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

Trading

A margin call is a demand from an asset lender, typically a broker, to increase the amount of assets held as collateral in a margin account. 

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 is a cornerstone of many speculative accounts. To achieve consistent returns, it’s critical to understand both the ins and outs of margin trading and the causes behind margin calls. This article explores the fundamental concept of margin calls, provides an illustrative example, identifies triggers, outlines the consequences when a margin call isn’t met, and gives pointers on how to cover margin calls and prevent them from occurring in the first place.

At its core, a margin call serves as a protective measure, acting as a safety net for traders and investors engaging in leveraged positions within financial markets.

Margin trading essentially allows individuals to borrow funds from a broker in order to trade larger positions than equity in their accounts would typically permit. While buying on margin can magnify potential profits, it equally elevates the level of risk involved. A margin call is a mechanism that prevents traders from falling into a position where they could incur losses exceeding their initial investment.

In more practical terms, a margin call occurs when a trader's margin account balance dips below the minimum threshold, called a maintenance margin, required to maintain open positions. This triggers a demand from the broker, insisting the trader deposit cash into their margin account to cover potential losses, or sell assets in the account to reduce the minimum maintenance margin requirement. The objective is to mitigate the broker's risk by ensuring that traders don’t accumulate debts beyond the value of their assets and collateral.

At their core, margin accounts for stocks, forex, futures and crypto are similar, with some minor differences. Even within the Bybit exchange itself, maintenance margin is calculated differently for its various trading products and margin modes. Therefore, if you decide to open a margin account, make sure to review the broker’s margin requirements and margin call processes so you can be familiar with how they operate. 

To grasp the concept of a margin call more clearly, let's jump into an illustrative example using Bybit's 

Imagine you have 500 USDT in your trading account, and you decide to purchase 0.5 BTC (Bitcoin) at $30,000 on margin. If Bybit’s maintenance margin rate is 0.5%, then $75 of your account must be allocated toward keeping your 0.5 BTC trade open.

 Position Average Entry Price × Maintenance Margin Rate

If the trader starts with $500 in their account and the price of Bitcoin falls by $850.02 to $29,149.98, then the value of their trading account would fall by $425.01, leaving no excess equity to cover the maintenance margin. As a result, a margin call would be issued. 

Failure to heed the margin call and allowing the account balance to remain below the margin maintenance requirement could have dire consequences. In such a situation, the broker retains the authority to liquidate the trader's open positions to meet the margin call, often resulting in a significant financial setback for the trader.

Below are several factors that can serve as triggers for a margin call. The best medicine for a margin call is avoidance, which we'll cover below.

But first, understanding the triggers is crucial for managing risk effectively in a margin account:

: Sudden and substantial price fluctuations in the assets you hold can lead to receiving a margin call. If the market moves against your position, it will cause spreads to widen and losses in your account equity, potentially pushing it below the maintenance margin amount.

: If you pick the incorrect direction for a trend, your margin account is at risk of a margin call. As the market moves against your position, it erodes the market value of your account. If this decline surpasses the broker's prescribed limit, a margin call will be initiated.

: Overleveraging is one of the biggest pitfalls in margin trading. Using too much leverage and leaving too little room for price swings dramatically increases the risk of a margin call. Even the slightest price movements at high amounts of leverage can result in significant losses relative to your account balance.

: Each broker sets specific margin requirements, indicating the minimum account balances needed to support open positions. Brokers can change margin requirements if market variability or a political event threatens to create significant volatility.

 or adequately diversifying your portfolio — can increase the likelihood of margin calls. Some traders don't place a stop-loss, and when the market moves against their positions, significant losses and even margin calls can result.

When a margin call does occur, it’s typically the result of one or more of the factors discussed above. Avoiding margin calls will help protect your capital so you have enough margin to make a trade on tomorrow’s trend.

It's crucial to grasp that in the event of a margin call, the broker (or lender) can liquidate your open positions without requiring your authorization. This is a precautionary measure that you likely agreed to when opening a margin account. It serves to protect both you and the broker in times of market volatility, preventing a scenario in which your account's equity could dip into negative territory, potentially exposing the broker to losses.

The broker may allow you time to add additional funds to your account, or to decide if you want to close your positions. The key point to remember is that the broker already has a signed agreement from you stating that they can liquidate a portion or all of your open positions immediately upon a margin call.

To make things worse, if market prices are extremely volatile and trending against the general positioning of market participants, margin calls by the brokerage firm can make for even greater price volatility.

For example, if a downtrending market causes a lot of clients to receive margin calls, then liquidating those clients' positions will only add a greater imbalance of sellers. This influx further drives down the market, triggering another wave of margin calls for accounts that have recently depleted their margins.

This scenario can result in a nasty cycle that causes extreme pricing dislocations. One of the last times this occurred in the crypto market was during the COVID-19 collapse in 2020.

“Covering” a margin call means raising funds to bring the equity level back above the margin requirements, a critical step in preserving your margin account and preventing further losses. If you’re trading in a market or with a broker that allows you time to decide how to meet the margin call, you generally have three choices to make.

Following are the basic strategies for covering a margin call.

: The most straightforward way to meet a margin call is to deposit cash into your trading account. This replenishes your account balance, bringing it back above the required maintenance margin level.

: If you have other assets in your portfolio, consider selling them to raise the necessary funds. These assets could be outside of the margin account, but then you'd have to deposit the sale proceeds into the margin account, which may take too much time.

: Another option is to close out some or all of your open positions in the account that has received a margin call. By doing so, you can free up capital and lower your margin requirements. 

Remember that timely action is crucial when trading on margin. Failing to promptly address a margin call could lead to further losses or the liquidation of your positions by the broker.

Preventing a margin call is the ideal scenario for traders and investors engaged in margin trading. Following are some strategies to help you avoid a margin call.

: One of the most effective ways to avoid a margin call is to practice sound risk management. This includes setting stop-loss orders for your trades, diversifying your portfolio and using leverage conservatively.

: Familiarize yourself with your broker's margin requirements and regularly monitor your account balance. Ensure you maintain a cushion above the minimum required balance to account for potential market fluctuations.

: Avoid excessive leverage. Higher leverage multiplies both profits and losses. Additionally, consider using lower leverage ratios.

: Keep a close eye on your open positions. Create a custom-made alert at some comfortable level above the margin maintenance requirement. That way, if the alert triggers, you’ll have time to adjust your account positions before market losses trigger a margin call.

What Happens if I Fail to Meet a Margin Call?

Failing to meet a margin call can have significant consequences for traders and investors.

: If you do not promptly cover a margin call, your broker may liquidate some or all of your open positions to recover the funds required to bring your account balance back to the required level. This can result in substantial losses as positions are closed outside of your trading plan.

: Any losses incurred beyond the value of your account can potentially lead to a debt owed to your broker. Although some brokers offer negative equity protection, other markets and brokers do not. Therefore, irresponsible margin management could add to your debt levels, making trading a very costly endeavor.

The inability to meet the minimum maintenance margin margin can be financially detrimental. It underscores the importance of responsible trading practices, proper risk management and a thorough understanding of the margin requirements set by your broker to mitigate the risk of margin calls in the first place.

A margin call appears after market losses erode capital from a margin account, and is meant to protect both trader and broker. The best way to safeguard your account is to avoid a margin call by taking adequate risk management precautions before losses eat away at your equity.

What Is a Margin Call: Understanding and Managing It

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