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 Learn

Investing

TradingView is a popular charting platform that can help you in making your investment decisions. Find out how to use TradingView on Bybit in this guide!

 and investors swear by it for a reason. Luckily for you, Bybit users can easily integrate TradingView and utilize its functions to complement trades on the Bybit exchange. While these two powerful platforms are designed for different reasons, this article explains how to use them in tandem to accelerate your trading results.

Primarily a charting platform, TradingView also supports real-time data integration from various trade exchanges and the capability to trade various financial instruments. It’s among the most prominent charting software platforms in the industry. Millions of traders rely on its user-friendly interface, intuitive charting tools and affordable cost to make important investment decisions.

You can use TradingView in multiple ways — for instance, as an independent charting platform. According to its 

 for market analysis. Similarly, its public library contains thousands of custom-built indicators created by a talented community of developers.

You can also import your exchange data to TradingView. If your broker supports real-time data integration, you can obtain their price feed, which is then displayed in the TradingView window.

 of TradingView, as it’s easy to publish, share and comment on trading posts. Many crypto traders already use the platform simply to review and copy other users' trading strategies.

Over the years, TradingView has evolved into one of the finest charting platforms in the industry. To give you an idea of its utility, here are some of its features.

Primarily a charting platform, all of TradingView’s 12 chart types are fully customizable to suit your style. The main screen allows traders to place up to eight charts per tab, including additional elements such as indicators, intervals and drawings. You can also rewind the interactive chart to view extensive historical data, using any combination of time frames.

A trading chart is only as good as its technical analysis charting tools. TradingView comes with hundreds of pre-built studies, more than 50 drawing tools and the largest collection of community-built indicators of any charting platform. Whether it's your day-to-day use of indicators such as 

 tools, volume-based indicators or a complex 

If you're used to working with trading signals and alerts, TradingView’s software is arguably the best in the business. TradingView alerts are powerful, flexible and customizable in order to favor your interest. The cloud-based interface is influenced by industry-leading Pine Script™ technology, which ensures that you can receive an alert on any kind of device. Set up to 12 alerts based on price, indicators and strategies, and receive push and 

 is the trading language of TradingView. Unlike client-side programming language, Pine Script is a lightweight and extremely powerful tool that can help anyone create indicators and backtest complex strategies. Most of the over 100,000 indicators available on the platform are built by traders. You can also use Pine Script to create your trading tool, and run it on the platform server.

If you have a winning strategy, you can build a TradingView indicator to simulate the particular strategy on your chart. If this seems complex, it's possible to test several ready-made strategies available in the library or the native social network. Similarly, the interface will let you change your strategy parameters in real time.

TradingView offers an extensive volume of fundamental data from all major stock exchanges. There are more than 100 fundamental fields and ratios you can use to analyze the data. For better insight, place the data right on your TradingView charts.

You can share your ideas, trading history and strategies on the TradingView social network. This feature lets you discover great ideas and publish your own. There’s a nice chat feature for connecting with other traders and discussing hot news. You can also share refined 

 with other users to let everyone view a streamlined list of stats.

There are two main ways to use TradingView with your Bybit account. The most direct way is to use the TradingView API that’s integrated into the Bybit platform. 

You can choose from a variety of indicators that you’d like to see on your trading chart by clicking on the

 button. When you’re done analyzing the indicator you’ve selected, simply right-click on the indicator and click on 

Some of the indicators offered by TradingView on the Bybit platform include 

. This feature makes it easy for traders to analyze their charts before trading.

Alternatively, you can also use the TradingView platform to access real-time market data on Bybit. Use the TradingView chart to complete your technical analysis, and then 

. This is especially useful if you’re thinking of signing up for the various 

 of TradingView to gain access to more features.

To access Bybit data on TradingView, use the 

 button located beside your account name on the TradingView interface. On the following screen, click on 

 to retrieve symbols from every available broker. 

Now, you can use the search bar to filter Bybit BTCUSD and BTCUSDT Perpetuals.

Once you’re done with your analysis using the technical indicators offered by TradingView, simply head over to 

How to Integrate TradingView Strategy Alerts on Bybit

Bybit lets you integrate TradingView alerts so you can receive immediate alerts when the market meets your customized criteria in real time. The setup is easy and requires just a few quick steps. 

Step 1: Connect TradingView via Bybit Webhook

 from the top navigation menu. You’ll then find the 

 at the top right corner of the trading chart. 

You can receive immediate notifications in the form of visual pop-ups, audio signals, email alerts, text alerts or push notifications sent to your mobile when the trigger price meets the criteria you’ve set. To activate alerts:

If you want to change settings/parameters, you can hover over 

 to modify the changes to your Alert settings. 

An indicator alert helps users receive updates on the market based on the indicator plots based on your time intervals. Here’s how to activate it:

A custom chart allows you to craft an interface that suits your preferred visualization of the asset’s price over time which will help you analyze the price action more accurately. The custom chart alerts notify you based on the trend line and the expiration time that you set. Here’s how you can activate the feature: 

, where you’ll receive them instantaneously while trading on the Bybit Desktop or App.

) in the lower right corner of the Bybit trading page.

- Please DO NOT share your webhook URL with others, as this may allow you to receive false/scam messages.

- All received TradingView alerts are sent only on behalf of the user’s settings and are not related to the Bybit platform. 

How to Set Up Webhook Signal Trading With Bybit

Setting up Webhook Signal Trading, a powerful tool that was recently added onto the Bybit platform, offers traders the advantage of automating their Perpetual and Futures contract trades through signals sourced directly from TradingView. By utilizing TradingView’s webhook feature, traders can effortlessly dispatch requests to designated URLs each time an alert activates, making their trading journey more efficient.

 that Webhook Signal Trading is only available when you use a paid subscription to Tradingview (Pro/Pro+/Premium).

: Navigate to the Bybit Derivatives trading page of the contract you’d like to trade (e.g., 

in the order zone on the right side of the page. Then, select 

to create a webhook. Ensure that you fully understand the overview of this function before clicking on 

: Set up your webhook by following these steps:

: Now that you’ve created your webhook, continue with the following steps:

1. Click on the respective contract to run a strategy on 

 that Webhook Signal Trading is designed solely for executing strategies, and does not accommodate indicators. To determine whether an indicator or a strategy is in use on your chart, inspect the initial segment of the Pine Script source code. If it states 

, a strategy is being utilized. If it states 

2. Open the strategy settings and parameters of your strategy:

icon on the strategy tester to create an alert for your strategy, and paste the message template and Webhook URL into the 

4. Set the initial capital to your Bybit account balance.

How to Use TradingView, Alerts and Webhook Signal Trading on Bybit

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards