Learn about USDT-settled crypto perpetuals, one of the most popular crypto derivatives product, how they work and how you can start trading them.

Crypto perpetuals futures are a type of derivatives product that allows traders to gain exposure to cryptocurrencies with leverage. Traders have the flexibility to go 

 on crypto assets, and keep their positions open for indefinite periods. 

With USDT perpetual futures on Bybit's intuitive and user-friendly trading platform, you can realize these benefits with futures contracts settled in USDT, a leading 

This article will introduce you to USDT-settled crypto perpetuals, and explain how they work and how you can start trading them. No worries — we'll guide you through each step you need to take to get started with USDT perpetual futures trading on Bybit.

What Are USDT Perpetual Futures Contracts?

 are crypto perpetuals settled in Tether USD (USDT), a stablecoin pegged to the U.S. dollar (USD).

 As derivatives, cryptocurrency perpetuals enable you to trade an underlying asset like Bitcoin (BTC) or Ethereum (ETH) without an expiration date. While you are obliged to buy or sell traditional futures at expiration, you can hold crypto perpetual contracts indefinitely.

Crypto perpetuals allow you to use leverage to amplify your potential returns and keep your positions open for indefinite periods. They also offer you the flexibility to profit from both upward and downward price movements with long and short trades. Perpetual futures trading can also help you hedge against market risks without owning the underlying asset.

On Bybit, all settlements, margin, and profit and loss (P&L) calculations are denominated in USDT for linear USDT perpetuals. On the other hand, 

, which you can use to generate returns when crypto prices fall, are settled in the underlying asset.

Tether USD (USDT) is the leading stablecoin by market capitalization. As of May 8, 2025, it 

 a $149.5 billion market cap, and a $27.54 billion trading volume in the past 24 hours. USDT is issued and managed by the British Virgin Islands–based Tether Limited. It's owned by iFinex Inc, the same company that operates the Bitfinex cryptocurrency exchange.

USDT is a fiat-pegged stablecoin that closely follows the price of the U.S. dollar. To ensure the stablecoin's price stability, Tether maintains physical reserves, of which nearly 84% is 

Top Bybit USDT Perpetual Futures by Trading Volume

Bybit has a wide selection of USDT perpetuals that you can trade to speculate on the prices of underlying assets.

As of May 8, 2025, the top five USDT perpetual contracts by 24-hour trading volume on Bybit are 

How Do USDT-Settled Crypto Perpetuals Work?

, crypto perpetuals don't have an expiration date, and can be held indefinitely. Since they don't expire, no physical delivery of the underlying asset is necessary. Instead, perpetual contracts are settled in cash, and their primary purpose is to enable traders to speculate on crypto prices without owning the underlying asset. On Bybit, settlement takes place in the USDT stablecoin for USDT perpetuals, and USDC for 

Because they lack an expiration date, crypto perpetuals rely on the funding rate mechanism to track the underlying asset's price. The funding rate can be positive or negative, and can change based on how close the futures price is to the spot price.

A positive funding rate indicates an overall bullish market sentiment. When the futures price is trading at a higher level than the spot price, buyers (longs) are required to pay sellers (shorts) the funding amount. In contrast, a negative funding rate is generally a signal of bearish market sentiment. Here, longs pay shorts the funding amount (as the futures price is lower than the spot price).

Key Metrics for USDT Perpetual Futures Contracts

In addition to the funding rate, some of the key metrics of USDT perpetual futures contracts include the following.

Bybit is a user-friendly and intuitive trading platform with a wide selection of USDT perpetuals. Thus, it’s an excellent choice for both veteran traders and beginning traders seeking to dabble in perpetual futures trading.

In the following section, you'll find a comprehensive guide that guides you through each step to get started with crypto perpetual futures trading on Bybit.

The first step to get started with USDT perpetual futures trading on Bybit is to open a 

. A UTA is mandatory in order to trade perpetuals on the platform. and will provide you with a tailored trading experience, account finances and 

For new users, Bybit will automatically open a UTA. Simply 

If you have a Standard Account with Bybit, you can upgrade it to a UTA by clicking on 

You can also upgrade your account by clicking on 

After reading the account's details, as well as acknowledging Bybit's Trading Rules and Terms of Service, click on 

Once your Unified Trading Account is ready, the next step is to fund it with crypto or fiat currency. Head to the 

Select your preferred cryptocurrency, the blockchain from which you’ll make the transaction, and 

 for auto-channeling deposits. Always ensure that you’ve chosen the correct network in order to prevent a loss of funds. After doing so, copy/paste the wallet address or scan the QR code with your phone's camera to initiate the deposit from your wallet.

You can also fund your account with fiat currency via the 

With a funded Unified Trading Account, it's time to open a new USDT perpetuals position on Bybit. To do that, click on 

 tab. In this guide, we’ll open a position in the 

After analyzing the chart and determining an entry point, use the trading widget on the right to open your position.

, which will apply to your account. You can choose between the following options.

Once you’ve chosen your margin mode, the next step is to set the leverage for the trade. Use the slide to select a value between 1x and 100x, and click on 

Next, select an order type for your trade from the following choices.

After selecting your order type, set the order amount for the trade. You can order either by quantity, denominated in the underlying asset, or by value, denominated in USDT.

order to manage your risks efficiently. You can do that by ticking the box next to 

 to open a short USDT perpetual position. Your order will automatically be executed by Bybit's robust matching engine, based on the provided parameters.

Step 4: Manage Your Crypto Perpetuals Positions

 at the bottom of the trading page. In this menu, you can view and manage all your past and current orders and their P&L.

Maintenance Margin Requirements for Leveraged USDT Perpetual Positions

A margin balance is necessary to keep your USDT perpetuals positions open on Bybit. Margin is calculated based on individual positions for both isolated margin and cross margin accounts. 

However, you can only use the settlement asset (USDT) to trade USDT perpetuals in 

. If the market price reaches the liquidation price, liquidation is triggered

On the other hand, Bybit converts all the collateralized assets in your account into USD value in 

 mode. Unlike for isolated accounts, a liquidation is only triggered when the account MMR reaches 100%.

How to Calculate Position Sizing Using Position Calculator

In perpetual futures trading, position sizing determines the amount of capital you put at risk. It’s a critical aspect of risk management that helps you decide the optimal size for your trades.

You can use Bybit's Calculator by clicking on the 

 icon next to the leverage settings in the trading widget to estimate the right sizing, based on your 

For example, suppose you go long on the BTCUSDT crypto perpetuals contract. With a 1 BTC order quantity and 10x leverage, you can generate a 14.48% return on investment (ROI) with 1,070.5 USDT in profits by opening your position at the price of 73,929.5 USDT and closing it at 75,000 USDT.

Advanced Tools for USDT Perpetuals Trading

You can also take advantage of the following advanced tools to trade USDT perpetuals.

Getting Started With USDT Perpetual Futures on Bybit

Crypto perpetuals allow you to amplify your position size with leverage, and open both long and short positions without an expiration date.

With Bybit's user-friendly and intuitive trading platform

,you can trade a wide selection of USDT futures with competitive fees, up to 100x leverage and access to top-tier liquidity.

However, understanding the risks involved and efficiently managing them are critical for traders' long-term success in the perpetual futures market. Tools such as Stop Loss and Take Profit orders can help reduce your potential losses and maximize profits.

Intermediate

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How to Trade USDT Perpetual Futures on Bybit

While tariffs directly target traditional goods and services, their impact extends to the crypto market because of their potential to set off a chain reaction of inflationary pressures.

In recent times, tariffs have reemerged as a powerful force reshaping not only global trade but also the broader financial landscape — including the fast-evolving world of crypto. While traditionally aimed at protecting domestic industries or leveraging geopolitical influence, tariffs now send ripples far beyond their original targets, fueling inflationary pressures, amplifying market uncertainty and triggering sharp swings in risk sentiment across asset classes. 

As recent US tariff escalations have shown, crypto markets are increasingly sensitive to these macroeconomic shocks, with Bitcoin and other digital assets experiencing pronounced 

 and capital outflows in response to new trade barriers. Against this backdrop, understanding the way tariff policies intersect with crypto market dynamics is crucial for traders seeking to navigate the months ahead.

Curious as to how you can do so? From covering the basics of tariffs to diving into actionable strategies for crypto traders, we’ll share everything you’ll need to know about the impact that tariffs may have on the crypto market in the coming months.

Tariffs are taxes levied on imported goods, often used to protect domestic industries or influence geopolitical strategies. 

While they primarily target traditional sectors like manufacturing, their indirect effects on financial markets can be significant because tariffs increase the overall uncertainty about future corporate earnings, economic growth and international trade stability, leading to shifts in trader sentiment and asset valuations.

Tariffs are taxes imposed by governments on goods imported from other countries. Typically calculated as a percentage of the product’s value, tariffs are paid by the importing company when goods cross the border. For example, a 10% tariff on a $1,000 product means the importer pays an extra $100 to the government. It’s important to note that, while tariffs are paid by importers, the increased costs are often passed on to consumers through higher prices, thanks to the relationship of demand elasticity between consumer and producer.

There are several types of tariffs, each serving different economic or political objectives. These can range from percentage-based 

 tariffs to specific tariffs that charge a flat tax based on the quantity of the imported goods.

If tariffs are considered such a controversial policy, why do some administrations still choose to rely on them? Here are some possible reasons why they could be deemed effective.

Protectionism and the guarding of key industries

A key reason for tariff implementation is protectionism. Tariffs make imported goods more expensive, giving local producers a price advantage that helps domestic industries compete on the global stage by granting them a price edge. Tariffs also effectively protect industries vital to national defense or critical supply chains, ensuring domestic control over essential sectors and sustaining jobs in sectors that are considered essential.

In countries with limited tax infrastructure, tariffs provide a straightforward way to raise government income by taxing imported goods at the border. This allows governments to collect funds without the administrative complexity or compliance challenges of income and/or corporate taxes. Since tariff revenue is directly tied to the volume and value of international trade, it can represent a significant and reliable stream of income, particularly for trade-dependent economies.

Tariffs are often used not just to protect domestic industries, but also as deliberate tools of geopolitical strategy. By making foreign goods more expensive, governments can exert economic pressure on other nations, aiming to influence their policies or prompt behavioral changes — all without resorting to direct conflict.

How do tariffs affect the global economy?

Tariffs have far-reaching effects on global economic dynamics. When one country imposes tariffs and reciprocal tariffs then come into play, it can lead to several key outcomes.

Overall, tariffs introduce uncertainty and can dampen global economic performance, with the potential to disrupt supply chains, reduce investment and increase volatility in financial markets.

Which countries are most impacted by tariffs?

By now, you’ve probably seen the chart detailing how the US will tariff countries based on the amount of trade deficit between both nations, with heavier tariffs being doled out to countries that have deeper trade deficits with the US. This can be used as a rough gauge as to which countries will be most impacted by the tariffs.

On a deeper note, while it’s impossible to pinpoint the exact impact of tariffs on any given nation’s economy, given that tariff policies are in constant flux, we can instead rely on trade data and reports from international institutions like the IMF and WTO to identify countries whose economic structures make them particularly vulnerable. These often include the following:

While tariffs directly target traditional goods and services, their impact extends to the crypto market because of their potential to set off a chain reaction of inflationary pressures. Given crypto’s perception as a risky, high-

 asset, here’s how tariffs could impact the crypto market in the months to come.

Tariff announcements often trigger sharp swings in crypto prices. For instance, after the announcement of new US tariffs in early 2025, Bitcoin and other crypto projects initially experienced significant declines as investors reacted to heightened uncertainty.

As previously mentioned, tariffs create economic uncertainty that can cause traders to react by adopting a 

 approach, shifting capital away from volatile assets like crypto and toward traditional safe havens, such as gold and government bonds.

Tariffs can contribute to higher inflation by raising the cost of imported goods. In response, central banks may increase interest rates in order to control inflation, which can reduce liquidity and demand for speculative assets such as crypto.

, can raise operational expenses, potentially reducing crypto mining profitability and impacting network security.

In countries facing currency devaluation due to tariffs, 

 can eventually become more attractive as a store of value or as a tool for cross-border transactions, due to their innate ability to bypass traditional financial systems and currency depreciation risks.

How should crypto traders respond to tariffs?

standpoint, tariffs introduce a layer of macroeconomic risk that crypto traders cannot ignore, given their far-reaching implications across financial markets. As such, the following are some possible ways traders can manage their risk while taking into account tariff volatility.

With inflation likely to become a problem down the line, traders are increasingly turning to assets that can help preserve purchasing power in the face of rising prices. To protect against the waning value of fiat money, 

 are gaining traction as hedges against inflation. This is because they’re perceived as scarce assets with limited supply, unlike fiat currencies, which can be subject to quantitative easing and potential devaluation. 

Gold has a long history as a store of value that holds its purchasing power over time, while 

 are increasingly seen by some as a form of digital scarcity that could similarly act as a hedge against the erosion of value in traditional currencies due to inflation.

Experienced crypto traders who are familiar with 

 and neutral trading strategies can capitalize on tariff-induced market swings through targeted volatility plays. This can include 

 around key tariff announcements during price swings. Straddles are well-suited for such scenarios, as traders don’t want to risk by predicting market direction, but see that the likelihood of a volatility-induced price spike is high.

Another trusted strategy that relies on volatility spikes is that of asset pair trades. This involves going long on one asset and shorting the other in order to hedge against volatility spikes observed after major catalysts. By identifying asset pairs whose relationships are likely to normalize after the initial shock subsides, and adopting a neutral approach, this strategy can potentially be lucrative, even if the overall market is trending downward — which is likely to occur as long as the relative price movement between the pair is favorable.

Though tariffs are designed to protect domestic industries and influence international relations, they often have complex and far-reaching effects on the global economy and its financial markets. For the crypto market, tariffs introduce additional volatility, influence investor sentiment and can also alter the landscape for both trading and mining operations. 

While some may view crypto as a potential hedge in times of economic uncertainty, the reality is nuanced and highly dependent upon broader market conditions and policy responses. As such, staying informed and understanding these dynamics is essential for anyone planning to trade in the ever-evolving world of digital assets.

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How will tariffs impact the crypto market over the next three months?

Ethereum has launched the Pectra upgrade, its most ambitious update yet, introducing wallet smart contract features, improved validator economics, and enhanced scalability.

The S&P 500 rose 0.43% on Wednesday as markets steadied after the Fed held rates unchanged and signaled caution on future cuts amid inflation and unemployment risks. Gold dropped over 2% to $3,371 after the Fed held rates and US-China talks lifted the Dollar, though central bank buying supports long-term demand. The Coindesk Indices, which tracks the broader crypto market, rose 2.09%, with Bitcoin and Ether up 1.32% and 1.15%, 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 EOS, which rose by 19.9% after Vaulta announced it will rebrand and swap the $EOS token for $A on May 14.

Vaulta (EOS), founded in 2017, formerly EOS, is a fast, low-cost blockchain for DApps using Delegated Proof-of-Stake (DPoS) and EOS.IO software. It offers sub-second block times and the EOS VM WASM engine for improved transaction speeds. With smart contracts written in C++, Vaulta allows easy upgrades for developers. On May 14, 

, with a 1:1 token swap and no changes to tokenomics or fees. Users can swap at swap.vaulta.com.

Check out the latest prices, charts, and data of 

, its most ambitious update yet, introducing wallet smart contract features, improved validator economics, and enhanced scalability. Key changes include EIP-7702 (account abstraction for simpler wallet use), EIP-7251 (raising validator staking limits to 2,048 ETH), and EIP-7691 (doubling blob throughput to reduce Layer 2 costs). The upgrade lays groundwork for smoother DeFi experiences and future scalability, though challenges like increased validator demands and the need for even greater Layer 2 capacity remain. The next upgrade, Fusaka, aims to further simplify Ethereum’s user experience.

Yesterday, BTC spot ETFs saw $105.1M in net inflows, all from non-GBTC funds.

, with launch details coming soon. Users can collect daily Credits, which will boost their airdrop allocation, and participate in the Kaito Pre-TGE Yapper Leaderboard, which allocates 0.75% of the total supply. They also introduced the "Recurring Buy Agent," a tool that automates regular token purchases using USDC, even when users are offline.

Beginner

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Ethereum’s Pectra upgrade unlocks smarter wallets, higher staking, and layer 2 scaling

In this article, we’ll look into Dark Eclipse’s technology, use cases, the DARK token and show you how you can trade DARK on Bybit.

 has the potential to become the most disruptive technology that humanity has witnessed. However, some believe that in order to fully utilize this cutting-edge technology and prevent it from being controlled by a few large players, AI has to be fully decentralized. Dark Eclipse aims to do just that by leveraging trusted execution environments (TEEs). 

The project allows developers to build, train and deploy 

 that can autonomously interact with each other and evolve on their own. In this article, we’ll explore Dark Eclipse’s technology, use cases and tokenomics and show you how you can trade DARK on Bybit.

 is a Solana-based blockchain AI project designed to create an easily scalable ecosystem for AI-driven 

 (MCP), the project addresses critical challenges faced by decentralized AI projects — namely, ensuring secure and fast data computation.

Dark Eclipse has been spearheaded by Edgar Pavlovsky, co-founder of 

, one of the biggest liquidity layer protocols on Solana. Pavlovsky 

DARK leverages Solana’s high-speed, low-cost transactions to support real-time interactions. Pavlovsky believes Dark Eclipse’s AI can enhance gaming by dynamically adapting to player behavior by increasing or decreasing gaming difficulty and generating personalized content. 

For example, an AI agent could use Dark Eclipse’s MCP to integrate real-time data from the game (e.g., player progress), and execute secure computations in a TEE to tailor the gaming experience (such as spawning enemies or updating storylines). In order to understand this better, let's delve deeper into TEE and MCP. 

A TEE is a secure zone in which sensitive computations occur in isolation. In DARK games, TEEs ensure that AI workloads remain tamperproof and secure. This technology can be used to safeguard critical computational data, be it gaming-related information or DeFi transaction details. 

 divides computational tasks into smaller, parallelizable modules that can be executed across the network. This modularity is critical for scaling AI-driven applications. By dividing a task into separate chunks, the protocol can use the processing power of thousands of nodes across the network, which can bring a level of scaling that’s difficult to achieve through a centralized structure. With Dark Eclipse, both MCP and TEEs work together to create a secure, scalable gaming ecosystem.

As of May 7, 2025, DARK is trading at $0.01370. Since DARK was launched on 

, it doesn’t have any seed investors or insider tokens. DARK has a maximum and circulating token supply of just over 999.95 million tokens, and its fully diluted valuation is $13.69 million.

As the native token of the Dark Eclipse protocol, DARK is required to access the DARK ecosystem. It also acts as a reward token to incentivize users. In addition, the DARK CEO and community are 

 DARK with up to 20x leverage. As a new token, DARK is highly volatile, and traders should 

 to understand the risks involved before trading.

 Perpetual page on Bybit to start trading now!

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Dark Eclipse (DARK): Novel AI network using TEE tech

Crypto Insights

This curated Bybit report examines the current state of liquid staking on Solana, particularly exchange-launched liquid-staked SOL, including Bybit’s bbSOL

Solana Liquid Staking Report

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This curated Bybit report examines the current state of liquid staking on Solana, particularly exchange-launched liquid-staked SOL, including Bybit’s bbSOL. Key takeaways include

 (PoS) arena, is witnessing a transformative shift toward liquid staking. This innovative approach 

 by allowing users to earn rewards while maintaining liquidity. On Solana, users stake their SOL tokens by delegating them to validators. This process secures the network and yields an average return of 6–7%. However, liquid staking elevates this experience by enabling SOL to be pooled across multiple validators, which not only increases decentralization but also provides participants with liquid staking tokens (LSTs). These tokens serve as on-chain receipts for staked assets, which can then be utilized across various 

 (DeFi) protocols, allowing users to trade or to earn additional yields.

Despite Solana's impressive staking ratio of 68%, liquid staking adoption remains relatively low, with only 6.5% of SOL staked through this method. This presents a significant growth opportunity, especially when compared to Ethereum, where nearly one-third of staked assets are through liquid staking. As the DeFi landscape expands, Solana's liquid staking market is projected to grow significantly, potentially reaching a size of $6-10 billion in the near future.

Bybit is poised to make a significant impact on Solana's liquid staking landscape with its launch of Bybit Staked SOL (bbSOL). 

As the first exchange to introduce its own Solana LST, Bybit aims to bridge the gap between casual retail investors and the broader DeFi ecosystem. bbSOL will provide users with a seamless liquid staking experience, allowing them to easily swap SOL for bbSOL and earn staking rewards of up to 7% APY.

The rapid rise of memecoins on Solana has not only attracted retail investors but also sparked broader interest in the blockchain's DeFi capabilities. With over $57 billion worth of SOL staked, Solana is outpacing Ethereum in native staking participation. Yet, the liquid staking segment remains largely untapped. Bybit's upcoming liquid staking solutions could play a pivotal role in bridging this gap, offering user-friendly platforms that help onboard retail investors into the burgeoning liquid staking market.

Market estimates suggest that if Solana's liquid staking ratio increases to match Ethereum's, the market size could reach as high as $18 billion. This growth is underpinned by a favorable environment for DeFi applications, driven by increased transaction volumes and user engagement. The introduction of products like Bybit’s bbSOL is expected to facilitate this transition, providing users with easy access to liquid staking benefits and enhancing their participation in Solana’s DeFi ecosystem.

Several key players are shaping the liquid staking landscape on Solana, each one offering unique features and benefits.

: Currently dominating the market with nearly $1.8 billion in SOL staked, Jito's MEV-focused stake pool enhances staking rewards by distributing SOL across a network of validators. Its jitoSOL token offers an attractive APY of 8.4%.

: As Solana's first liquid staking provider, Marinade has over $580 million in market cap. It optimizes staking rewards by automatically delegating staked SOL to the best validators, and offers an APY of 7.4%.

: Known for its focus on decentralization, BlazeStake has a large validator set and offers a Custom Liquid Staking protocol. Its bSOL token provides an APY of 7.36%, along with potential airdrops from other Solana ecosystem tokens.

: Innovating with its multi–LST pool concept, Sanctum allows seamless swaps between different LSTs, increasing liquidity options within the ecosystem.

The above players are pivotal in driving the adoption and development of liquid staking on Solana, each one contributing to a diverse and evolving marketplace.

Solana Liquid Staking: Driving Solana to the Next Phase of Mass Adoption

Compete for 2,500 USDT Every Week

Solana Liquid Staking: Driving Solana to the Next Phase of Mass Adoption

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT Every Week

Grab Up to 5,000 USDT in Rewards