Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

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Bybit's VIP Program features six distinct tiers: 

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How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

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 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

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Exclusive Trading Benefits Offered to Bybit VIPs

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 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/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 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

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Minting NFTs require gas fees to incentivize miners who validate and add transactions to the blockchain. But how does the fee impact NFT buyers & sellers? Learn more here.

 (NFTs) and crypto collectibles peaked considerably following the sale of a digital image collage entitled "Everydays: The First 5000 Days" at Christie's, the famous auction house, for a record-breaking $69.3 million. The NFT, created by Mike Winkelmann, a digital artist popularly known as Beeple, set a new record for a digital-only artwork and became the third most expensive artwork by a living artist to be sold at an auction. 

The ensuing popularity of NFTs attracted flocks of creators and artists who see blockchain-based technology as a means of monetizing their talents. Of course, the NFT market quickly proliferated, and thousands of digital files exchanged hands daily. Nevertheless, buying, selling and transferring NFTs typically comes with a transaction cost — namely, gas fees. 

If you’d like to trade NFTs, you may wonder what NFT gas fees are and why they’re necessary. This article will help you understand how NFT gas fees work, why fees are required, and how to calculate them. 

 is the charge that users pay to transact on the Ethereum blockchain. Gas is used to compensate miners for the computing energy and resources expended to validate transactions and to include them in the blockchain. In other words, gas fees are a reflection of the amount of computational power required to record a transaction on the Ethereum blockchain network.

, which are minute fractions of Ether (ETH), the native token of the Ethereum network. A unit of gwei is equivalent to one billionth of Ether — that is, 1 nanoether, or 0.000000001 ETH.

Gas prices fluctuate, depending on the complexity of a transaction and traffic on the network. Naturally, a transaction requiring more computational power will demand higher fees. Also, transacting during peak periods with plenty of traffic on the Ethereum network will attract heftier fees.

Gas fees can be compared to a cargo transport truck service, where the goods are transactions. The heavier the goods transported from point A to B, the more fuel or gas will be expended. At the same time, if the road is congested, the trucks also use up more fuel to get to their destination. The truck service will also prioritize moving the goods of customers who are willing to pay more than the base price.

Artists and creators know that dealing with NFTs on the Ethereum network can be expensive due to gas fees. But they understand that NFT gas fees are the price to pay to create, sell and buy NFTs. Of course, this has a significant impact on NFT creators and artists. So, what do gas fees mean for artists?

Contrary to popular belief, NFTs don't always sell for six figures. Most sell moderately, for a few hundred dollars, and many may not be sold at all. Considering that you have to pay gas fees to create and sell your NFT, you may lose money rather than make a profit. To make matters worse, it's not easy to predict what you'll be paying for gas since the price keeps changing.

High gas prices mean artists may find it challenging to profitably create and sell their work profitably. To make their artwork-related NFTs more affordable when gas prices spike, some artists may attempt to reduce the overall price of the artwork to compensate for the cost of gas. This, however, presents a new challenge, as buyers may perceive the work to be of less value — since they have to decide if it's worth spending a larger percentage of the total cost on gas fees. 

Gas prices are unrelated to the absolute value of the digital asset, and in some cases may outstrip the price of the assets put up for sale. This is especially difficult for new and upcoming artists who haven’t yet established name recognition for themselves.

Essentially, an artist without a solid enough reputation might find it difficult to sell their art when they overcharge to attract higher prices. 

Minting an NFT describes the process of converting digital files into digital assets stored on the blockchain. Like every other transaction on the Ethereum blockchain, minting an NFT requires resource-intensive computations from miners. Gas fees were conceived of as a way to compensate miners for helping to record your transaction on the blockchain (and, in this case, mint the NFT). 

For the artist, minting the NFT is relatively easy, a bit like uploading a video onto YouTube. Once you’ve uploaded the file, you have to approve the gas fee, which will come from your digital wallet. When you’ve paid the fee, the minting process will start.

Because gas fees aren’t directly related to the value of the NFT, sellers and buyers of digital art can lose money on a transaction. In other words, your costs could exceed what you get — or pay — for the NFT.

Why Does Minting an NFT Require Gas Fees?

Minting is the act of creating an NFT on a blockchain. Because blockchains are decentralized networks not owned by a central authority, they’re maintained by miners who mint NFTs. Miners use their own computing power, and in return they expect a payment to cover their time and resources. 

Gas fees help keep the blockchain running by incentivizing the miners who validate and add user transactions to the blockchain. Since they get paid for the work, miners will strive to make more in gas fees, thereby increasing the network's security. Greater incentive means that miners are more willing to expend resources validating transactions to secure the blockchain. This also optimizes transaction speed, since more computational resources will be dedicated to mining operations.

The costs for minting an NFT fall under the following categories:

Prices differ from blockchain to blockchain. There are even price differences between transactions on a single blockchain. These fees are dependent on several factors, including the amount of data used, the speed of the transaction and the time of day. 

