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.

 and guides you through the steps to become a VIP trader and unlock exclusive benefits. Let's get started!

 is an exclusive club for the most esteemed traders in the crypto market. It’s designed to provide members an enhanced Bybit experience with numerous VIP-only benefits and perks. The program aims to reward avid traders who have high volumes, account equity levels and borrowing activities.

The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

Requirements to Become a Bybit VIP Trader

You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

. Each successively higher tier offers greater rewards, and also comes with more stringent qualification requirements. For instance, as a 

 trader, you’ll enjoy reduced trading fees, such as 0.03% for makers and 0.045% for takers in the spot market. To qualify for this exclusive tier, you must meet at least one of the following criteria:

Once you become a VIP trader, you must continuously meet the above criteria to maintain your Bybit VIP status and keep enjoying the benefits. 

However, this doesn't mean your account will immediately lose its VIP status and revert to standard after a single day in which you don’t meet the requirements. Bybit offers a 14-day grace during which you can continue enjoying VIP perks and benefits, even if you no longer meet the program's conditions. If the criteria are not met by the end of this period, your VIP status will automatically be revoked. However, if that occurs, you can regain your status by fulfilling the requirements for any VIP tier either during or after the grace period. When this happens, Bybit will grant you a new 14-day grace period.

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 

 and fill out the form with your details. After registering, you’ll need to verify your account to enjoy the platform's full functionality.

Next, fund your Bybit account with crypto or fiat currency.

You can deposit cryptocurrencies by using the 

 menu. On the page, choose your desired coin and the blockchain where you'll be depositing the assets. To avoid any loss of funds, please always ensure that you're transferring crypto from the correct chain.

Next, copy-and-paste the wallet address displayed on the page, or scan the QR code with your smartphone's camera, and initiate the deposit from your wallet. After a few confirmations, your cryptocurrencies will be credited to your Bybit account.

To fund your Bybit account with fiat currency, click on the 

 button and select one of the available services (e.g., 

 service, choose a fiat currency, the deposit amount and one of the available payment methods. After clicking on 

, follow the instructions displayed on the next pages to initiate the transaction. Your funds will be credited to your Bybit account, with processing times varying according to your chosen service and payment method.

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 

 that Bybit only considers 10% of any MT5 forex trading volume.)

 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.

To unlock the 20-day VIP trial, head to the 

 menu on Bybit and use one of the available payment methods to fund your account with $50,000 in assets.

With VIP Level-Up Tasks, you can earn generous bonuses as high as 6,000 USDT. You can claim rewards for Level-Up Tasks for five VIP levels (VIP 1, VIP 2, VIP 3, VIP 4 and VIP 5), with higher tiers offering greater bonuses upon completion.

If you're eligible, you’ll see a pop-up window with VIP Level-Up Tasks after you log into your account. To claim your rewards, complete the specified trading volume requirement within 14 days of receiving the task, and click on the 

 page. You can learn more about Bybit VIP Level-Up Tasks

Exclusive Trading Benefits Offered to Bybit VIPs

As a member of the Bybit VIP Program, you can unlock exclusive benefits to supercharge your trading experience. Among these are discounted trading fees (which can significantly boost your trading revenue), profitability and chances of winning trades.

In addition to discounted trading fees, you’ll also enjoy substantially higher API trading and withdrawal limits. While the former is restricted to 10 trades per second for non-VIP users, you can take advantage of up to 120 API trades per second as a VIP trader. Simultaneously, your daily withdrawal limit is increased from the basic 1 million USDT to as high as 12 million USDT.

 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:

Are you ready to supercharge your trading experience? 

Intermediate

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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!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

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web3

GameFi

Reality Metaverse is a unique platform that tokenizes famous destinations from around the world into NFTs known as Reality NFTs. Find out more in this article.

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The Web 2.0 and web3 realms have largely remained disconnected until recently. Web 2.0 refers to the internet commonly in use today, while web3 is a growing decentralized space that supports creation and privacy. While the two are functionally unique and support different activities, a new mobile game, 

 has bridged the gap in a manner that offers both entertainment for users and the opportunity for financial gains for contributors. 

 utilizes Reality NFTs created in the Reality Metaverse.

Approximately 2,000 Reality NFTs will be launched in the first collection on Reality Metaverse. These are 3D NFTs that have tokenized various countries, cities and landmarks for use in the 

 mobile game. Some of the specific landmarks include the Eiffel Tower, Statue of Liberty, Golden Gate Bridge and others. 

Specifically, the NFTs can be purchased in the app and traded in the marketplace. Reality Metaverse uniquely allows web3 creators to 

 in the form of RLTM, the native token of Reality Metaverse, when their NFTs are sold to Web 2.0 players in the game. This is because it grants contributors full ownership rights to their NFTs.

 was created by Reality Games, which is also responsible for Reality Metaverse. The game now has more than 6 million players who utilize Reality NFTs for gameplay. Beyond that, the game has been downloaded more than 21 million times. It stands apart from other seemingly comparable games by using real-life data about its properties and landmarks.

What Does Reality Metaverse Aim to Achieve?

With Reality NFTs, Reality Metaverse allows users to experience the world's most iconic locations as never before. This innovative platform takes the concept of tokenization to new heights by transforming famous landmarks into unique and valuable NFTs. 

Whether you're a collector, adventurer or simply looking for a new way to explore the world, Reality Metaverse offers a thrilling opportunity to own a piece of history and stand out from the crowd. Additionally, it supports the convergence of the Web 2.0 and web3 spaces, while also encouraging the continued development of creative works.

To get started, you need to first establish an account in the Reality Metaverse website and connect your 

 wallet. You may then choose to link your account with various social media accounts to share updates with others. 

Once that’s done, you can proceed to purchase NFTs that represent various properties for gameplay. You can trade (and, in 

 even fight for) different NFTs as you build your empire. Earn rent to further increase your in-game clout. 

Reality Metaverse is appropriately named, since it connects the metaverse to the real world using metaverse technology. It’s uniquely designed to function as this bridge through several features. 

As mentioned, Reality NFTs are used in the 

trading game to support the entertainment of Web 2.0 players. Going forward, the NFTs will be compatible for use in other web3 games within the Reality Metaverse ecosystem. 

While the first collection has 2,000 NFTs, Reality Metaverse is working on launching more collections in the near future. Depending on the demand, the collections will be released on a monthly basis. 

In order to make these NFTs more affordable for the public to own, Reality Metaverse has decided to separate them into a predetermined number of shares, known as 

. The number of shares is based on the popularity of the landmark in real life. Separating NFTs into fractional ones ensures that the 

 remains affordable for players, which will in turn raise the trading volume and NFT liquidity.

Each NFT contributor is the true owner of their digital asset and can receive royalties. All of the Web 2.0 income generated through 

 gameplay is allocated to a royalties pool. NFT owners collectively receive 30% of this income. The NFTs can also be rented, sold at auction and used in other ways. Contributors earn 20% of the associated fees for these activities. The same royalty structure will apply to future games that the NFTs are compatible with.

 is where NFTs can be sold and traded by users. These transactions are usually completed using RLTM tokens as the default payment method, but USDC and other tokens may be used as well. Completing transactions with RLTM tokens, however, qualifies the user for a sizable discount. 

To facilitate ease of use, the marketplace has filters to sort by completed auctions, collections, live auctions, price and other factors. By comparing these data points with additional data from the leaderboards, users can better determine a fair price to pay or bid for an NFT.

Each NFT created in the Reality Metaverse has an NFT Card that holds vital information about the digital asset, such as royalty revenue generated, stats from in-game use of the NFT, auction details and royalty revenue generated to date. Going forward, community governance is expected to result in more information being added to the NFT Cards.

 players can check the NFT Leaderboards to monitor game performance. Users can compare their performance against other users’. Leaderboard rankings are available for the most profitable NFTs, most valuable NFTs, total value of each user’s NFT collection, most popular NFTs and other categories. In addition to supporting users, the NFT Leaderboards are used to create special events and tournaments, which further increases user engagement.

In the first quarter of 2022, Reality Metaverse published its white paper and the initial version of the 

 was launched. This was followed a few months later by a token generation event, the production of the NFTs and the establishment of an NFT marketplace. Over the next several months through the end of 2022, the NFT Leaderboards were established and additional NFTs and 3D models were created. 

In early 2023, Reality Metaverse raised capital through crowdfunding, a public sale and a private round. In addition, their native token, RLTM, became available on popular exchanges. Looking forward, the Reality Metaverse will continue to develop more 3D models and NFTs. There also will be NFT upgrades, a chat room, a community feed, an NFT owners’ club and the introduction of additional games that are compatible with the NFTs.

RLTM’s purpose is to support all in-game transactions, such as trading NFTs. It’s also used for community governance, in auctions and to pay royalties to contributors in 

. Additional games that are in development will also use RLTM tokens. This means that there will always be a demand for RLTM.

 token. The total supply is 1 billion tokens. The allocation accounts for 17% to creators and advisors, 13% to company reserves, 13.5% to marketing, 2% to launchpad, 6% each to ecosystem development, strategic partnership pool and public sales, 8% each to private and seed sales, 10% for liquidity and 10.5% to future development.

As the utility token of Reality Metaverse, RLTM serves key functions for 

 and will be equally important for future games. More than that, it plays a role in community governance. The token’s utility will continue to evolve going forward as new games get introduced into the ecosystem. RLTM can be traded on select exchanges by contributors who receive royalty payments in RLTM. Because of the projected growth of Reality Metaverse, it may be a smart long-term investment. As always, you should still do your own research before investing.

Interested in getting your hands on RLTM tokens? Look no further, as you can do so with 

. Reality Metaverse is the latest promising project to grace the platform, and you can participate in its IDO by first 

. Then, proceed to create your Bybit Wallet and fund it with at least 

If you don’t have USDC tokens, no worries — you can purchase them through 

. Keep in mind that the RLTM token is on the Ethereum chain, so be sure to select 

 to your Bybit Spot Account or ApeX Pro Account after the purchase.

Once your account has been funded, navigate to the official Reality Metaverse IDO page on the Bybit Web3 IDO portal and click on 

. A snapshot period will determine if you’ve met the requirements as stated in the terms and conditions on the IDO project’s page. 

Once your registration is successful, you’ll receive a serial number that acts as your golden ticket to enter the lucky draw, where 200 winners will be randomly chosen with smart contract codes. Keep an eye out for the official 

 for the full list of winners. If you're one of the lucky ones, you may head over to the 

 and reveal your ticket with just one click. 

While Reality Metaverse has a short history, it’s already made a sizable impact with exciting gameplay for users and royalty generation for contributors. With more games and enhanced functionality planned for the future, Reality Metaverse is poised to create even stronger connections between Web 2.0 and web3.

Reality Metaverse (RLTM): Bridging Reality and Virtual Reality

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards