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

block-scholes-x-bybit-report.jpeg

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

mubarak.png

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!

Margin Staked SOL.png

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.

2.png

Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Options

With a capped downside risk, the bear put spread is an excellent strategy you can use to profit when the market moves down. Here's how it works.

In options trading, a bear put spread is also known as a "debit put spread" or a "long put spread." The "bear" in the strategy's name refers to bearish sentiment — betting on the downside of the market. "Put spread" means buying and selling put options with different strike prices, but the same expiration date.

Typically, a bear put spread is used when a trader is expecting the price of an asset to decline. To set up a bear put spread, the trader buys a

 while selling a further out-of-the-money (OTM) put option of the same size with the same expiration date. This allows the trader to reduce the overall cost involved (more on this in the sections below).

Here's how the bear put spread is set up:

A bear put spread is designed to help traders profit from assets moving down. It is cheaper than only buying a put option.

A bear put spread is to bet on prices of the underlying security going down, but what if you're unsure and you prefer to bet on prices not going up? You can consider doing a bear call spread, AKA, short call spread.

A bear call spread is a neutral to mildly bearish strategy that involves selling a call option while simultaneously buying a call option of a higher strike price on the same underlying asset with the same size and expiry date. This way even if the price goes sideways, you receive profits which is the difference between the premium you receive for selling a call option and the premium you paid for buying the call option further out.

 = Difference between strike prices of calls (i.e. strike price of long call less strike price of short call) – Net Premium. Occurs when the option expires above the strike of the call options.

A bull put spread strategy is a neutral to mildly bullish strategy that involves selling a put option while simultaneously buying a put option of a lower strike price on the same underlying asset with the same size and expiry date. This way even if the price goes sideways, you receive profits which is the difference between the premium you receive for selling a put option and the premium you paid for buying the put option further out, and you receive the maximum gain if the options expire worthless.

 = Difference between strike prices of calls (i.e. strike price of long call less strike price of short call) – Net Premium. Occurs when the option expires below the strike of the put options.

Compared to a long put option, the bear put spread reduces the maximum loss that may be incurred, making it potentially less risky for traders. However, it also limits the maximum amount of profit that can be earned. 

To maximize gains from their trades, a trader will need significant technical knowledge to know which strike prices to sell the put options at. Therefore, this strategy is best suited for intermediate and advanced traders.

As its name suggests, a bear put spread is used when a trader believes that the price of an asset will be 

The ideal scenario is when a trader believes that the price of the asset is going to go down in the near term — but won’t go below a certain key support level,which can be ascertained from strong 

In terms of choosing the expiration date or date-to-expiration (DTE), we recommend that you choose a date 30 days longer than you expect to be in the trade (due to 

). For example, if you think the price of Bitcoin will drop within 15 days, or that you’ll be in the trade for 15 days, it’s best to select a DTE close to 15 days + 30 days = 45 days.

Below, we'll walk you through the process of setting up a bear put spread on Bybit.

Pick the desired expiration date, or show all the expiration dates at once, and then pick one.

Review the details of the options and select the ones you want to buy and sell, either by price or action (buy or sell).

 for each buy and sell order to reveal a confirmation tab.

Ensure that the information entered is correct, and click on 

Now that you know how to set up a bear put spread, let's explore a few hypothetical scenarios.

If the price of Bitcoin closes at $18,500 upon expiry, the trader will break even as $20,000 (long put strike) - $18,500 (current price at expiry) - $1,500 (net premium paid) = $0.

Breakeven Point: Long Put Strike Price - Net Premium Paid = Breakeven Point

If the price of Bitcoin closes at the sell put strike price, this is the sweet spot.

Sweet Spot Profit: Long Put Strike Price - Short Put Strike Price - Net Premium Paid

If you enter this bear put spread trade believing that the asset price will go down but it goes up instead, you will start losing money. Here are two ways you can repair the trade.

then you can sell additional puts to cover the net premium paid.

2. Sell a Call Option or a Bull Call Spread

To reduce your risk, you can consider buying further OTM call options to hedge, essentially selling a bull call spread. However, doing this means you’ll need to sell more call options if you want to break even on your bear put spread.

The maximum take-profit potential is unlocked when the price of an asset drops rapidly toward the short put strike price, 

immediately after a trader sets up the bear put spread

. The price drop increases the value of the put option, while having it happen immediately means that the time value remains high. It’s recommended that the trader take some (or all) profits to capitalize on the gains on the bear put spread if the time value, or Theta, is still high. With each passing day, the setup loses money due to Theta decay (also known as time premium).

One important thing to note here is that this time value decay happens more rapidly in the last 30 days of a contract. Therefore, a trader could be correct on the direction of the trade, but the option trade could still lose too much time value. In this case, the trader would end up with a loss. Therefore, it’s always recommended you have both a mental take-profit and stop-loss percentage amount before entering a trade.

Maximum Profit Potential = Long Put Strike Price − Short Put Strike Price

Maximum Profit at Expiration = Long Put Strike Price − Short Put Strike Price − Net Premium Paid

The formula for your potential maximum loss is simply the net premium paid.

Maximum Loss = Cost of Buying Put − Earnings of Selling Put = Net Premium Paid

 is trading for around $20,000. If a trader thinks that Bitcoin is going to decline further in price within 20 days, the trader can set up a bear put spread by purchasing a

 contract with a strike price of $20,000 expiring in around 50 days, for a cost of $2,100.

Let’s say that the trader also thinks that Bitcoin won’t drop below $16,000. In the worst-case scenario, the 300-week moving average Bitcoin has in place will be triggered (this acted as support during the COVID-19 market crash in March 2020). As such, the trader is willing to sell a put option with a strike of $16,000 and earn $600, in order to subsidize the cost of buying the put option. This results in a bear put spread.

In this case, the trader will need to pay a total of $1,500 to set up this strategy ($2,100 – $600), instead of spending $2,100 if the trader only bought put options.

Now, let's explore a few possible resulting scenarios.

If the price of Bitcoin closes above $20,000 upon expiration, the trader will lose the net premium paid of $1,500.

If Bitcoin lands between $18,500 and $16,000 (such as $17,500 upon expiration), the trader will earn a profit of $20,000 (long put strike) − $17,500 (current price at expiration) − $1,500 (net premium paid) = $1,000.

Sweet Spot/Max. Profit at Expiration Scenario: 

Bitcoin drops to $16,000 on expiration. The trader will earn a profit of $20,000 (long put strike) − $16,000 (short put strike) − $1,500 (net premium paid) = $2,500.

Bear Put Spread: An Options Strategy To Try In Declining Markets

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards