. Volatility smile skews favor out-of-the-money calls, particularly for long-term options, while short-term options are nearly neutral.

BTC volatility smiles skew toward OTM calls

Bitcoin's volatility smiles now favor out-of-the-money (OTM) calls across all tenors, recovering from a put-call skew that strongly favored puts earlier in April. Ether is showing a similar recovery at short tenors, but longer-term skew remains slightly bearish. While ETH funding rates are positive, longer-term option smiles are skewing toward puts, thus presenting mixed sentiment. For BTC, derivatives markets are indicating clearer bullish signals, including positive funding rate spikes, positively sloped futures yields and a skew toward OTM calls.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Apr 30, 2025): Bitcoin volatility at 18-month low; data shows traders aren’t yet all-in

Grayscale has launched the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. 

Daily top performer — Curve Finance (CRV)

The S&P 500 rose 0.15% as investors shrugged off recession fears and reacted positively to strong tech earnings, with focus now shifting to upcoming Apple and Amazon results. Gold dropped to $3,245 on US-China trade optimism and a stronger dollar, with Fed rate cut hopes cushioning losses. The Coindesk Indices, which tracks the broader crypto market, fell 0.51%, with Bitcoin and Ether down 1.24% and 0.86%, respectively 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 CRV, which surged 11.4% after Spark's integration of new Curve pools, enhancing stablecoin liquidity and improving DeFi infrastructure.

Curve Finance (CRV), launched in 2020, is a DEX on Ethereum for low-fee swaps between stablecoins and similar assets, with yield-earning pools and DAO governance via the CRV token. Spark has 

 sUSDS/USDT and USDC/USDT Curve pools to its Spark Liquidity Layer (SLL), boosting stablecoin liquidity, enabling easier swaps, and supporting future direct USDT deposits and withdrawals via Spark Savings.

Check out the latest prices, charts, and data of 

 the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. The ETF includes firms like Tesla, Blockstream, and MARA. It reflects the growing trend of companies acquiring Bitcoin as a hedge against inflation. Grayscale's fund aims to provide exposure to companies in sectors like mining, automotive, and energy. Institutional BTC adoption, including Michael Saylor's Strategy, is driving Bitcoin's scarcity, which may lead to a supply crunch and rising Bitcoin prices in the future.

Yesterday, BTC spot ETFs saw $323.3M in outflows, with $32M from GBTC and $291.3M from other ETFs.

 its largest Galxe points event, running from May 4–8, 2025, where users can complete tasks to earn points. They also introduced the AlphaWave competition, a 7-day AI trading contest featuring 25 crypto agents. Users can vote for the agent they think will win to earn rewards and complete Galxe quests. New tasks will be added throughout the week.

Beginner

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Grayscale launches Bitcoin Adopters ETF, tracking companies with BTC treasury strategies

Discover how USDY, a yield-bearing stablecoin from Ondo Finance, offers secure, regulated returns backed by US Treasuries across multiple blockchains.

, which are crypto assets pegged to a major fiat asset, have gained tremendous popularity and are helping investors deal with the typical volatility of the market. For many years, stablecoin cryptocurrencies have been used for payments, principal value storage, B2B transactions and more. However, traditional stablecoins have always lacked the ability to generate yield. These assets are fixed at a certain rate (e.g., $1) and, due to inflation, they don’t protect against your funds’ value erosion. 

 have started to gain traction over the past several years. These "new generation" stablecoins, unlike their traditional counterparts, not only provide rate stability but also generate yields, growing your investment over time. One of the leading assets among yield-bearing stablecoins is US Dollar Yield (USDY), issued by Ondo USDY LLC, part of 

Backed by low-risk traditional finance (TradFi) reserves, USDY generates yields and is a fully composable asset that can be used throughout the DeFi ecosystems of multiple blockchains. The reserves and issuance of the stablecoin are also subject to high regulatory controls. In the world of yield-bearing stablecoins, USDY is among the top choices in terms of popularity, regulation and security.

What is the Ondo US Dollar Yield (USDY) Token?

 (USDY) is a yield-bearing stablecoin offered by Ondo USDY LLC, part of the Ondo Finance DeFi solutions provider. 

USDY’s value tracks that of the US dollar, and it’s backed by Treasury bills and demand deposit reserves. The coin issuer’s parent company, Ondo Finance, specializes in institutional-grade crypto solutions. Ondo aims to make on-chain institutional-grade finance tools and infrastructure accessible to anyone.

USDY was launched in August 2023. As of April 2025, the stablecoin has become available on 

 — a level of multichain coverage that few other stablecoins can match.

While USDY’s price tracks the US dollar’s, its rate is typically somewhat higher than $1 because yields earned by each unit of the stablecoin are added to it, increasing its nominal value.

 (RWAs), primarily Treasury bills, although some portion of the reserves may also be represented by bank demand deposits. Both of these financial asset types are considered cash equivalents.

To ensure the Ondo ecosystem's security, Ondo backs each $100 equivalent of USDY with reserves worth $104, maintaining a 4% overcollateralization rate at all times.

Ondo Finance takes the transparency of USDY seriously. The company has established a bankruptcy-remote mechanism, with a separate corporate entity controlling the issuance and oversight of the stablecoin in various ways, including a board of directors with an independent director, and segregation of assets and reporting from Ondo.

USDY is a fully composable asset that can be used in the DeFi ecosystems of its host blockchains for various purposes, such as collateral, 

USDY provides several significant benefits for its holders. First, it allows eligible individual and institutional investors to earn dollar-denominated yield. This is in contrast to traditional stablecoins, which provide no yield opportunities at all. While other yield-bearing stablecoins also generate returns for holders, some of these pay the yields in volatile cryptocurrencies, rather than high-quality assets.

Thanks to its dollar peg, USDY offers both yield and relative stability. Additionally, it’s fully composable, creating opportunities for use across various DeFi protocols. USDY is available on seven blockchains, providing access to more DeFi opportunities than most yield-bearing stablecoins.

The coin may also be used for passive holding, growing in value over time as yields accrue. In this capacity, USDY represents a good low-risk, on-chain investment opportunity.

Finally, USDY’s overcollateralization and backing by high-quality TradFi assets, Treasury bills and demand deposits make it one of the most secure yield-bearing stablecoins on the market.

How does Ondo US Dollar Yield (USDY) work?

Individuals and institutional entities need to undergo an onboarding process to acquire USDY, during which they submit relevant identity, legal and tax documents. Ondo diligently applies 

 (AML) checks in order to adhere to US securities laws, the Investment Company Act of 1940 and other relevant regulations.

US and UK residents cannot apply to buy USDY, although you may be eligible if you’re a US or UK citizen and reside abroad.

If your application is approved, you can be issued USDY 40 to 50 days after your initial deposit date, although you’ll start earning yield from the first day of your investment. The minimum amount for investment or redemption is $500. You can buy USDY from Ondo using the 

 stablecoin. US dollar wire transfers are also supported for amounts over $100,000.

Redemptions are only transferred in US dollars to bank accounts outside the US. You can redeem your USDY investment at any time, and the typical timeline to receive your funds is about 2–3 business days from the date of your request.

USDY accrues yield daily. The stablecoin’s yields are structured not to incur any US federal tax obligations. Ondo doesn’t charge any performance or management fees for USDY yields. However, the company earns income from a portion of yields generated by the underlying assets backing USDY.

As noted earlier, USDY’s yields accrue to each unit of the token. Therefore, the value of one USDY is usually above $1. For instance, the average value of USDY as of the time of this writing (Apr 30, 2025) is $1.11.

For investors who prefer a fixed $1 rate for the stablecoin, Ondo offers the rebasing version, called rUSDY. Yields for rUSDY are paid to your wallet in the form of additional tokens by increasing the supply of the crypto, while the principal remains at (or very close to) $1. This is known as rebasing. USDY and rUSDY are freely convertible between each other.

The rebased version of the coin might be useful to those who need to ensure rate stability (for example, for B2B payments of agreed-upon contractual amounts) while also earning yields from their investments.

 as a swap pair with the USDT stablecoin.

USDY boasts numerous benefits for investors — low-risk yields from high-quality traditional assets, wide multichain coverage, regulatory compliance, transparency, composability and rate stability. The combination of all these benefits is quite rare in the crypto market, and the investor community is definitely taking note: USDY is already the third-highest-ranked yield-bearing stablecoin by market cap as of late April 2025. 

Since the yield-bearing stablecoin niche is expanding, the advantages of the USDY are likely to attract further interest, both among the institutional crowd and with individuals keen to access high-quality, institutional-grade crypto products.

Ondo US Dollar Yield, USDY.png

What is Ondo US Dollar Yield (USDY) and how does it work?

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Altcoins

Explainers

Clearpool is the world’s first decentralized credit marketplace, originating hundreds of millions of loans via its DeFi protocols. Learn more about it here.

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Cryptocurrencies have the same utilities as fiat currency, including allowing users to make purchases and investments. In addition, these digital assets can give users voting power in a platform’s governance. While fiat is also used for lending purposes, the same use hasn’t applied to cryptocurrencies until recently with the introduction of Clearpool, an innovative decentralized finance (

) protocols system. From a financial perspective, the ability to use cryptocurrencies for lending purposes benefits both borrowers and liquidity providers.

 is the world’s first decentralized credit marketplace, originating hundreds of millions of loans via its DeFi protocols. It functions on multiple networks, allowing investors to choose which loan requests they want to contribute their money to.

Clearpool connects institutional borrowers to lenders. These individual lenders contribute their digital assets to single-borrower pools. Each lender has complete control over which borrower they lend to, as well as their risk exposure by reviewing borrower profiles. Lenders can take advantage of higher interest rates with a greater return by providing unsecured institutional liquidity to higher-risk borrower liquidity pools.

The co-founders of Clearpool established their platform as an alternative to traditional financial systems. Co-founders Robert Alcorn, Jakob Kronbichler and Alessio Quaglini have extensive experience in blockchain technology, as well as in the internet, fintech and traditional finance industries. The project is backed by Wintermute, Sequoia Capital, Arrington Capital, Sino Global Capital (now Ryze Labs) and HashKey Group.

Clearpool is a DeFi platform that connects borrowers and lenders via a permissionless marketplace. It aims to provide a superior alternative to traditional financial systems. 

In order to participate with Clearpool as either a borrower or lender, users must hold CPOOL tokens. Borrowers establish their borrower pool, and financial institutions establish the interest rates for each individual borrower pool through the Clearpool Oracle network. Lenders can then stake their CPOOL tokens to a specific pool, allowing them to benefit from the interest paid on their staked tokens.

Clearpool stands apart from centralized financial institutions by supporting borrowers and lenders with active loans in a DeFi space. Its crypto lending platform functions by using uncollateralized liquidity and risk-based interest rates.

Clearpool is a permissionless crypto lending platform. It connects whitelisted financial institutions with those in need of crypto financing. Permissionless pools are available that work with both verified borrowers and lenders.

To initiate blockchain technology crypto lending, Clearpool creates single borrower pools. Risk is assessed based on borrowers’ profiles and the credit market, so that potential lenders can assess the total value potential for their investments.

Both individual and institutional users can be lenders on Clearpool. A lender simply needs to connect to the Clearpool app, and select the specific pool to which they wish to contribute funds. Via the 

 process, lenders receive cpTokens, which accrue interest based on the disclosed return.

Clearpool supports the transfer of CPOOL tokens across different blockchains through the 

. (This applies only to supported blockchains.) Specifically, the CPOOL Bridge supports the movement of liquidity to enhance the Clearpool ecosystem. Clearpool bridges with Ethereum and Polygon with a single transaction operation, and audits and secure technologies are used with multichain bridging.

 (KYC) due diligence. This feature is available only for whitelisted institutional users, and functions only on 

. Borrowers create their own pools, without the need for collateral, and they invite specific institutional users to provide funding. These lenders review borrower profiles in order to assess risk, as well as the total value of their investment, before making their contributions.

When Clearpool launched in early 2022, it had three liquidity pools with FBG Capital, Wintermute and Folkwang. Throughout that year, Clearpool updated its permissionless pools, added more of them, launched native staking and debuted its Cosine Curve interest rate model. In 2023, the platform continued to evolve with a new website, multi-asset pools, pool and staking refactoring, the debut of Clearpool Prime, enhanced yield tranches and other features. 

Thus far, in 2024, Clearpool has brought term pools, credit vaults, a new chain, fintech borrowers and a new user interface online. Looking forward, its decentralized credit marketplace will continue to evolve, with more multichain growth, detailed credit report availability, the second version of Clearpool Prime, a new staking model, exchange-traded pools and other enhancements. 

At this time, Clearpool’s uncollateralized liquidity pools use 

, and the platform may support other digital assets in the future.

CPOOL, Clearpool’s native token, has both 

 functionality. Borrowers can stake their CPOOL tokens to establish liquidity pools, and lenders can stake CPOOL to bolster lending interest rates and returns. Stakers can earn rewards, while also supporting Clearpool’s DeFi community. CPOOL can be traded on centralized exchanges such as Bybit.

There’s a fixed supply of 1 billion CPOOL tokens that’s maintained through a DeFi 

 protocol and buybacks. Any tokens collected through buybacks are allocated between the rewards pool and the burn account.

As of Feb 28, 2024, Clearpool’s price is $0.1221, a decrease of 0.9% over the previous 24 hours. The current market cap is $54.8 million, and the 24-hour trading volume is $3.16 million.

CoinCodex is one of several sources predicting an increase in Clearpool’s price over the next several years. It sees 

 $0.30 by the end of 2025, $0.47 in 2027 and $1.36 in 2030. Meanwhile, 

 that CPOOL’s price will increase to $0.28 by the end of 2024, $0.56 in 2027 and $0.95 in 2030.

Looking to trade Clearpool tokens? Bybit now offers the CPOOL/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 

To celebrate this listing, Bybit is holding 

 so you can earn a share of the 1,100,000 CPOOL and 50,000 USDT prize pool. 

, will allow the first 3,000 new users who complete the following two steps through Mar 6, 2024, 8:59AM UTC to receive 300 CPOOL each:

If you’re already a Bybit user (prior to Feb 21, 2024, 4AM UTC), no worries — because you can still earn 100 CPOOL! Simply accumulate a deposit volume of at least 100 USDT worth of CPOOL, or deposit 100 USDT and buy at least 100 USDT worth of CPOOL using your Bybit account. Please note that rewards will be distributed on a first-come, first-served basis to the first 2,000 users.

, is being held through Mar 4, 2024, 11:59AM UTC. Simply trade at least 500 USDT worth of CPOOL on Spot to grab a share of the 50,000 USDT prize pool. The more you trade, the larger your share of the prize pool. Please note that rewards will be capped at 5,000 USDT per user.

Clearpool’s DeFi platform provides clear benefits by facilitating active loans between private and institutional borrowers and lenders. In addition, the CPOOL token stands apart from other digital assets in terms of its utility. The notable utility of CPOOL tokens and the departure of Clearpool from traditional finance solutions make the CPOOL token valuable to hold as an investment. Due to the anticipated price increase of CPOOL tokens over the next several years, liquidity providers will be able to stake them in order to generate a lucrative yield. 

Nevertheless, be aware of the volatility of digital assets before investing in this or any other cryptocurrency. Always 

In the current credit market, traditional finance isn’t always ideal or even available for some individuals. Clearpool offers an alternative to traditional financial institutions, giving borrowers access to unsecured institutional liquidity. It’s an outstanding DeFi project that has already supported hundreds of millions of dollars in function. Clearpool is poised to continue growing in the years ahead.

Clearpool (CPOOL): Advancing Credit Markets in DeFi

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