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

Looking to start crypto trading on Bybit's MT4 trading software? Find out all you need to know, including step-by-step guides, in this detailed article.

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If you trade cryptocurrencies, it's time to try the MetaTrader 4 terminal to test new trading strategies, unparalleled customization, and a stable trading environment.

This article will introduce the MT4 crypto trading software and its functions, in addition to the benefits of trading on the Bybit MT4 crypto trading platform instead of using a broker. We also feature a step-by-step guide to assist you in setting up trades and algorithmic trading.

MetaTrader (MT4) is a popular online trading platform, primarily used to trade forex, cryptocurrencies, stocks and various other financial instruments.

 in 2005, MT4 has gained a rock-solid reputation among traders for its user-friendly features and extremely stable interface. You can easily download the MetaTrader platform to your computer or mobile phone. In addition, it requires only a short download and doesn't take up much space, so you can enjoy all of its features right away.

The MT4 crypto trading software offers free advanced charting features, a huge list of technical indicators and a variety of order types to streamline the trading experience. Unlike a lot of other trading platforms, you won’t have to deal with a dealing desk and you can enjoy 24/7 trading.

Automated trading is yet another reason for the immense popularity of the software. Automation allows individuals to easily create 

, automated strategies and crypto signals.

It's generally believed that MT4 has taken automated trading to an entirely new level. As a result, there’s a huge community built around it. For thousands of traders who are already using MT4, the platform is a natural progression from trading financial instruments to trading cryptocurrencies. For others who are new to MT4, the platform requires a slight learning curve. However, after a while, it almost becomes self-explanatory.

MetaQuotes, the company behind MT4, released the initial version in 2005. By 2010, the platform had become the top choice for forex brokers around the world. Fast forward ten years, and MT4 crypto trading software is an indisputable market leader in its industry.

It's easy to set up and use. You can either download it from the 

. Ideally, download the MT4 crypto trading software from your broker's website because the particular MT4 crypto trading platform is designed to support cryptocurrencies and various other features that are offered by that particular broker only.

Compatible With Windows, macOS, Android, and Huawei

MT4 works on Windows and macOS for desktop users, as well as Android and Huawei for phone users. It's compatible with both 32-bit and 64-bit versions of Windows 7,8 and 10. The official support for older versions, such as Windows XP, Vista and Windows 2003, has been phased out. Since the MT4 crypto trading software doesn't have any specific requirements to run on your computer, you may use an older version of Windows if your broker supports it.

For reasonable performance on desktop versions, it's recommended you use a 2.0 GHz CPU, 512 MB RAM, 1024 x 768 resolution, and an internet connection of at least 56 Kbps. Mac users will require at least an macOS 11 operating system and the Apple M1 Chip. If you're using a mobile phone to trade, Android 5.0 and iOS 9.0 are the minimum requirements to enjoy a smooth interface.

 will also allow you to access a web version of the MT4 crypto trading software on your computer. This makes it very convenient for you to trade your favorite cryptocurrencies. Irrespective of the operating system, MT4 offers 30 indicators and 24 graphical objects for 

. For your convenience, the crypto chart can incorporate nine different time frames, ranging from one minute to a month.

While MT4 web and mobile versions offer extensive capabilities, it's important to remember that you still need a desktop version to use advanced features. For instance, the desktop version of MT4 crypto trading software will let you both customize time frames using scripts and backtest your trading strategy.

Expert Advisors, scripts and indicators are what make MT4 stand out from all other major trading applications in the industry. Let's talk about expert advisors first.

If you've devised a winning trading strategy, you can create an expert advisor (EA) to run that strategy automatically on the MT4 crypto trading platform. By default, your MT4 platform may already have such EAs to try out. However, these are quite basic. An example of a basic EA is a strategy that tells the platform to buy and sell whenever the 30-day 

, or MQL, which is similar to C++ and Java. When compiling an EA, the creator generates two files: MQ4 and EX4. The MQ4 file has the original code (you can modify it at a later stage). On the other hand, EX4 is the file that you’ll trade with. EX4 allows your computer to understand the strategy and run it for you.

There are people in the market who can help create an expert advisor. For a small fee, they can create an automated strategy based on your trading rules. You can find such professionals on 

, and on the official website of MetaQuotes. It's also possible to buy one of the strategies from the 

Besides expert advisors, you can also create scripts and indicators. Scripts are simple programs that tell the system to perform a specific task at a given moment. Let's suppose you want all your positions to close before the weekend. A script placed on the platform can do that for you.

Similarly, MT4 crypto trading software enables traders to create custom indicators. Instead of using SMA, you can customize the indicator to suit your trading style.

The strategy tester is yet another innovative feature, using historical data to test your trading strategies. You simply need to upload the EA on the interface to analyze in-depth information on how the strategy would have played out historically over a given period.

Best of all, most of these features are free of cost. This is perhaps the main reason why this flagship product of MetaQuotes Software Company still attracts a cult following.

Why Trade Crypto Using Bybit’s MT4 — Instead of Using a Broker?

Crypto trading platforms are still evolving. The lack of a solid platform continues to affect traders looking for a stable trading environment where they can create their strategies, automate trade, reduce costs and take care of slippage issues. Fortunately, MT4 crypto trading software has the answer.

Because of MT4 crypto trading platform’s numerous benefits, an increasing number of brokers are offering it as a solution. Bybit stands out in the field because it's one of the few reputable exchanges to offer the full functionality of the MT4 platform without any limitations. Its best-in-class market depth, 24/7 multilingual customer service and easy onboarding process make Bybit a solid choice for MT4.

Here are just a few of the benefits of using Bybit's MT4 service instead of a broker:

For crypto traders, the main draw of MT4 crypto trading software is its ability to customize almost every aspect of the trading platform. Using scripts, you can change time frames, and place orders at a specific time. 

Similarly, you can tweak one of the 30 built-in indicators to fit your style. If you can't find an indicator, you can either create one or import it from an ever-growing library.

Of course, this customization isn’t possible without help from a large community. MT4 offers traders access to a vibrant community in which anyone can ask questions, discuss a particular strategy or get help creating an automated trading system. Generally, this isn't possible when trading cryptos by using a broker account. Most brokers have proprietary trading systems, with limited customization features and a small community.

Algorithmic trading is what makes MT4 stand out among both online and offline MT4 crypto automated trading software. Instead of sitting in front of your computer, you can easily develop, test and apply an expert advisor and technical indicators, and just let your favorite strategy run on autopilot.

 integrated development environment allows strategy creators to develop trading robots and technical indicators of any complexity. If you want to trade a specific way, simply hire one of the developers to create a robot. There are other ways to use the product you’ve created. For instance, you can publish it on MT4’s 

, so that others can download it. Similarly, you can sell it on the market, or deliver it to your customer via freelance service and receive payment for your work.

Now that you have a basic idea of how MT4 crypto trading software works and what it’s all about, it's time to try it on the Bybit platform. There's no minimum deposit required to trade on Bybit, and you can always switch to a demo account to test your ideas. For your convenience, here are a few important guidelines to get you started.

How to Register for a Bybit MT4 Trading Account

To register for the Bybit MT4 trading account, head to the 

. A pop-up will appear and you would be able to register for a Bybit account using your email address. 

After successfully registering, your MT4 login credentials will be sent to your email address.

If you can't find the login details, be sure to check your spam folder. It’s important to jot down your login credentials in a safe place. For safety purposes, you can change your password anytime in the future.

There are two ways to download MT4 crypto trading software on Bybit. You can either click on the download link received in your email, or download the software directly from the 

If you’ve gone through the registration steps explained in the previous section, you should receive a download link in your email containing instructions on how to proceed.

While this is the recommended approach, it's also possible to download MT4 crypto trading software directly from their main page before signing up. However, in order to receive login credentials, you’ll still need to register and activate your MT4 account. The MT4 activation button is on the main page beside the download link.

After downloading and opening the Bybit MT4 crypto trading software on your computer, click the 

from the subsequent drop-down options. A pop-up will appear and prompt you to fill in your credentials, login, and password.

On mobile, select settings to reveal trading account options. Click on 

to log in to your account. On the next screen, select 

 server. After completing these steps, you’ll be transferred to the login prompt. Simply fill in the login field using default login particulars sent to your email, and you’ll be able to start using the software.

The tradable crypto pairs are visible on the left side of the platform. You can also view these pairs by clicking on 

 menu. Once you're ready to trade, right-click on the crypto pair, and select 

At this point, you can select the volume of the order, as well as other trading parameters such as stop-loss and take profit. By default, the order is set for market execution. Selecting your option will initiate the trade at the best market price.

 by selecting that option from the order menu. Just click on the arrow beside the market execution to reveal more options. Other types of orders include limit orders and stop orders.

Once you've placed your order, it will be visible in the trading terminal (under the crypto chart), which will let you modify or cancel an order. To cancel an order, right-click on the open position on the trading platform. The subsequent window can also be used to modify an order by submitting new trade parameters. You can even place a trailing stop on an open position.

 in the navigator panel., which is usually located under the 

 panel on the left-hand side. If the panel is invisible, click on the 

 tab to reveal options for different trade panels.

From here, you can either right-click on an Expert Advisor to attach it to the chart or drag it to the chart window. A “smiley” sign will appear on the top right corner of the chart window, indicating that the expert advisor is set up correctly.

Before enabling the EA, make sure that the auto trading feature is enabled. (This feature is visible on the top menu.) A green 

 sign indicates that the function is working properly. If nothing seems to work, click on 

Integration of cryptocurrencies on the MT4 platform has revolutionized the way we trade. Both cryptos and MT4 have brought something new to the table. The fusion of these two world-class technologies will certainly prove a trendsetter for future trading systems. Perhaps this is the best time to join the frenzy.

MT4 Crypto Trading: How to Trade Cryptocurrency on MT4

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards