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

DeFi

Explainers

Altcoins

HTX DAO is the governance body for the HTX cryptocurrency exchange. It gives each HTX holder a voice and the ability to vote on proposals. Learn more here.

One of the many revolutionary aspects of the decentralized finance (

) world is the idea of user-led governance. Unlike traditional finance systems that are led by a set of businesspeople, crypto systems often put their users in charge of decisions. One especially promising example of a decentralized autonomous organization (

) is HTX DAO. Explore our guide to learn how the HTX DAO runs — and to see if you want to become a part of it.

 is the governance body for the HTX cryptocurrency exchange. It gives each HTX holder a voice and the ability to vote on proposals, and functions as a meeting place for blockchain enthusiasts to develop new ideas.

 (DEX), which has over 600 cryptos and is one of the leading 

 crypto exchanges. Keep in mind that HTX is more than just a utility token for the exchange: it's also a crypto token designed to connect a group of like-minded individuals. HTX holders are united by their interest in blockchain ecosystem development and decentralized economics.

The HTX exchange is a Chinese-based company founded by HTX Group CEO Leon Li, a former Oracle employee who was able to acquire over $10 million in capital to build his exchange. While Li and all other HTX developers can participate in HTX DAO, none of them run the organization. The HTX DAO is an entirely community-led organization in which everyone, including regular users, has an equal say in how things run.

HTX DAO's name is filled with symbolism and 

. The “H” stands for the HTX exchange that has done so much to support the community, and the “T” symbolizes the 

 blockchain ecosystem that the token runs on. Finally, the “X” signifies the change and potential that has HTX DAO members so excited, as they hope their organization can be a powerful motivator in promoting new and interesting DeFi technologies.

The primary goal of HTX DAO is to create a decentralized governance structure for the HTX exchange. It aims to be adaptable, inclusive and flexible. By offering all HTX token holders a stake in governance decisions, the DAO hopes to create a system that immediately addresses users' priorities and helps people feel like they’re truly a part of the community.

The HTX DAO ecosystem also hopes to offer a new level of transparency and creativity not found in most other DAOs. They've designed their structure to be as open as possible, so everyone can easily see how decisions are made and how the DAO is run. Their focus is on collaboration, community autonomy and growth, and they offer many incentives that encourage community members to promote new ways of using 

) system allows validators to stake tokens in order to confirm new blocks. It's somewhat similar to Ethereum, but has its own individual set of protocols. HTX DAO chose TRON for its sustainability, security and affordability.

Via the TRON blockchain, the HTX ecosystem has minted HTX tokens. These are available for sale on a variety of exchanges, and users can purchase HTX coins if they wish to vote in the HTX DAO. In addition to being HTX token holders, participants can also gain eligibility by becoming developers or designers in the HTX ecosystem.

HTX DAO has adopted a lot of other features alongside its basic community governance. In order to make the system as appealing as possible, it also offers perks to people, regardless of whether or not they’re HTX holders. Following are the main features you can access through the DAO ecosystem.

To help maintain ecosystem liquidity, HTX DAO runs a liquidity mining program. People can choose to add liquidity to the HTX/TRX pool and 

. Those who provide ecosystem liquidity for HTX DAO can earn up to 30% APY from their contributions.

HTX DAO adopts liquidity pledge mechanisms to help the HTX exchange run as smoothly as possible. Part of the income from the DAO is set aside to add liquidity to its ecosystem. Community members, companies and individual investors can also apply for liquidity sponsorships and help grow the HTX DAO ecosystem.

Token holders can participate in decentralized governance for the entire HTX platform. Through the DAO ecosystem, users propose initiatives and suggest changes to things like transaction fees and supported tokens. People can also promote various DeFi incentives and suggest funding for new projects. All token holders in HTX DAO vote on initiatives, and the ones they approve become new operating methods for the entire HTX exchange.

Both token holders and non-holders are welcome in the HTX DAO forum, a gathering place for community members to discuss blockchain projects and talk about the future of the HTX DAO.

HTX DAO specifically avoids following a defined road map. They feel that trying to follow a set plan for upgrades can get in the way of what users want. Instead, future plans for HTX DAO are left entirely up to user proposals. The only defined goal HTX DAO has for the future is to stay committed to the core values that the HTX token embodies. Their desire is to focus on promoting DeFi finance and provide a transparent space for users to discuss and plan crypto projects.

, which has led some people to call it a meme coin. However, the HTX platform’s creators maintain this higher supply is necessary to accommodate all of the people expressing interest in the HTX DAO. The HTX token distribution plan distributes tokens in the following manner:

When HTX was first released, its token had slow yet steady growth as the token’s price went from around $0.0000019 to $0.0000029. However, it suffered a setback in early February 2024 when prices dropped back down to roughly $0.0000014. As HTX is added to more exchanges and becomes available to more purchasers, crypto enthusiasts expect some price increases.

Analyst Aurora Grace suggests the coin will more than 

 to reach $0.000005 in 2024. Meanwhile, CrowdWisdom predicts the coin may reach $0.00001 by 2027. However, many posters on CoinMarketCap are expressing doubts about the token's large supply, as well as the HTX DAO's lack of a road map. Some prognosticators believe that the coin's price is likely to see more decline in the future.

HTX is still a fairly new token, but it's already available for sale on Bybit. To get started with trading HTX on Bybit, you first need to create a Bybit account, fund it with cryptocurrency and navigate to the 

To celebrate this listing, Bybit is holding 

 where you can earn a share of the 300,000 USDT prize pool.

, will award 50 USDT each to the first 4,000 new users who complete the following two steps between Feb 18, 2024, 10AM UTC and Mar 4, 2024, 8:59AM UTC:

If you’re already a Bybit user (prior to Feb 18, 2024, 10AM UTC), no worries — because you can still earn 10 USDT! Simply accumulate a deposit volume of at least 100 USDT worth of HTX, or deposit 100 USDT and buy at least 100 USDT worth of HTX using your Bybit account. Please 

 that rewards will be distributed on a first-come, first-served basis to the first 5,000 users.

, is being held from Feb 19, 2024, 10AM UTC through Mar 4, 2024, 8:59AM UTC. Simply trade at least 500 USDT worth of HTX on Spot to grab a share of the 50,000 USDT prize pool.

Please note that your ranking will be determined by your trading volume. The more you trade, the larger your share of the prize pool. 

: Rewards will be capped at 5,000 USDT per user.

So far, public reaction to HTX DAO has been mixed, so it's looking like a fairly high-risk investment. A high token supply, an underwhelming launch and a lack of engagement from the HTX team make it unlikely that this token will skyrocket in value. 

However, the HTX token embodies some engaging ideas about community autonomy, and it does have a connection with one of the most popular crypto exchanges. This gives the token some inherent utility — even if it's not attached to an exciting and unique crypto project. If you want to diversify your portfolio with an unexpected choice, HTX is an option worth 

As part of the HTX exchange ecosystem, the HTX DAO is an intriguing project. In addition to helping with community governance, it also hopes to promote blockchain projects and emphasizes DeFi’s importance. Though some crypto enthusiasts are skeptical of HTX tokens, others believe that purchasing it will help to raise awareness about blockchain concepts. Either way, the HTX token could have some very interesting price movements in the near future.

HTX DAO (HTX): Charting New Paths in DAO Innovation

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