The cost to mint an NFT ranges widely. When converted to fiat, the cost can vary from $1 up to $500 or more. Creators can choose from several NFT marketplaces, with each platform charging different fees. 

Ethereum has become more expensive in recent years, a victim of its own popularity. The network has limited capacity, and the more people who use the platform, the more crowded it becomes. Since the gas fee depends on supply and demand, costs have climbed. 

Currently, the Ethereum gas fee is made up of a 

. The base fee is burned and the tip is paid to the miner. 

Total transaction fee = Gas Units (Limit) × (Base Fee + Tip)

With a gas limit of 21,000, base fee of 100 gwei and a tip of 20 gwei, the total fee is 2,520,000 gwei, or 0.00252 ETH. This would be equivalent to around $7.49 (at $2,971.81 for one ETH).

Minting NFTs on Ethereum can be expensive. NFT minting gas fees fluctuate due to demand on the network and the current price of ETH. The gas fees peak during periods of high demand as users compete to get their transactions added to blocks. Aside from the gas fee, some NFT marketplaces also charge a small fee for listing and transaction fees which are a percentage of the cost of the traded NFT. 

Historically, costs for minting an NFT have even reached $500

NFT marketplaces such as Rarible and OpenSea offer artists the option of 

, which allows you to put off minting (adding) your NFT to the blockchain until someone buys it. Lazy minting lowers the barriers to entry for creators. This is especially useful for artists new to the field, since they don’t yet know how well their works will sell. 

Using lazy minting, the artist can defer payment to the time of sale. The gas fee is deducted on the same transaction as the sale, and the buyer typically pays the gas fees instead of the seller or creator. Otherwise, you can choose regular minting, which means that you'll pay gas fees every time someone wants to buy your token.

There is no lazy minting option on the Solana blockchain, but the gas fees are a lot less expensive than Ethereum’s.

Though Ethereum is the most popular of the blockchains, it’s not the only one that mints and stores NFTs. There are others, including 

Solana has grown in popularity, and could even 

 as the leading blockchain network. It’s currently the second-largest blockchain by transaction volume behind Ethereum. 

Unlike Ethereum, fees don’t typically increase because of network congestion. Fees on Solana are also significantly lower than those on Ethereum. 

Creators incur three blockchain transactions when minting an NFT on Solana. There are two approval transactions and another for listing the NFT. Each transaction on Solana costs around 0.00045 SOL, which was around $.04 at the beginning of March 2022. 

The gas fee is independent of the price of an NFT. Pricing for an NFT is related to supply and demand, dependent on what the buyer is willing to pay for the asset. 

This is why an artist can lose money when minting an NFT. If the gas fees are high and the digital artwork doesn’t sell well, the creator could take a loss. 

The Sending and Selling of NFTs Require Gas Fees

There are fees involved in selling NFTs, which can include transaction fees and gas fees.

New sellers are often unaware of the costs, so they sometimes end up losing money. Transferring NFTs should be cheaper than minting them. Costs vary by marketplace, so it’s important to check before transacting. At the moment, OpenSea is the single largest generator of gas fees.

Gas fees change throughout the day. The actual gas fee is determined by supply and demand and is set by miners. 

The gas fee that you pay will depend on transaction complexity, the price of related cryptocurrencies, and the amount of traffic on the network. 

The minimum transaction fee is 21,000 GWEI. Since one GWEI is a billionth of an ETH, the least you can expect to pay is 0.0021 ETH. Multiply that by the current price of ETH to get the minimum transaction cost.

Smart contracts and NFTs will cost a lot more than the minimum of 21,000 GWEI. This is due to their complexity and the amount of computational power needed to transact. NFT transactions are much faster when you’re willing to pay higher gas fees. However, when the network is busy, the gas fees are bid up as users attempt to expedite their transactions. 

Thrifty users who can wait will often transact over the weekend, or at quieter trading times during the day, in order to save on gas fees. Some platforms will allow you to set a gas fee limit, and will perform the transaction when the fees are low enough. If you can wait for an undefined period when the prices drop, this may be an option for you. 

It’s easy to check the current price of gas fees on the internet using a 

A gas limit is a cap you set on the amount of ether that a transaction can consume. The risk you run when you set this limit is that the transaction may be rejected. Setting a low limit could save you money if your transaction isn’t time-sensitive.

If you set the gas limit at an amount higher than needed, you’ll receive a refund for the excess funds. If, on the other hand, you set the limit too low, you could lose the money if your transaction fails. You may also wait a long time before a miner is willing to conduct your transaction.

NFTs have skyrocketed in popularity in recent times and have given many artists and creators digital wings. Blockchain technology offers them new markets where they can ply their trade. These marketplaces do, however, come with costs, and unless the artists understand the costs of minting and selling, they could lose money. 

Artists can set gas limits, or trade when the market is quiet, to save on gas fees. New creators can make use of the lazy minting option and pay when the NFT is sold. Those who know the tricks of the trade can lower their costs on their way to making it big on the blockchain.

NFT Gas Fee: What It Is & How to Calculate It

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